It is important when considering buying a home that you ensure you have sufficient funds. Oftentimes a client will only look at the purchase price of the property and arrange their finances around that. However, it is important that you have enough money to cover the ancillary costs involved e.g. Stamp Duty, Legal Fees, Registration Fees & Engineers Survey (if necessary)
I used to always advise clients to shop around when deciding which bank they should consider getting a mortgage from. However, times have changed and it is not as simple as it used to be to get a mortgage. Having said that, it is still important to speak to several banks and find out what interest rates are on offer.
- Loan Offer
Before handing over the booking deposit on a house, it is important that once you receive your letter of loan offer from the bank that you are in a position to comply with any special conditions.
- Find your home
Remember, you are in the negotiating seat when it comes to buying a home and a pre-approved loan makes you in a very attractive bargaining position. If you are buying a second hand house then its important that you find out if it is still covered by HomeBond Insurance. Most houses under 10 years are covered by Homebond Insurance, which means you are covered for any major structural defects for the first 10 years. If the house is older than 10 years, then it is important that you get an independent engineer to survey the house.
Ask the Auctioneer to list the contents to be included in the purchase price.
- Planning Permission
It is always advisable to contact the Local Authority in relation to planning permission. Is the area designed for future road widening, developments etc? Are the roads and services surrounding the property being looked after by the council? If not, why not?
- Find a solicitor
Well that is the simple – just send an email to firstname.lastname@example.org or telephone the office on 01 6797930 and I will do the rest!