Planning on buying a new house in Woodthorpe Nottinghamshire, follow our step-by-step guide and tips
First time buyer! Planning on buying your first home is one of the most expensive purchases you will probably make in your entire life time, so getting it right is first time round is essential. Below we have listed some useful tips on buying a new house in Woodthorpe Nottinghamshire and the surrounding areas. This will help you to make the right choices when planning to buy a new home, whether in Nottinghamshire or any other destination within the United Kingdom.
How much can you afford to spend
When learning how to buy a new house in Nottinghamshire, you will first need to know how much you can afford to spend. It is all based on the price of the home you wish to buy, the amount of money you have direct access to and how much you can afford to borrow.
These are some of the factors you will have to consider when planning on buying a new house in Nottinghamshire. There are so many Banks and Building Societies out there, that can provide you with a loan to cover the remaining amount of monies owed on your new home.
Additional cost
There are so many other additional cost to consider when buying a house some of these include:
- Stamp Duty Land Tax
- Land Registry Fees
- Survey Fees
- Valuation Fees
- Mortgage Lender Fees
- Moving Fees
All of the above are cost you will have to pay to ensure the whole buying process is done correctly and without any issues later on.
Searching for the right mortgage
If you are trying to get a great mortgage you will need to visit your local bank, mortgage brokers or simply mortgage compare sites online. We would recommend searching every possible angle to get the best mortgage that meets your exact needs and requirements, in the terms of monthly repayments and interest.
Check online for various mortgage compare websites, check with them what mortgage services they can offer to you, as they can sometimes compare the best deals and interest rates available on a much wider scale, just like choosing your car insurance. However if you are a reliable customer to your bank they may be able to assist you with a mortgage deal that is suited to your needs, your bank will do what they can to make you take the mortgage with them, keeping you as a customer. Shopping around could help you to get the best deals when searching for the perfect mortgage deal.
You should never rush or feel pressured into taking out a mortgage you are not happy with. When you are fully satisfied with your mortgage lenders and your mortgage meets your personal circumstance, your lender will provide you with your agreement. Getting your mortgage agreement can help you to put in an offer and buy your home more easily, as the agreement is in place this should help things to go smoothly when buying your home.
Finding a house to buy
There are a number of different options available to you when searching for your home to buy, these include the following:
- Estate Agents
- Internet
- Newspapers
- Make your offer
- Online
When you have found your dream home and you are happy that it is the home for you and your family, you will want to make an offer on the property, going in to low could make the seller pull out, so be careful when negotiating with the seller. Once the seller has excepted your offer the buying process can be underway.
Get a solicitor or licensed conveyancer
You will need a solicitor or a licensed conveyancer to handle all the important paper work and the legal transactions for the purchase of your property. It is highly recommended that you only use solicitors and licensed conveyancer that have the experience to ensure your process goes through smoothly, check with them exactly when you will be able to move in to the property and when you will have the keys to your home, as this could occur in extra cost later on your removal day, as your estate agents have not released the keys to your home or the banks are waiting for monies to be transferred.
Book a survey
When buying a property you will need to arrange for a survey to completed on the property, your survey will tell you how stable the property is. There are a few surveys you will need to be aware of, these include:
Homebuyers report
Your homebuyer report will cover the areas of the property that are visible, it will also cover the following inspections on your property
- Damp
- Inside of the property
- Outside of the property
- Condition
- Features
- Urgent or vital matters
- Property valuation
Condition report
Condition report is not as costly as the other surveys available, it will cover the following:
- The condition of the property
- Urgent or vital matters
- Hazardous issues that may affect health and safety
Building or structural report
A building or structural survey is the most expensive of all the surveys, it is mainly used for older listed buildings or homes that have been converted in to flats and barns. Your building or structural survey will spot potential dangers with the property, even if they are not possible to see by eye. The building or structural survey will cover the following inspections on your home.
- Full structural check over from top to bottom
- Roof
- Foundations
- Materials used
- Walls
- Potential problems and building defects
- If any of the main walls are leaning or have been moved
- Check for wood worm, rot and damp
- All electrical and plumbing is correct and in working order
- Damaged or rotten window frames
- Brick or stonework damage
- Check for evidence of land slide and subsidence
What to do when exchanging contracts
Once contracts have been exchanged with the seller you may be required to pay a deposit which is roughly 10%. You should exchange contracts when:
- You and your solicitor are satisfied with the arrangements
- Surveyors reports are complete and immediate action taken
- You and your solicitor make arrangements regarding your 10% deposit
- What date you agree for completion
Completion
Completion is the day the property becomes yours, you get the keys for your new home, but most importantly, completion is the date your mortgage will become active, the seller will need to move out and you can move straight in. Your completion date can be as soon as contracts have exchange, depending on yours and the sellers personal circumstances. The percentage owed on the property will be transferred from mortgage lender to your solicitor to the sellers solicitor.
Book a home removal firm
Once completion has taken place you will need to ensure that you have a reliable moving company that will not let you down on your removal day. MnM Removals is a family run house removal and storage company that can meet your exact requirements and needs when moving you and your family to your new home. MnM Removals have the experience and skills needed to ensure your house removal process is as smooth and successful as can be.
Our dedicated house removal men and home packing team, will take care of every aspect of your move, from providing a first class house removal service, home packing service, dismantling and assembling service, piano removals or storage facility. Customers are provided with the best in quality removal boxes and packaging materials, that are very affordable and cost-effective. Visit packaging store and get prices.
If you would like to receive a free home survey and free no obligation removal quotation by MnM Removals you can get in touch or call on
0800 0025 543
Leave A Comment