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How to buy a property in UK

So how do you buy a property in UK?

Firstly you have around 3 main ways to pursue your purchase

  • Local estate agents
  • On line Estate agents
  • On your own

    Buying property with UK Estate agents

    once you have registered with estate agents in the area you want to live, you’ll find its worth visiting each office in person. When you visit the local agents, they will help you identify the properties most likely to meet your needs. Questions like what sort of amenities you need nearby and what your requirements are from the property you want can take place and very quickly you’ll find the process a lot clearer as you have free expert advice

    The disadvantage of buying a property through an estate agent is the seller will have to cover the agents fees. Fees very from 1 to 3 % of the selling price.Thereby the price will have the fee built in to some degree. This is where on line Estate agents have an advantage in the UK.

    How to buy a property in UK

    Buying UK Property

    Buying a house on line

    Most people are familiar with Right Move Searching on line on property portals gives a huge insight into the current market as the sites can also reveal the history of purchases in recent years. . This happens to be the largest gallery of UK properties on line as most Estate agents add their property to this huge database. Having said that, not all properties advertise on Right Move. For example Zoopla have some unique agents as does Tepilo and FindaProperty (All reviewed on this site)

    A word of warning though. You will need to remember to account for house-purchasing and set up costs. Your mortgage broker or advisor, they will help you choose the right mortgage. They will help you with your application and you will receive a ‘decision in principle’ on the amount you can borrow.

    A third way to buy UK property

    If you are familar with purchasing a property in the UK then you could take a drive around areas of interest and enquire within the neighbour hood with friends and locals. Its’s not unknown but a little risky. Best to ignore this 3rd idea unless you are experienced in property purchasing and have a good business acument.
    Whatever the route you take above you’ll also need to follow the basic steps once you have agreed a purchase price.

    • Make sure the property is no longer on the market while its under your offer
    • Instruct your chosen solicitor to act on your behalf and give him the details of the property location, and the vendor’s estate agent.
    • The solicitor will contact the vendor’s solicitor requesting title deeds to the property. He will initiate contractual proceedings.
    • Find a surveyor and ask for a home-buyers report or a survey to be carried out.
    • The mortgage lender will carry out a valuation of the property.
    • The mortgage lender, on sight of the property valuation and data backing up your application agrees to lend you the money for the property.
    • Send a copy of your survey report to the solicitor. He will send you his view on it and you may want to discuss any remedial work you want to request.
    • The solicitor will check the property, carry out local authority searches – which you may want to supplement – and find out if any alterations have been made. This would be the time to negotiate fixtures and fittings.
    • The solicitor will finalise the details in the contract with the seller’s solicitor and confirms mortgage details with your mortgage lender.
    • You pay a deposit into your solicitor’s account. He holds it there until exchange of contracts.
    • On the day of exchange of contracts, your solicitor exchanges contracts with the seller’s solicitor and sends the deposit over. A date for completion (when you can accept the key and move in), which will have been proposed before-hand is agreed upon.
    • Your solicitor will liaise with your lender to ensure the mortgage is available on the completion date.
    • Your solicitor will prepare the property transfer deed, which is signed by you and the seller and lodged with the seller’s solicitor until completion.
    • The mortgage lender transfers the money into your solicitor’s account ready for completion.
    • On completion day, your solicitor transfers the money to the sellers’ solicitor in return for the transfer deed, Land Registry certificate and the keys. The sale is completed.
    • Your solicitor arranges for the transfer deed to be stamped, pays the stamp duty and sends the transfer deed to the Land Registry to record you as the new owner.
    • Your solicitor passes the deed to your mortgage lender as security for the loan and then he will send you the bill for his services and costs.

    It can sound a difficult challenge buying a property under UK law, but beleive me it’s a lot easier than it sounds if you take one step at a time. Before you know it you’ll be moving into your new property and enjoying a cup of tea and a digestive!

    posted by Zane in Buying,Estate Agents,Guide,Property and have No Comments

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