Step by Step Guides Buying

Looking to get on the property ladder? Broaden your portfolio? This guide covers all the aspects involved in a property purchase, helping you whether you’re a first-time buyer or have some experience in the property market.

Sections:

1. Where to begin
2. Property Hunt
3. Viewing
4. Conveyancing
5. Offer and Application
6. Survey
7. Mortgage Agreed
8. Searches
9. Exchange
10. Insurance
11. Complete
12. Moving

5. Offer and Application

You've now come to the point where you feel you can put in an offer on a house you like.

First of all, before making any offers, check some things:

1. Is the house worth the price you're paying? Check similar properties nearby and compare.
2. Is the property leasehold or a freehold?
3. List all the fittings and fixings you want the seller to include. Once you've come to an agreement, update the list and share it with the seller.
4. Check with your solicitor/conveyancer about the searches about urban planning.

Then decide how much to offer, taking into consideration:

1. The asking price is often set high to get a higher opening offer. Feel free to negotiate.
2. Are there other potential buyers for the house? If you're the only one, you're in a stronger position to negotiate your offer. On the other hand, consider offering the full asking price if there are more parties involved.
3. Does the seller need to sell quickly? Has the house been on the market for long? A lower offer might be accepted.
4. Bear in mind that demand for houses goes up during spring and summer. Prices are higher during these periods.

Consider your own position:

1. Are you selling your house to buy a new one (chain of sales)? This might delay the transaction, as you'll have to wait until yours has been sold to buy the one you want.
2. If you have a mortgage agreement in principle from a lender, it is useful now to show the seller that you'll be able to afford the property.

Once your offer has been accepted, you must formalise it in writing, and subject to terms and conditions.

1. Be careful. Make your offer "subject to contract and survey", so that you don't end up legally bound until a survey has been completed to your satisfaction and signed contracts have been exchanged.
2. Pull out the agreed fixtures and fittings list for them to be allocated before the sale has gone through.
3. Demand that the property is taken off the market once your offer has been accepted.

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