At Hill & Company, we understand how stressful buying a house can be – especially when you lack the knowledge and experience to do so. That is why we have gathered 5 top tips you need to understand before starting the buying process:
Get a good surveyor
When purchasing a home, getting in touch with a trusted, quality surveyor is one of the first things that you need to do. There are four main types of report surveys which you need to be aware of when purchasing your first home: a Mortgage Lenders Valuation Report, a Condition Report, a Homebuyer’s Report and a Building Survey. Each has been put into place to review the worth of your property in relation to a mortgage amount, highlight the main areas of concern and to give you a full breakdown of the current condition of the property in question. At Hill and Company, we provide you with a personal one-to-one service by a solicitor expert throughout, helping you with every stage, including these surveys.
House purchases include a contract
Purchasing a new house will always involve the process of signing a binding contract. If you are not educated correctly on the process, the thought of signing contracts can seem quite daunting and uncomfortable. Remember, that your contract can be negotiated and is not unchangeable – you have the power to take away the contract, review the points and come back with amendments or additions to suit you (within reason). We have years of experience in dealing with these types of contracts and can advise you on your rights and what you should be negotiating.
Use an estate agent you can trust
Choosing the right estate agent is imperative when ensuring that buying your home runs smoothly and efficiently. The type of estate agent needed for purchasing a house is labelled a ‘buyer’s agent’ or ‘selling agent’ – which are not to be confused with a listing agent who assists in selling a house. Be prepared with a list of questions to ask your potential estate agent, verifying things such as area knowledge, past clients, and the buying process time.
Remember to take joint ownership measures
When necessary, it is important to take measures when purchasing a house with another person. Firstly, you need to decide on the type of ownership that you want to go ahead with and be well aware of the rights you have as an individual owner. Next, look into getting a Declaration of Trust, as this will outline all the ‘what if’s’ in terms of finances, selling the property in the future, and even ending the agreement.
Finally, life insurance is essential when undertaking joint ownership. If one of you suddenly becomes ill or passes away, the other person is left with the remaining debt. Life insurance will assist in clearing this. Hill and Company recommend you also make a will at this time, due to the large financial investment you will be making. Find out more about our expert will department here.
You need a good solicitor!
Throughout this process, you will need the advice of an expert solicitor – ensuring that the whole process is undertaken lawfully and that you understand all of your entitled rights.
At Hill & Company, we have a great team of specialists in residential, matrimonial and commercial conveyancing. At a cost-effective price, we ensure that all transactions are carried out by one of our solicitors from beginning to end – providing you with personal one-to-one services.
Our team of experience property solicitors and conveyancers are all trained to provide a proactive service. This helps to ensure everything goes smoothly. They will also keep you informed at key stages of the conveyancing service. For more details on how we can help you when purchasing a home, contact our team of experts today: https://www.hillandcompany.co.uk/contact-us/enquire/