‘Very often estate agents are the first port of call. but they have a duty to the seller. not the buyer.‘ says (‘alum lirascr. ‘By contrast. your solicitor is acting in your interests only. Try to arrange a meeting and get your solicitor to tell you everything you need to know.‘ Solicitors can assist in arranging surveys and mortgages but their key' role is in carrying out all negotiations on your behalf.
NOTING INTEREST Once you have found a property you like. contact your solicitor and he/she will contact the seller's solicitor and note interest on your behalf. ‘At this stage you are under no legal obligation. By noting interest. the seller's agent is ethically obliged to advise you when a closing date has been set.‘ says Derek Brien of Warners.
MAKING AN OFFER SUBJECT TO SURVEY ‘Make sure that you have the funds in place or have access to funds prior to making any written offers.‘ says Phil Graham ofAllen&Han‘is. Making an olfer is easier when the the property has been advertised at a fixed price. David Alves of Stewart Saunders says: ‘The whole purchasing system is very efficient with a fixed price.‘ There‘s no need to note interest and you can offer at any time. It‘s a good idea to contact your solicitor quickly with a fixed price property as very often it‘s a case of first come first served with the offers. Do some research before putting in an offer. Find out as much information about the area and property as possible. Knock on a neighbour‘s door: you'll find you get more information from a good neighbour than a factor.
The vast majority of written offers these days are subject to survey. says Derek Brien. This is ideal for first time buyers as it avoids wasting money on multiple surveys. In an ‘offers over' situation seek advice from your solicitor on what's a reasonable offer but only offer as much as it is worth to you.
'You need to ask yourself how much do I want this property and how deep are my pockets." says ('alum l-‘raser.
If you are the only interested party then your solicitor may be able to negotiate a price that both buyer and seller are happy with subject to survey. ()r. if there‘s multiple interest a closing date will be set. The competition will naturally force higher offers. but it‘s tip to the seller to decide upon which offer to accept. If your offer is accepted. you have 2—1 hours to instruct a basic survey.
SURVEYS
Having a survey done is pretty straightforward. There are three types of survey you can instruct a surveyor to carry out on your property.
'Your solicitor should discuss and e\plaiii these options to you. .\'oriiially it is obvious what to do.‘ says liraser. The age and condition of the property w ill dictate the lech of survey you need.
The mortgage valuation report. scheme 1 is the most popular and can cost between £00 and
£l20. This is normally instructed by your
mortgage provider and is for lending purposes only. Paul l-‘ineham of Halifax/Bank of Scotland
says: ‘The valuation report will let you know if
your lender is prepared to lend on the property.‘ A valuation report will pick up on any major problems and very often that's all you need to know. A lioiiiebuyei"s survey and valuation survey. scheme _ can be carried out if you want a more detailed inspection. You’d need to instruct
an independent surveyor to carry this out and it could set you back between £250 and £400. The third option is a building or structural survey. This will assess in detail the condition of the property and could cost more than £400.
FORMALISING THE OFFER
Once you are happy with the survey results and both parties have verbally agreed on a final price and date of entry. your solicitor will put in a written offer and a written acceptance will be received from the seller's representative. This is known as a legal contract and is quite difficult to get out of. although not impossible. It is not until the missives are signed that the sale and purchase are complete. It's been a long journey but you're now on the home stretch.
It's best to speak to your lender to find out what the best insurance deals are. Be aware that some lenders will charge a fee if you opt for independent insurance cover.
‘Some insurance. such as buildings insurance.
is coiiipulsoi'y ()thei's. such as life insurance. are recommended particularly it you are buy mg w iih someone else \\ltii \\t‘lll\l become responsible litl the debt should you die. Some form of protection insurance such as income or mortgage payment protection is certainly helpful to reduce the iisk of being unable to keep up with payments .is a result of becoming ill or being made i‘eduiidaiit.‘ says Sue .-\iidei'soii ot the (‘ouiicil ol \loi‘tgage
lenders.
IS THERE ANYTHING YOU'D LIKE THE SELLER TO LEAVE?
It is worthwhile letting your solicitor know ol any e\tras you'd like included in the sale. such as carpets. curtains or furniture. It just say es time once your offer has been accepted and botli parties solicitors' can start making the liiial ari‘aiigeiiieiits. ()ne iiiiportaiii clause to include is that all heating and systems are iii good working order. so that if you move in and something is faulty. you can report this to your solicitor. 'l hey can then pass your complaint on iii writing to the other solicitor within a set iiuiiibei' ol days lhis preseryes your right to have any repair costs met by the seller.
~There needs to be a balance in getting as much agreed as possible. so as to keep moy mg lorwaid with a view to concluding the missiyes quickly.‘
say s lii'asei'.
CONCLUDING THE MISSIVES AND SETTLEMENT
When the written negotiations the llllssl\es are completed. your solicitor will arrange tor further checks on the property. including a local authority search.
'It is worthwhile having a quick meeting with your solicitor to discuss what needs to be agreed. the title. registration fees. local authority notices. factors and searches as well as any other practical issues: says l'il'uscl‘.
()iice that's all been taken care of. legally responsible for your first home. .\ll the money goes through your solicitor. such as your deposit. and the mortgage lender will also transfer the remaining funds. Your solicitor will bring along a document which legally transfers the property to your name. The property 's all yours and you can set a date to move in.
you're
glt/rfl'II'HIIUI ii'yt'rm'li (UNI ii'i'i'Ii/ie /»_\ .\ii 'A “(Ir/(W, .lii/iri .llm‘gun and Mark Ru/ir'rlvoii. .S/m ltl/ I/iu/i/ty foul/1hr (‘S/tlfl’tlg’t’llfl tUlt/ \H/ft'I-fUIW u liu (It/l mu (m. (URI to yer/mm (Ii/.i’l 55/) 5533) [or It'll/lie Ily lake/thorny oft/mu iim‘lti'iig. 'l'liim/ty In [TIT/HT Grimes/Ur The use of'lloiio/m/v (llll/ its like/revs m I'iis/ii'ruri'riii/Ur rlii's It’tlllll't’.
16-30Mar20061'HILI81‘29