FIRST TIME Buyer Guide

FIRST TIME buyer Guide THE ULTIMATE GUIDE TO BUYING YOUR FIRST HOME! Hello there CONTACT US Are you thinking about venturing onto the property ladder? Well you’re in the right place! Buying your Phone : first home is a very exciting, yet daunting experience, 0113 393 3298 with lots of legal regulations to get your head around, sometimes it’s hard to know where to start! Website : manningstainton.co.uk To give you a helping hand, we’ve put together an ‘Everything you need to know’ guide, to help you navigate the fine print and get you, your keys for your BRANCH very own home! This guide will cover costs, mortgages, LOCATIONS property searches, making an offer and of course that all important moving day! Adel, Beeston, Crossgates, Garforth, Guiseley, Horsforth, With 19 branches across Leeds, Wakefield and Wetherby Headingley, Moortown, we have over 25 years of experience helping people Morley, Oakwood, Pudsey, move, so if you have any other questions or need some Rothwell, Wakefield, guidance in your search, contact our team today! Wetherby, Wortley - First Time Buyer Guide - 1. Contents Everything You Need To Know About Buying Your First Home PAGES However far along you are in your property search, 1. 3. The Costs of Buying find everything you need to know about what to expect 2. 4. Getting a Mortgage throughout the process in 3. 5. Your Property Search our ultimate guide. 4. 6. Viewings We’ve cut through the 5. 7. Making An Offer jargon to provide a brief 6. 8. The Next Steps overview of the journey you 7. 9. Moving Day can expect. If you would like anymore information 8. 10. Printable Checklists on any part of the moving 9. 11. Make Notes process, contact your local 10. 12. Contact Us branch today! # FIND OUR EXTRA TIPS IN HERE 2. COSTS OF BUYING Before you start your property search, its important to consider all the costs of moving. Unfortunately there is more than just the cost of the house to think about. Going through your finances early will prevent you getting caught short later down the line! COSTS TO CONSIDER Upfront Costs Legal Fees Your deposit will most likely be your biggest As we mentioned buying a property comes with upfront cost when buying a home. The amount of a lot of legal obligations. You will need a solicitor deposit you will need depends on the mortgage or licensed conveyancer to carry out the legal lender. The usual minimum deposit for first time work for you, to help your move run smoothly, buyers starts at 10% of the cost of the property. which will come at a cost. Stamp Duty Mortgage Fees For First Time Buyers Stamp Duty Land Tax is paid When taking out a mortgage you will incur some on any property purchase over £300,000 outside charges that may include arrangement fees, of the Stamp Duty Holiday. Stamp Duty is to be booking fee, admin fees and mortgage broker paid within 30 days of the completion of the sale. fees. Fees are individual to the mortgage lender Your solicitor, estate agent or conveyancer will and need to be discussed prior to committing. usually file this for you. On Going Costs Surveyor’s Fee Don’t forget about the costs when you eventually Once you’ve has an offer accepted a survey will get into your property. You will need to think of need to be carried out to confirm the value of the insurance, council tax and utility bills along with property and check it’s in good condition before furnishing and preparing for any unexpected you commit to the purchase. These fees will vary. repairs that may occur. #Don’t forget 3. removal fees Getting a Mortgage Step One When buying a home, most people will apply for a mortgage to help cover the cost of the home. The mortgage is paid back in monthly installments over a period of time. The first step is to seek professional advice from the experts. Arrange an appointment with your local mortgage adviser, who will discuss all your options. Step Two After discussing your finances, your mortgage adviser will establish just how much you can borrow, as well as taking you through a maze of the difference type of products to find what would be most suited to your circumstances. Step Three Once you’ve found the mortgage product to suit you, this will be agreed as a ‘Mortgage in Principle’ telling you how much money the lender is likely to offer. Now is the time to start looking for properties, as you can evidence to estate agents that you are financially qualified and in a position to take advantage of the fast paced market. #TIP Step Four The final mortgage step comes after you’ve HOW DO I FIND THE BEST found your dream home. Once you’ve had an MORTGAGE? offer accepted on a property, you now make a formal application. This will encompass a Mortgage Advisers often survey on the property to ensure the purchase have access to exclusive price is worth its value. The lender will then deals, speak to them direct issue a formal mortgage offer. Now, sit back to discuss all your options! until your conveyancer has completed the searches and ironed out any issues with the purchase contracts before you get ready for 4. the big move. Your Property Search Now comes the fun part Here is the part you’ve been waiting for; the property search! You’ve most likely been browsing for a while now, but now it can finally get serious. It’s important to arm yourself with a plan! #Printable Checklist on Where (to look) P10 It’s important to know where you are looking. Checklist (for your search) Browsing the property portals such as Rightmove Make a checklist for things you are looking for! and Zoopla is a great place to start, but don’t forget Local Estate Agents often list properties on Location their own websites before the portals so make House Style sure you head to their websites! No of Bedrooms No of Bathrooms What (to look for) Garage It’s impossible to know exactly what you’re Outside Space looking for, but make sure you have some Age of Property idea. Have a clear vision in your mind of what you want, this includes bedrooms, bathrooms, South Facing garden garden and of course a price range! Potential to extend Price How (to find it) Local Amenities Registering with your local estate agent is a Neighbourhood must! They have inside information on properties Local Schools coming to the market and if they think the property would be perfect for you they will let you Double Glazing know even before they go live online - putting Parking you in a great position for making an offer! Council Tax Band 5. #Printable Viewings ChecklistP10 on Things to consider on your viewings When it comes to arranging viewings, make sure you have a good look at the listing online first. Check out the floor plan and make sure it’s actually something you could see yourself living in. Another golden rule, never view anything outside your price range, falling in love with a property you can’t afford can be heartbreaking! It’s always helpful to take someone with you on a viewing for a second opinion. Viewing Checklist (Things to check whilst on a viewing) What is the general area like? Does it need work? If so can you afford it? Is the flooring in good condition? Is there any damp or cracks? Is there much storage? Are the windows double glazed? Is there a bath or shower? Where is the boiler & how old is it? Do the taps work? Is the house overlooked? If it has a garden, is it southfacing? Is there scope to extend? What broadband is currently installed? Is there a loft? If it’s a flat what is the leasehold & is there a management fee? Are there any nearby transport links? 6. Making An Offer Making an Offer Making the Offer When making an offer its important to put When it comes to making an offer, you yourself in the best position possible. You need to make some careful considerations will need to provide proof of your mortgage before doing so. offer this is where your ‘Mortgage in Principle’ comes in. Things to Consider Does the property match all your After an Offer is Accepted requirements, or are you willing to compromise? Another thing to consider is If you’re successful in your offer, the estate if the property needs alot of work, can you agent will list the property as sold subject to afford this work or are you happy to live in contact. At this point you’ll need to formally its current condition until you can? apply for your mortgage and appoint a conveyancing solicitor to progress Don’t be Disheartened your sale. Although this sounds like the complicated part, your estate agent will Don’t be disheartened if your first offer gets often be able to give you advice on who to rejected. Sometimes negotiating an offer go to for this. can be a lengthy process, especially if there are multiple people interested. If you are unsuccessful, remember the right property is out there and you’ll be thankful when you #You’re find ‘the one’! Almost 7. there The Next Steps Once your offer has been accepted this is where the legalities really come into play. There is alot of paper work and a fair few steps to go through - but it will all be worth it when you get those keys! It’s important to bare in mind the average property sale takes around 16-18 weeks but can differ dependent on circumstance! 1.

Load more