Coalters Estate Agents are here to help you in any way we can. We have put together this buying guide to help you in the moving process.
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Sell your own property
If you have a property to sell, the first step you should take is to put your own house up for sale. This is because if you see a house you want to buy you will not be able to buy it without the money from your own house.
Before you have sold your own property you are what estate agents call a "non-proceedable" buyer. This means you are a potential buyer but you can't actually proceed because you need to sell your own house first. Another buyer who is "proceedable" could see the house of your dreams and buy it first.
Coalters can help in selling your home. To arrange a free valuation click here or call us on 01904 655222.
Work out how much you can afford
You have decided that you are buying a property, but exactly how much can you afford? On top of the cost of the house itself, there are many other, one-off expenses involved in buying a home and moving which can easily add up to £3,000 or more. In order to get a good idea of what sort of homes you can realistically hope to buy, you also need to take these extra costs into account.
Organising a Valuation
If you have a property to sell you need to get a realistic valuation on your existing property. Coalters Estate Agents provides free valuations of your home that will give you an expectation of how much your house should achieve on the open market.
To arrange a free valuation online click here or call us on 01904 655222.
Estate agent's "valuations" are only estimates on how much your property should achieve on the open market. Do be aware that estate agents' valuations are not the same as those prepared by surveyors and they cannot be used for your mortgage valuation.
How Much to Borrow?
Before looking at properties, you should consult a lender or mortgage adviser as to what your maximum possible loan would be. This will be based on the size of your deposit and how much you earn.
One-off Costs
Arrangement Fee
A fee charged by lenders to cover the cost of setting up the mortgage. Some lenders waive this fee.
Lender's Valuation (Basic Valuation)
All lenders require a valuation of the property to check that it is worth the price being paid for it. This is commissioned by the mortgage lender but you must cover the cost. The cost of the valuation depends on the value of the property.
Survey
You may wish to commission a more detailed survey in addition to the basic mortgage valuation. There are generally two types of survey: the Homebuyer's Report, which costs around £500; and the more comprehensive Building Survey (Structural Survey) which can cost anything up to £1,000, depending on the value of the house. These can be arranged via your lender when booking your basic valuation or can be arranged independently. If you wish, we can arrange a quotation from one of our recommended surveyors; this can often work out a cheaper option. Please ask.
Legal/Conveyancing Fees
You will need to hire a solicitor to deal with the legal aspects of buying a property. There is no standard fee so it is a good idea to shop around for the best rate. Coalters can recommend local solicitors for you to use.
Stamp Duty
This is a government tax, charged for properties above £125,000. If your new home is priced between £125,000 and £250,000, you will pay 1% of the property price. From £250,000 to £500,000, it will be 3% and over £500,000 it will be 4%. So, for example, if you are paying £200,000 for your home you pay £2,000 in stamp duty.
Land Registry Fee
The Land Registry is a government department which looks after the registers of all registered properties in England and Wales. It charges a fee for transferring the register to the new owner. This fee is charged according to property price.
Local Authority Search Fees
Local searches will be carried out by your solicitor/conveyancer to ensure that there are no potential problems such as planning permission on neighbouring properties or plans for new roads nearby.
Other Search Fees and Disbursements
These include index map, commons, the coal authority, land charge, company searches, bank transfer fees. Allow about £70 to cover an average house purchase.
Estate Agent's Commission
If you're selling your property as well as buying one, the sum charged by your estate agent has to be taken into account. Usually this is charged as a percentage of the property price.
Removal Fees
Ask for quotes from at least 3 different removal firms, as prices vary.
Contingency Fund
Leave a decent-sized contingency fund for emergencies. You do not want to be left completely penniless in case you have unexpected extra costs.
Register with Coalters
Once you have worked out how much you can afford the next stage is to start looking for a property. You will have to make some compromises in the house you buy so decide now what is most important to you. Is a garden or a fourth bedroom most important? Is location more important than the size of the house?
Register now online and we will take all the details of what you are looking for. We will email you immediately with suitable properties on our books and will contact you in the future with new properties..
Viewings
Viewings can be conducted from 9am - 7pm Monday to Friday and 9am - 5pm on Saturdays. You can book a viewing by phone Monday to Friday 8.30 am - 6.00 pm, Saturday 9.00 am - 5.00 pm, Sunday 11.00am - 3.00 pm. You can also book a viewing on-line at www.coalters.com.
We usually conduct property viewings; the Vendor will not always be present. Sometimes a vendor gives us specific times for viewings, although we do ask them to be as flexible as possible. We normally keep keys and can access the property to suit your availability. You should also ensure that anyone likely to share in the decision views the property as well.
After the viewing we need to know if you have any questions or if you are interested in buying the property. So please allow time to discuss your thoughts with us. We will normally contact you the day after the viewing to see what you thought of the property.
Please be on time for viewings. We will arrange to meet you at the property, or if it is more convenient, at the Coalters office from where we will drive you.
Making an offer
As soon as you've found a suitable property, we'll put your offer to the seller, verbally and in writing. We will normally put your offer on the same day. The offer will be subject to a contract being signed and there are no legal obligations on either side until this is done.
Sometimes there may be a process of price negotiation and by working with Coalters you'll benefit from our expertise in this area.
Legal
The Vendor's Solicitor will prepare a Contract of Sale. You will need to appoint a Solicitor to examine this and raise any queries based on the title deeds and related property matters.
When your Solicitor has replies to enquiries; a completed satisfactory local search; a copy of a mortgage offer; a signed contract and a deposit cheque, they can proceed to Exchange of Contracts. A deposit cheque is normally required for 10% of the purchase value of the property.
Completion can be on the date of exchange or can be anything up to 28 days later, dependent on your requirements. On completion your Solicitor hands over the remainder of the purchase money to the Vendor's Solicitor and you can move into your new home. Keys will be handed over to you by us.
Priority Property Alerts!
Be sure that you are the first to hear about new properties. Join our priority buyer list by registering your details here and we will email you details of new properties as soon as they come on the market.
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