Designist Dream

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Get on the Property Ladder in 5 Convenient Steps Posted: 14 Jul 2015 02:40 PM PDT While it looks overwhelming and at most times complicated, getting onto the property ladder by buying your own home (for the first time) is a rather exciting prospect. But to ease the worries and the stress, here are 5 steps that you can use as a guide to your first home home buying venture. Organise Your Budget To be able work out a good mortgage you're very likely to need, consider how much deposit you can afford. A 10% deposit is generally looked at by the mortgage lender before they can proceed with your application. When your lender sees you can afford to put down at least 10% of the selling price, they may be able to then give you a mortgage in principle that you can use to show your seller or the estate agent that you're a serious buyer. And by organising your budget, you'll have a clear idea what to expect when it comes to expenses – both upfront and your future recurring costs. Find Information on the Area You Wish to Buy From As well as finding out about local shops and amenities, schools and access to public transport, consider other factors in the area like nearby green spaces, council tax, lanning developments, etc. Find out how many properties are available there and narrow down your search to what you can afford. Look for the Ideal Property Register with reputable property listing websites  and check with local estate agents to see as many properties that you can choose from.  However, remember to list down the things that you want to see or have in your ideal home so you can later on narrow your search down based on your criteria. Attend viewings to have a good look at the house you wish to buy, and perhaps schedule a different one at a different time of the day to see what the environment is like at different times. Make an Offer As soon as you found something that suits your taste, make an offer to the estate agent. Make sure that your offer is "subject to contract and survey" so you may renegotiate the price or  pull out if any problems come up. The estate agent will then inform the seller (as required by the law), and should inform you if it has been accepted or rejected. If you're buying a property within England in Wales, request the agent or the seller to take the property off the market and have it put in writing to avoid being gazumped. If buying in Scotland, there's no worry about such, as accepted/agreed sale-purchase offers are already legally binding. Instruct a Solicitor You should at least look for a conveyancer earlier on – somewhere sorting out your budget and looking for a property. This gives you an advantage when it comes to getting legal advice prior to making an offer and organising your documents. Sites like www.conveyancing24-7.com compare conveyancing fees across multiple solicitors. Once the offer is accepted, you will then instruct your conveyancer to take care of the legal process of transferring the ownership of the property to you, and completing the transaction.

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