Buying your first property is an undeniably exciting, yet undeniably daunting experience. The prospect is a distant one for many today, with house prices still inaccessible and recent mortgage rate movements causing fresh affordability issues for those at the bottom of the ladder.
With so many factors to consider, buying that first home needs to be an undertaking taken slowly. It is important to be prepared and informed, before making any major financial commitments. What are some key tips that you as a first-time buyer can follow, to improve your chances of making your property dreams a reality?
Making Your Property Dreams a Reality
Budgeting and Your Mortgage
Before even contemplating starting your property search, you should first understand your budget and exactly what you can realistically afford. This involves the factoring-in of additional costs from legal fees and surveys (more on which shortly) to stamp duty.
If you know roughly what you can afford in a property, you should also consider obtaining a mortgage in principle, which enables you to react more agilely to potential candidates for your next home. When applying for a mortgage, you should make sure to compare deals from many different lenders in order to secure the best option for your needs.
Surveys and Conveyancing
After thinking about your fixed mortgage, and after spending some time hunting around the housing market, you might at last find a property that you are interested in. Before proceeding, it is important to carry out a survey to identify any potential issues with the property.
Surveys are typically organised and handled by your conveyancing solicitor, who handles every legal aspect of a house purchase – including due diligence with regard to the deed, any limiting covenants and the Land Registry. A survey can help you to identify any potential problems with your prospective new home, such as damp, subsidence or structural issues – all of which can have significant detrimental impacts on value and liveability.
Managing Risk
While most conveyancing solicitors are trustworthy and competent, there are instances in which they can fail you as a buyer. They might to carry out appropriate searches and surveys, or fail to identify key issues with the property – for example, by missing a restrictive covenant that causes you to fall foul of the law.
Conveyancing negligence claims allow victims of negligent practice to seek compensation, but the damage a negligent conveyancer can cause is much more than financial. With this in mind, taking care when hiring a conveyancer is key.
The Moving Process
With the legal process in safe hands, there should be few barriers to reaching completion day. Moving in can be a stressful and overwhelming experience, and preparation is well and truly key. Hiring a waste removal company should be a key priority, as should enlisting friends and family. You should notify any utility providers of your move over six weeks ahead of the moving day, and set a redirect notice with Royal Mail to ensure you don’t miss any correspondence.
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