Buying a new property is an exciting time. However, with everything going on, it can be difficult to know what the next step is. Luckily for you, we’re here to help! This guide will provide tips to help you in your uk property investment as well as information and steps in the process of buying a new home.
Choose a Property Type
The first step to buying property in united kingdom is choosing what type of property you want. Deciding on the right property can be difficult and therefore you should seek advice from the professionals, who will be able to guide you in the right direction. Some suggestions are, if you want space, a house would be ideal but if you’re looking for more mobility, an apartment would be suitable.
Save the Deposit
The next step is to put some money down as a deposit. This is an important step because it shows the seller that you are serious about buying their property. It also means that if you don’t actually buy their property they will lose the deposit they gave you.
Choose someone to lend money from
Having a lender is important because most sellers will want to know that at least part of your deposit has been covered by a bank. For example, a seller may require proof of funds before giving you permission to view their property or even a sale agreement. A lender can also recommend solicitors for you, which brings us onto our next point…
Choose a solicitor
If you’re going to be purchasing a property that’s under £250,000 there is no need for a solicitor. However, for higher value properties or lots of paperwork, a solicitor can almost be essential. The first thing you’ll need to do is speak to them and make sure they work on a cash basis instead of commission. This basically means that they only get paid if the deal is done and there are no delays. A solicitor will also help with moving house and the associated costs like storage and lockouts.
Prepare yourself financially
Once you’ve found your property of choice, you’ll need to prepare yourself financially for the purchase costs involved in buying it. For instance, there will be stamp duty (even if you’re a first time buyer), solicitor’s fees and moving costs.
Speak with your lender
Before buying anything it’s always best to speak with your lender to ensure you can afford the property that you’re looking at purchasing. They’ll be able to tell you exactly how much you can borrow and how it will affect your monthly repayments.
