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    Key Tips for Property Purchasers

    Buying a property is a significant investment and for most individuals the biggest investment of their lives. If you have decided to buy your own home here are a few things to consider to make the process easier and hopefully less stressful for you.

    1. Start saving for a deposit- Generally a deposit will be between at least 5% to 20% of the purchase price. Saving more than 5% will make it easier for you to apply for a wider range of mortgages.

    2. Make sure that you can afford your monthly mortgage repayments- Mortgage lenders will check if you can afford your repayments and will consider if you can keep your repayments in situations such a redundancy or having children. You will need to prove your income and show the lender evidence of your outgoings to satisfy them about your ability to repay you mortgage.

    3. Budget for and consider other costs of buying a house- As well as your mortgage repayments there are other costs involved in buying a property. These costs include Mortgage and valuation fees, Stamp Duty, solicitors and surveyors’ costs, buildings insurance, removal costs, furnishing and decorating costs and any repairs that may be necessary to the property.

    4. Finding a Mortgage- Finding a mortgage suitable for you may be tricky. It is important to do research and talk to mortgage brokers to find what suits you best.

    5. Is the property that you are purchasing freehold or Leasehold- It is most likely that the property that you are purchasing is freehold which means you own the property and the land it sits on. If you are buying a flat you will either be buying a leasehold title or share of the freehold. If the property is leasehold there will be extra payments you must account for such as payments of the service charge and ground rent to the freeholder/management company.

    6. Find a Solicitor to deal with the conveyancing- Do your research into reputable firm and consider costs. Try to establish if there are any hidden costs in the quotation that you have been provided. Also consider if you want to instruct a cheaper conveyancing factory style firm whereby your file is dealt with by a team and you may speak to different people all of the time or whether you would rather pay slightly more for a more tailored service whereby you will have one person who deals with your file from start to finish. You would have one point of contact and your needs and requirements would be accommodated. The latter is a service provided by Wildings Solicitors who not just provide an individual and bespoke service but who are very competitive in terms of fees also.

    For information about the property services Wildings could offer you, visit our property services page.

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