Valuation Services
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Buying a Home
Published on Wednesday 8 October 2008
Buying a property can be a daunting and complex process. At Neill Estate Agents our experienced sales team are on hand to guide you through every step of the process.
Financing the Property
Work our what you have to Spend Unless you're a cash buyer you will need to arrange a mortgage. A mortgage is a loan against your property. Based on your income the mortgage lender will work out how much you can afford to spend on a property. It is useful to get an "offer in principle" (the amount they are prepared to lend) from your lender before you start looking at properties so that you can move quickly once you have chosen a property. There are a variety of different mortgage types and rates available from banks and building societies so it's worth shopping around to get the best deal.
Also bear in mind that there are always additional expenses when buying a property; like legal fees, land registry fees, fees for other searches, surveys or home buyers survey fees, valuations and mortgage arrangement fees. Also don't forget about moving costs, service connection changes (gas, electricity, phone) and building insurance (you need this from the moment your exchange contracts).
Finally be aware of stamp duty fees: The purchaser must pay Stamp Duty Land Tax on property like houses, flats, other buildings and land. If the purchase price is £125,000 or less you don't pay any Stamp Duty Land Tax at all. If it's more than £125,000, you pay between one and four per cent of the whole purchase price.
| Residential Property - Purchase Price | Rate of Stamp Duty Land Tax |
| up to £175,000 | 0% |
| £175,001 - £250,000 | 1% |
| £250,001 - £500,000 | 3% |
| £500,001 or more |
Property in disadvantaged areas: If you're buying a property an area designated by the government as 'disadvantaged', you don't pay any Stamp Duty Land Tax if the purchase price is £150,000 or less. To find out more about Stamp Duty Land Tax please visit www.hmrc.co.uk.
Choosing your Property
Decide on the kind of property you want based on your budget. Taking advice at an early stage from an independent financial advisor can help you determine what you can afford. When viewing properties take consideration of the accommodation specification, the area, local amenities, match with your requirements and any work that may be needed. Do bear in mind that compromise in some of your requirements may be required. Remember some things can be changed such as kitchens, bathrooms etc.
You can view all our properties for sale at our website including our latest listings. You can also sign up for email notification depending on your preferred property criteria and also RSS Feeds ensuring you are updated a soon as new properties are listed. When you see a property of interest you can arrange a viewing via our website form or by telephoning our office. We use Google Maps on our website to help pinpoint the location. You can of course also visit our property showroom in Bangor's Main Street were all our properties are on display.
Agreeing the Sale
Once you have chosen a property the next step is to make an offer. Our sales team will ask perspective purchasers making an offer for information on their own buying position, proposed financing means, or if you're a cash buyer proof of availability of funds. We will advise the property owner of the amount and nature of your offer by telephone and in writing. If other offers are made on the same property we will report back to you giving you the opportunity to increase your offer.
The property owner makes the decision as to which offer to accept, and if your offer is accepted our sales team will contact you and prepare "Sales Letters" which set out the terms of the agreed sale and which are then sent to all parties and their solicitors.
Arranging a Survey
Your home is probably the largest purchase you will ever make, so having a survey makes good sense - and could save you thousands of pounds in the long run. To make sure you know exactly what you are getting you need to commission your own independent survey. A standard bank valuation is to safeguard the interests of the financial institution and is primarily aimed at protecting the interests of the Bank or Building society. To make sure you know exactly what you are getting you need to commission your own independent survey.
Contact us to arrange a survey.
Instructing your Solicitor
Once the Solicitors' of the purchaser and property owner receive the "Sales letters" they will commence the conveyance process This will usually take 6-8 weeks and will include enquires as to any items included in purchase price(ie) carpets, curtains light fittings etc, property searches, verification of property title and the production of a contract of sale. Once this has been done you will be asked to sign a contract by your solicitor which will normally specify a mutually agreed Completion Date( the date you get the keys). This is then sent to the Vendors solicitors for acceptance and is normally accompanied by a deposit of around 5% of the purchase price.
Exchange of Contracts
This is the stage at which the contract becomes legally binding. After all the enquiry forms and contracts are signed and returned, this is the point at which it is time to exchange. The buyer and seller will agree a date for completion (ie) the date that the seller will need to move out of the property.
Completion
The date of moving will have been agreed by both parties and on the completion day the balance of funds will be exchanged between solicitors and the keys should be left with the estate agents for collection by the buyer. Most agents try to work to a key handover at around midday but this is not always possible.