While many of us will go through buying a property at some point in our lives, many first-time buyers have little idea about what you actually need to do when buying a house. It is not as simple as finding your dream home and placing an offer on it through the estate agent. It can be a difficult legal transaction, but luckily there are plenty of experts to help you out. Here is some of what you need to find when you are thinking of buying a home of your own.
One of the most important people to help you through this journey is going to be your solicitor. They are going to be your representative on this journey, and they will be the ones to finalise the sale. As soon as you make the commitment to buying a property, you need to find a qualified property solicitor.
You also need to make sure that you have an open line of communication with your solicitor. It can be difficult to know how long a property hunt will take, and things can become tangled quickly. Your solicitor shall try to keep things on track, and can help to smooth many of the bumps in the road you might face. If possible, try to find a solicitor local to you so you can run documents in as needed.
Many of us fall in love with a property when scrolling through websites, but that does not mean that it is suitable to move into right away. You should always try to visit to get a proper idea of the property, and ask plenty of questions to whoever is showing you around.
Where is the boiler? Is there off-road parking? Is the property near a main road, and – if it is – is there a lot of noise. Is it in a conservation area, or does it have listed status? Even something as simple as poor phone signal and Wi-Fi speeds in this day and age is enough to make some rethink their purchases.
The cost of the property itself is not the only thing you need to think about when buying a house. This will prove to be one of the most expensive purchases you will ever make, and there are many costs that some don’t know about.
First of all comes the legal fees. Your solicitor will be spending a lot of time working on your purchase, and they will have fees that need to be paid. The solicitor you choose to work with will charge either a fixed fee, an hourly rate, or a percentage of the property price. This will be discussed when you agree to work with them.
They will also be able to instruct you on some of the other costs that come with purchasing property. These can include Land Registry fees and Stamp Duty on properties over £145,000 amongst others. When saving for a property, it is important that you save for these costs in addition to the price of the property itself.
Are you getting ready to purchase a property? For a professional and punctual service, contact MM Legal today. Our solicitors will be able to guide you through all legal aspects of purchasing a property – whether you are a first-time buyer or making your next step up the property ladder.