Buying a Home- Some Things you need to Consider

If you have made the exciting decision to buy a new home, it’s important to understand that the buying process can often be a time-consuming and stressful experience. To help you, we’ve put together an overview of some of the things you should expect when you are buying your home.

Is there a chain?

If you’re buying a new home, it’s likely the seller of the property is also buying elsewhere to move into themselves. Unless you are a first-time buyer, you’re also likely to be selling your current home, too. This is known as a chain.

If one link of the chain falls through, the whole chain can break. Contracts cannot be exchanged unless and until all solicitors in the chain are ready to exchange so a completion date should be agreed after solicitors confirm this – read more about what it means to be ready to exchange contracts here.

To ensure a smooth transaction you should be honest about your finances, be patient with everyone in the chain and allow your solicitor to guide you through the process.

Will you opt for a survey?

If you are buying with the aid of a mortgage, your lender may carry out a valuation of the property (for their own purposes) but this is not the same as a full home survey.

Full home surveys help you to find out more about the condition of the property you are purchasing. If any problems are found, you may be able to get the price down or ask the seller to fix the issues. Most surveyors can provide three types of survey; a condition report, a Home Buyers report and a building survey. The Home Buyers report is the most popular choice, but these are all optional and down to individual buyers.

Buying a house can be costly and opting for a survey is another additional expense. However, it is better to be aware of any issues before you purchase a house so that you can make an informed decision about how much you are spending and how you will go about repair work. You can find out more about the different survey options and what they cover here.

Find the right conveyancer/Residential Property Solicitor

Property solicitors will handle all the legal aspects of buying a property for you. The right solicitor will provide you with meaningful updates at key stages throughout the transaction and prepare you for the next step.

Your solicitor will handle your contracts, carry out local searches and raise enquiries, report to you on the results of the searches, give legal advice, raise any legal issues with your seller’s solicitors and seek to resolve them before advising you to proceed and ask for funds to be transferred. If you have a mortgage lender then your solicitor may also act on behalf of them (though some solicitors will do this for an additional fee) and report matters to them. Your solicitor will also deal with the Land Registry and settle any Stamp Duty Land Tax (SDLT) on your behalf.

You’ll want to pick a solicitor that is easy to communicate with, someone local to you – do they have offices close to where you live in case you need to drop any documents off? Do they have adequate holiday cover? Do they pay referral fees to other organisations (if so, be mindful that this could be a hidden cost) or are their fees transparent? Do they charge extra for acting on behalf of your mortgage lender and/or for dealing with the SDLT that might be payable? Will you be dealing with the same solicitor throughout the duration of the transaction who is up to date with your transaction?

At Rich & Carr Solicitors, we have one of the largest residential property teams in Leicestershire. We provide fixed fee estimates with no hidden costs to enable you to budget accordingly. Our Residential Property team are qualified, trained professionals who can provide a friendly and cost-effective service right from the initial enquiry to completion.

If you require assistance with buying or selling a property, we can help.

Click here to receive an instant quote based on the actual price at which you are selling or buying.

Or for more information, you can get in touch with a member of the team by visiting our contact page.