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House Buying – 5 Ways To Prepare And Protect Yourself

Buying a house can seem a daunting process. There are many different stages to navigate through, difficult financial decisions to be made and legal issues to understand. Read on for 5 ways to protect yourself when entering the house-buying process.

Do Your Research

First, it is a good idea to do some research into the process of buying a house and try to gain some knowledge about what happens at every stage. Also, look into any current local or nationwide housing market issues and try to find out about any current government assistance that may be available to you (stamp duty assistance for first-time buyers, shared ownership etc.) Focus on a city, town or region where you might like to live and research the market in that area.

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Get Mortgage Advice

Before you even start viewing houses, it is recommended that you seek financial advice to find out how much you can borrow and how much you can afford in terms of monthly repayments. Your bank or building society will be able to offer you a preliminary appointment to explore your options and many estate agents also have in-house mortgage advisors. It could also be advantageous to get recommendations from friends and family if they have recently used a mortgage advisor. At this stage, it is also important to find out what the current interest rates on mortgages are and the timescales of any current deals – some mortgage offers only last a limited time.

Build a Good Relationship With Your Estate Agent

Once you find a property to buy and put an offer on, it is important to start building a good relationship with the estate agent you are purchasing from. You are going to spend a lot of time talking and liaising with them over the coming months and it will really help if you feel you can trust and rely on them to convey information to you in a timely manner. Also, now is the time to undertake some in-depth research on the property and the local area, check that the price you are paying is in line with other recently sold prices and that it doesn’t exceed the ceiling price of the street. Also, start to think about any work you may need to do when you move in. Again this will affect your overall budget and borrowing costs.

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Instruct a Conveyancer

It is very important to instruct a conveyancing solicitor to complete all the legal work that is involved in a house purchase. They will undertake local authority searches, assess any legal issues to do with the purchase and complete checks on your personal situation to ensure you are able to buy a house. Firms such as Sam Conveyancing will complete all these tasks and can also organise home buyers surveys and building surveys if you require a building survey Birmingham. Your chosen conveyancer should be a member of the Conveyancing Quality Scheme

Be Prepared to be Patient

Finally, be patient and be prepared for some delays along the way, with all these different factors and organisations involved, there may be times when it feels as though everything is moving slowly. Keep in touch with your estate agent, mortgage advisor and conveyancer throughout the buying process.

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