Surveys
The cost of a property survey is sometimes perceived by buyers as an unwanted addition to an already expensive process. But how many consumers would feel comfortable purchasing a car without a MOT or service records? It is extremely helpful to do your due diligence and find out the past history and general condition of any property before you make a decision to buy.
1 – Basic Valuation
Can take place remotely or through a physical visit to the property, this will simply confirm the value of the house as well as any significant structural issues. Most lenders are comfortable with this level of valuation being conducted for mortgage purposes.
2 – Home Buyers Survey
This report will provide you with a much more in-depth review of the property and will be conducted physically. A Home Buyers Survey is designed to identify if there is a potential issue that may require remedial work. Common problems identified can be the need for a re-wire, problems with the heating or even issues with damp in certain areas of the property.
3 – Full Structural Survey
This is the most in-depth report commonly available & will cover each section of the house in detail including the foundations and the brickwork. These surveys can be expensive, but much cheaper than discovering structural issues after receiving the keys!
Conveyancing
Your conveyancing solicitor will play a vital role in your property purchase. They conduct a number of checks to ensure the legal title of the property, the position of the seller and the legal conditions of your mortgage contract. You are free to choose your own solicitor for this service.
After receiving your mortgage offer, you will move onto the legal stage of the purchase. During this legal stage, your chosen solicitor will work with the seller’s solicitor to arrange the transfer of the property into your name. They perform “searches” with national and local authorities to make sure you can purchase the home without legal caveat. They also make sure the lenders details are registered against the property. This is formally called a “charge” & protects the lender in the event of you being unable to repay the mortgage (they can repossess the property in this scenario).
Lastly, it is a condition of the mortgage that the house is insured – this is a legal requirement and insures you if the worst should happen to your property, making sure everyone’s money and your home is protected. We will again guide you through this process ensuring you get the right and most cost-effective cover that is personalised for you.
This is to ensure if the worst happens to your property, everyone’s money & your home is protected. We will go through all of your options in from a protection perspective when you receive your mortgage offer.
Finally, you get the keys!!! Congratulations, you bought your first home! Now all the fun starts with paint brushes, wallpaper steamers and endless trips to the skip and DIY stores. There are some things you’ll need to remember to do, we have completed a checklist for you which you can download here.
