Buying a property is most probably the largest, single investment that you are likely to make during the course of your life time, so it is important that you make the correct decision and have the best advice. Below is our guide to buying YOUR home.
Financing Your New Home
The first place that any buyer should start when buying a property is to ask themselves the question “How much can I afford?”
There are so many deals that are on the market today for people of all ages and all walks of life, including deals that allow you to use the Government Help to Buy Scheme and because of this we recommend that you approach a TRULY independent broker who can offer you the VERY BEST advice. For this reason, and in our considered experience and opinion, there is no better person to deal with than Michael Ward at Ward House Financial in Ryde – his details are below.
Michael has many years of experience – probably more than he would care to admit to, but this means that he will guide you to the best deal in a way that very few could. He is approachable and extremely on the ball and you will not find better on the Island.
The other point that Michael will run through for you are the costs involved with your purchase, such as stamp duty.
Ward House Financial,
39, Union Street, Ryde, Isle of Wight. PO33 2AB.
Tel: 01983 811505
Finding a Property
The property market is always changing and moving. Properties can come on and sell quickly, so it is imperative that you remain in touch with your Agents to avoid disappointment. Over 90% of people start the search for their next property using the internet, so don’t wait for the local paper to come out to look at the adverts. You can set up an alert from Kevin Daniells to notify you as soon as a property becomes available that matches your requirements. You can also do the same on other property portals such as Rightmove. Don’t wait for details to be mailed through.
Choosing a Lawyer
The complexities of the legal process for buying a property are quite frankly a minefield. That is why it is imperative to ensure that you find a Solicitor that is going to report back to you and keep you in the loop, as well as explain things clearly for you. That is why from our years of experience we would recommend one of the following:
RJR Solicitors, 18 Melville Street, Ryde, Isle of Wight. PO33 2AP
Tel: 01983 562201
Terrence Willey & Co,
27a Cross Street, Ryde, Isle of Wight. PO33 2AA
Tel: 01983 811222
Negotiating a Purchase
Once you have found your ideal property, it is time to decide what you are prepared to offer. At this point bear in mind any potential works that may be required, such as re-wiring, damp-proofing and new windows. We can help you find competitive quotes to help give you an idea before you submit a formal offer.
When you are ready to make your offer, contact the Agent, preferably in writing and state how much you are willing to pay and what your financial position is along with the situation regarding any mortgage that you require. When that is done, the Agent will approach the sellers and formally submit your proposal, reporting back to you with the sellers decision.
The Purchase Process
Below is a guide to the key stages that any proposed purchase will go through
|1||Solicitors for both the buyer and seller will be instructed by the Agent selling the property. A Memorandum of Sale will be sent to all parties introducing one another|
|2||Your Solicitor will await the draft contract from the sellers Solicitor which details the legal title to the property and this will be checked by your Lawyer. At this point they will flag up any issues as well as arrange for Local Searches to be done on the property in question, to ensure that all relevant permissions are in place and that there are no onerous issues such as road widening schemes etc.|
|3||If you are applying for a mortgage on the property, it is around this time that a survey and or valuation will be carried out to ensure that the property reflects the current market value and trends.|
|4||Once your Lawyer is happy that the legal side is correct and they have heard back from your mortgage leader that finance has been granted, you will be invited in to sign contracts and pay your deposit. Your Lawyer will then arrange to exchange contracts with the seller and it is at this point that it is at this point that it becomes legally binding.|
|5||At the point at which you exchange contracts a date is set for completion of the transaction. This is the day that you take over the ownership of the property and you can move in.|