Mortgages, Buying, property,

Buying That Property

Like most of us you will need to fund your purchase, then a mortgage is the first area to be looked at. Research the options available very carefully. You can talk to an Independent Financial Advisor or checkout at an on-line mortgage company. Edenbridge business Finance (click here)

All the banks and building societies have a mortgage advisor, make an appointment to visit. Ask lots of questions so you can way up all the options. They will quickly tell you whether you will be able to get a mortgage and how much you can borrow. Visit two or three of these organizations so you get a better overall picture and again, way up all the options available to you.

Once the mortgage is sorted out, then you must assertain you have the required finances to proceed with the purchase:

A Deposit. (Normally 5% to 10% for first-time buyers)
Solicitors Fees. (Get several quotations)
Stamp Duty.
Removal Costs. (Get several quotations)
Mortgage Application Fees.
Insurance Costs. (Get several quotations)
Surveyors Fees. (Get several quotations)

Finding that house.
You probably have ideas of the type of home you want to live in, but keep your options open, many people end up buying a property they had never considered when they started out. This for most of us will be the largest financial outlay we will make and should be thought through seriously. When viewing a property ask as many questions as possible, and don't be shy about asking those difficult questions, and always take notes so you can refer to them later..
Things to think about……….! Check that the description of the property is correct. Does it need much work doing to it? (Decor and Garden etc.) Good local shops and schools? Is it in a nice location? Is it quiet? (Visit the area at various times) Good transport and access to and from? Check the council tax rate? Check on what fixtures and fittings are included in the price.

Making that Offer.

OK. The fact is the vendor will probably have inflated the asking price expecting to be knocked down, so he will be, don't be afraid of putting in an offer below the asking price, they can and probably will say no! to start with. If you are not involved in a chain and in a position to move quickly, this really helps your bargaining position.

Solicitors.

Shop around and get quotes for this work as charges vary widely quite considerably. Once your offer has been accepted you should notify your mortgage lender and instruct a solicitor or licensed conveyor to start the conveyancing.
You will have to pay the search fees in advance and settle the full account just before completion. The work they do will include checking the contracts, performing property and title searches, liasing with the vendor and their solicitor. They will also take care of any stamp-duty due on the purchase of any property over £60,000.

The Survey
	A survey must be completed before buying the property. This advises your mortgage lender that the property is worth the asking price, and that it is in a good state of repair and will give you an idea of how much work (if any) needs doing to the property. There are three main types of Survey. Ask your solicitor for more details.

Insurance.

There are three basic types of insurance a home owner will need:

Buildings Insurance This insures your property against fire, flood, storm damage etc to the actual building.
Contents Insurance. This protects you against the loss or theft of your possessions within your property.
Mortgage Repayment Insurance.

This ensures that if you are no longer able to pay your mortgage through illness or death that the mortgage is paid off on your behalf, therefore protecting the rest of your family. Again, it is very important you shop around for your insurance requirements. Premiums and policies vary considerably from company to company.