- Why is the seller, selling?
- How long has the property been on the market?
- What is included in the sale?
- Has the property had any major renovations?
- How long have the current owners lived there?
- What other offers have there been on the property?
- Is the property listed or in a conservation area?
- What is the Council tax band for the property?
- How old is the boiler?
- What other feedback has there been from viewings?
Most importantly, remember it’s all about location, location, location!
Any house can be decorated and modified to make it your perfect home, so pay particular attention to the neighbourhood dynamics. What are the local schools like, are there any amenities close by, what would be the nuisance factors etc.
All of the above, combined with your own questions when viewing will help you make an informed decision about your purchase.
What is the process for a mortgage?
For any property purchase you will need to save a deposit. You'll usually need to save at least 10% of the price of the property in order to take on a mortgage for the remaining 90%. Remember, the more deposit you can save, the smaller the mortgage, which will keep your repayments lower, or perhaps even open up the more competitve mortgage deals on the market.
If you are considering a Buy to Let purchase (often referred to as a BTL purchase), the mortgage deals will be different and you will usually need a larger, 25% deposit.
BeeMyHome works with a number of mortgage brokers and partners to help search the market for the very best deals. We can introduce you to a mortgage partner who will offer you expert help and advice, free of charge. It's always worth knowing how much you can borrow before you start seriously considering your next property purchase. The amoutn you can borrow depands on a number of factors including income, current financial commitments, credit score and size of deposit. You may even be able to borrow more than you thought, which will help widen your property search.
Once you know you can secure a mortgage you can start to view houses! The more you view the more you will understand what you can get for your money. You may need to make a few compromises, perhaps look to expand your budget or even consider modifying or renovating a property to get your perfect home.
Some vendors like you to be in a 'proceedable' position before you view their home - this essentially means you are ready to move at the earliest possible date. For a first time buyer you should have your mortgage agreed - this is often referred to as a Decision in Principle (DIP) or a Mortgage in Principle (MIP). If you have a property to sell, you would ideally be on the market already or even Under Offer.
Making an offer
Once you have found your perfect property, you can make an offer and begin negotiations via the agent. BeeMyHome work on behalf of vendors and buyers and act as a middle-man to negotiate a purchase on your behalf.
Once you offer has been accepted we can help you source a reliable solicitor and get the ball rolling! Your chosen mortgage lender will request a valuation survey of the property and you may wish to conduct a more thorough structural survey for peace of mind. This can flag up any maintenance concerns at the property and ensure you are competely informed in your purchase.
Your solicitor will advise you from this point with regard to searches and timescales for exchange and completion but usually the whole process take between 6 and 12 weeks from start to finish.
Completion and moving
Once you have a date set for completion you wil need to consider booking a removal company and organising your house and contents insurance.
Once contracts exchange you are ready to complete.
The vendor usually drops the keys for the property off with the estate agent. We simply wait for approval from the solicitor then call you to come and collect the keys for your new property!