Whether
you’ve rented for a while or are ready to finally move out from your parents’
humble abode, new homeowners need as much as advice as possible when venturing
onto the property ladder. You’ve scrimped and saved, are ready to place a
worthy deposit and have taken a fancy to a couple of flats or houses in your
chosen area, so now you might be itching to start the process. But, before you
do, here are some tips and advice to consider from property law and conveyancing experts.
Consider the time it takes
From
property searching to offers, exchanges and sales, the buying process can take
anything from three months to a year or more. Be prepared for turnarounds
quicker than you expected or be ready to twiddle your thumbs patiently. With
sudden changes along the chain that can hinder or speed up a process, it can be
a very unpredictable time but definitely worth every second.
Beware of gazumping and gazanging
Both these
words may sound like complete nonsense to you, but these are actual terms used
in the property market and could end up happening to you.
Gazumping is
the term for when a seller accepts an offer from a potential buyer, but then
accepts a higher offer from someone else. The first buyer may be left confused
and has to decide whether to make a higher offer on the house or accept that
they’ve lost and move on.
Gazanging is when the seller agrees on a sale but
decides to remain in their property and leave the buyer “hanging”. This is
becoming increasingly common due to the property market and uncertain economy -
sellers sometimes get cold feet and more and more buyers are finding themselves
“gazanged”.
Research your mortgage options
As you
probably already know, a mortgage is a legal agreement and loan taken out with
a bank or building society to buy a property, which is secured against the
value of your home until it is paid off. There are many different mortgage
lenders around from banks to specialist companies, but always compare quotes
and rates first.
Your deposit
will be about 10% of the property worth (or 5%, as a first-time buyer), but
you’ll have to pay the 90% of the property back over time and there are things
to consider. First, decide on whether you want a fixed rate or variable rate
mortgage: where the interest rate can be fixed for two to five years or change
year on year. Another thing to think about is the number of years; from 5-year
mortgages to 40-year mortgages, each has their pros and cons
Hire a conveyancing solicitor
Buying your
first home can be a strange and alien process, not to mention the amount of
paperwork can be insanely confusing.
Make sure you get help and advice from a conveyancing solicitor before
tackling the market alone, as you could be trapped in all the property
pitfalls.
At
Smalleys
Solicitors
in Nottingham, we can provide comprehensive support in the
conveyancing process, to ensure you get the house of your dreams with no
issues.
Contact
us
today for more information.
