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Top Tips for Buying
Tips for buyers
It may have been a while since you last sold a home, if so, we have put together some points for you to take into consideration when planning ahead.
Let your solicitor know that you want to move
We deal with conveyancers all the time and they tell us their frustration with clients who make an offer on a whim and create hold ups in the chain because they take a while to provide their solicitor with the relevant information to put together a ‘seller’s pack’ in preparation for the sale. If you are ready to hand over your seller’s pack to the sellers solicitor from word go you can remove a whole layer of stress in what could be a long chain, which will put you on a good footing with them and ensure you remain an attractive buyer to them.
Find out the remaining balance on your current mortgage
It may sound obvious, but if you have had your mortgage for some time you may owe less than you think. You need to know the remaining debt to help you find out what you can afford for your next move.
Scrutinise your finances
Be sure you know what you can afford. You do not want to fall in love with a property and later establish that it is out of reach. It is always a good idea to know your budget and to hold on to your emotion when you are negotiating a price.
List your expenses
When it comes to talking to a new mortgage provider, especially if you want to borrow more, the lender needs to know all your regular expenses. It is a good exercise to make a list.
Find out what the seller is leaving
The sellers’ solicitor will have provided them with a “fixtures and fittings” document that they should complete. This document sets out to you, what the home comes with and what they intend to take with them.
If the seller has made home improvements to the property you are buying, they will need to dig out the guarantees that come with replacement windows or damp proofing as they should be transferred into your possession.
Establish what it will cost to move
Your new mortgage and running costs will not be the only expenses involved in this move. You need to factor in moving costs including any estate agency fees involved if you are selling your current property, plus factor in the legal costs, removals costs and survey fees.
Watch out for Stamp Duty
If the property you are buying is valued at between £125,000 and £1.5m you will need to pay Stamp Duty, so be sure to know what your legal obligation is here.
Shop around for a mortgage
We strongly advise you to shop around for your mortgage if you are not tied into a deal with your current lender. MovingCircle has a nationwide network of advisors through its and there has never been a better time to take one out as interest rates are at an historic low.
- Let your solicitor know
- Find out the remaining balance on your current mortgage
- Scrutinise your finances
- List your expenses
- Find out why the seller is leaving
- Ensure the seller passes on home-improvement guarantees
- Establish what it will cost to move
- Watch out for stamp duty costs
- Shop around for a mortgage
- Choose the right estate agent