In recent times it has been difficult to escape from the general negativity surrounding the housing market whether it is a newspaper, television or radio report discussing various factors from economic uncertainty to limited finance options. There aren’t too many stories around that offer buyers and first time buyers much confidence in the current market. Through recounting my recent house-buying experience, i hope that i can offer a more positive insight.
My family, like many others decided post Christmas that a house move was now essential. We had been putting it off for some time but the need for more space was becoming critical. Having identified the most suitable property, we submitted an offer on the 21st February and signalled our intention to complete by the 23rd March to take advantage of the first time buyer stamp duty relief scheme. We were able to exchange contracts on 13th March and we successfully completed on the 23rd.
Within those three weeks, between the offer being submitted and contracts being exchanged we had to apply for mortgage which was to be 85% of the value. Carter Jonas do have a Financial Services arm or an affiliated company so i received no specialist treatment as some may think, I merely selected a broker who came highly recommended, explained the criteria and let him advise me accordingly. The process couldn’t have been smoother; the valuation was booked in quickly, the report emailed to the lender the same day as the valuation and the mortgage offer followed 48 hours later. Furthermore I received a text update from the lender at every step.
I am not naive enough to believe that every transaction can be as straight forward as this but there is some specific advice that i believe that will benefit all buyers to help iron out any potential problems.
1. Carry out proper research, not just on the properties that you are looking at but the affordability. Research the amount of money that you are able to borrow prior to viewing properties so that once you decide to move on one you can with confidence and you’ll better know your budget and negotiating margins as a result.
2. Select a good broker and solicitor; they will save you time and money in the long run. My broker researched not only the lenders that i could go to but also the backlog of paperwork of each to ascertain who was able to perform within the timescales and the difference in the rates only amounted to a couple of pounds a month. Cheap solicitors commonly found on price comparison sites will cause you more problems and stress and eventually more money than a local, knowledgeable solicitor with experience. Pay a little more upfront and have the security that matters will be dealt with swiftly, professionally and that protect your best interests.
3.Finally, commit to the purchase. I found it strange sat with my solicitor as she told me that a large percentage of clients use the signing of the contract meeting as a way to try and re-negotiate or specifically look for a problem as justification for pulling out of the purchase. If you are unsure at the outset don’t proceed, you will save yourself and others time and money and when the right property comes along you will be certain and once it does, commit to buying, look for reasons to buy not for reasons why not too.
What this whole experience has taught me and what i am keen to share is that many of the perceived problems with buying a property currently seemed to be manufactured. Yes i appreciate not everyone has had or will have the same experience as me, however if you approach the purchase from the right angle, do your research, take time to find the right people to work with and if you are happy then buying a property can be very a very straightforward and stress-free process.
Patrick Brady
Associate
Residential, Bath
My family, like many others decided post Christmas that a house move was now essential. We had been putting it off for some time but the need for more space was becoming critical. Having identified the most suitable property, we submitted an offer on the 21st February and signalled our intention to complete by the 23rd March to take advantage of the first time buyer stamp duty relief scheme. We were able to exchange contracts on 13th March and we successfully completed on the 23rd.
Within those three weeks, between the offer being submitted and contracts being exchanged we had to apply for mortgage which was to be 85% of the value. Carter Jonas do have a Financial Services arm or an affiliated company so i received no specialist treatment as some may think, I merely selected a broker who came highly recommended, explained the criteria and let him advise me accordingly. The process couldn’t have been smoother; the valuation was booked in quickly, the report emailed to the lender the same day as the valuation and the mortgage offer followed 48 hours later. Furthermore I received a text update from the lender at every step.
I am not naive enough to believe that every transaction can be as straight forward as this but there is some specific advice that i believe that will benefit all buyers to help iron out any potential problems.
1. Carry out proper research, not just on the properties that you are looking at but the affordability. Research the amount of money that you are able to borrow prior to viewing properties so that once you decide to move on one you can with confidence and you’ll better know your budget and negotiating margins as a result.
2. Select a good broker and solicitor; they will save you time and money in the long run. My broker researched not only the lenders that i could go to but also the backlog of paperwork of each to ascertain who was able to perform within the timescales and the difference in the rates only amounted to a couple of pounds a month. Cheap solicitors commonly found on price comparison sites will cause you more problems and stress and eventually more money than a local, knowledgeable solicitor with experience. Pay a little more upfront and have the security that matters will be dealt with swiftly, professionally and that protect your best interests.
3.Finally, commit to the purchase. I found it strange sat with my solicitor as she told me that a large percentage of clients use the signing of the contract meeting as a way to try and re-negotiate or specifically look for a problem as justification for pulling out of the purchase. If you are unsure at the outset don’t proceed, you will save yourself and others time and money and when the right property comes along you will be certain and once it does, commit to buying, look for reasons to buy not for reasons why not too.
What this whole experience has taught me and what i am keen to share is that many of the perceived problems with buying a property currently seemed to be manufactured. Yes i appreciate not everyone has had or will have the same experience as me, however if you approach the purchase from the right angle, do your research, take time to find the right people to work with and if you are happy then buying a property can be very a very straightforward and stress-free process.
Patrick Brady
Associate
Residential, Bath
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