Buying Guide
Great your looking to buy your new home, whether it is your first or moving up Comptons are here to make the experience one to enjoy. Comptons have written a buyer’s guide to help you.
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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 probably not be able to buy this house without selling your own home first.
Working out your Budget
It is likely that buying a flat or house will be the single largest transaction you will ever make. The budget you set for the house or flat you wish to buy will depend on a number of factors, such as:
- You and/or your partner's salary/income
- The equity in your existing property (if you have one)
- The size of your deposit for your mortgage (if you need one)
- Any outstanding debts or committed outgoings.
SEE OUR MORTGAGE CALCULATOR TO HELP FIND OUT YOUR MONTHLY PAYMENTS.
Along with the main cost of the mortgage when you move, there are others costs to consider when working out your budget.
In particular, work out how much stamp duty you are likely to pay, given your property budget, as this can be one of the most expensive additional costs involved in buying a home:
- 0% - Up to £125,000
- 1% - £175,000 - £250,000
- 3% - £250,001 - £500,000
- 4% - £500,001 or more
USE OUR ON LINE STAMP DUTY CALCULATOR TO WORK OUT HOW MUCH YOU NEED TO PAY.
Arranging Properties Viewings
Once you identify some suitable properties, you can arrange a viewing through Comptons. It is advisable to view a range of properties in order to get a good understanding of what is available to you in particular areas.
Making an Offer
Therefore, you have conducted your viewings and you have found the property you have been searching for. It's time to make an offer.
Comptons will put forward your offer on your behalf clarifying your current position and your offer. Comptons must notify the seller of any offer the property receives.
Hips
If you're buying a property, a Home Information Pack will be available for you to view. The pack will contain the following information on the property:
- Energy performance certificate
- Sale statement
- Standard searches
- Evidence of title
- Additional information on leasehold and common hold sales if required.
- Personal information questionnaire
The pack may contain information that could influence your decision to pursue or reject the property in question, so study the pack carefully.
The Legal Process
The legal process of buying and selling is known as conveyance. Talk to Comptons who can recommend local solicitors to help purchase your new home.
Stage 1 - Agreement of sale
Stage 2 - Exchange of contracts
Stage 3 - Completion
Upon completion, your solicitor will:
- Pay off the mortgage and notify HM Land Registry
- Hand over the deeds and send any balance of money to you
