One of the most important things when you’re moving house, is to make sure you have enough money. It sounds like an obvious thing to say, but you need to cater for the unexpected – and do your research so you limit the ‘unexpected’!
1 So sort out your finances and away you go!
2 Pull all your savings together so you’ve got a starting point.
3 Investigate how much money you can borrow on a mortgage – see if you can get an agreement in principle (AIP) from a lender – you can show it to the estate agent to prove you can afford the property. Some require proof of affordability before they’ll even show you a property.
4 Find the right home and make an offer!
5 Identify what fixtures & fittings the owner is leaving – this can save you a lot of money in the long run, from curtain poles, towel rails to outside dustbins. They all add up and whilst you might want to buy new things in time, initially it can be really useful to use what’s there and choose things when you’re ready.
6 Choose your conveyancing firm – ask around for recommendations, it’s important you instruct one who is available to talk to when you need them. Some operate online and will have a bank of conveyancers who can access your file – check out the best one for you.
7 They’ll sort out the searches for you – all at your cost.
o Local authority search
o Drainage search
o Environmental search
8 Shop around for your buildings insurance.
9 Make sure you can actually lay your hands on your deposit – you’ll need to pass it to your solicitor and will probably need to use a CHAPS payment to your solicitor which can involve another cost of around £30 per transaction.
10 Then once you’ve got a completion date there will be more searches – the solicitor will have to check that the seller does own the property still and confirm that you haven’t been made bankrupt since you received your mortgage offer!
11 You’ll need to pay Stamp Duty – variable amount based on the purchase price, check this out too, you can sometimes include it in your mortgage.
12 Remember to factor in the removal costs.
The more prepared that you are, the better! If you need any more advice, pop in and have a chat with us, we’ll see what we can do to help.