Buying a home can be an overwhelming task and for you it is important that you get the right help from professional estate agents. If you are looking for a property in Plymouth then we can provide a complete buying service that is designed to find the very best home for you at a price which is affordable to you. We can also help you with the legal bit, the conveyancing. We also have specialist mortgage advisers to help find the very best deal for you in the market.
Come in and speak with us and we will work to establish all the things in your future home that you really need and the things that you would like. We then get busy and the search begins. As and when we take a property on the market that we think you should have a look at we will text you the information and give you a ring and hopefully arrange to meet you there so that you can see it in the ‘flesh’.
Have a search on our web site and start browsing through some properties.
Stages of Property Purchase
Here is a brief summery as to the various stages of the buying process:
- Agree your purchase. After viewing the property that you feel is the right one for you, you will need to let your agent know how keen you are. Then it’s time to make an offer on the property through us. We will then submit it to the seller and have a good chat with them about the possibility of selling to you. Hopefully after a few phone calls your purchase price will be agreed!
- You'll now need a solicitor who will sort out the purchasing legal work, at the same time they will act for your mortgage company in preparing the mortgage deed.
- You’ll now need to have a meeting with your Independent Financial Advisor who will talk you through the whole process.
- Your mortgage provider chosen during your meeting with your mortgage advisor will arrange for the property to be valued. If you want a fuller survey you will need to arrange that in addition, we can help with a recommendation here. Don't wait until the last minute to get a second opinion - it wastes time, causes aggravation and costs more money.
- Your solicitor will apply for the title document, the searches from the council and raise questions with the seller’s solicitor - boundaries, what's being left, what guarantees go with the house.
- Your solicitor works for you, but his master is the mortgage company. His job depends on them being happy that the property complies with the terms of the Council of Mortgage Lenders Guide to Lending Instructions.
- Once the mortgage offer is in, and all the legal documentation is sorted you can then 'exchange contracts.'
- The exchange is the first point at which the buyer and seller is legally obliged to go ahead with the transaction. At this stage, the buyer pays a deposit to the solicitor - typically 10% of the purchase price. In the agreement will be the 'Completion Date.'
- The completion date is the day you actually move and the property is transferred or 'conveyed.'
Buying Costs
- Solicitors Costs are split into two sections; the solicitor’s fee, and the costs the solicitor will incur on your behalf (the disbursements). When you speak to a solicitor they normally give you quote which excludes these charges. Don't choose a solicitor on price and use a solicitor who is based in the City; local knowledge is best
- Solicitors Fees range from £495 plus vat to up to £850 plus vat for more expensive properties. Leasehold properties involve more work so expect to pay anything between £150 to £200 extra. The disbursements add another £300 to £400
- Stamp Duty.
- Up to £125,000 there's no duty to pay
- between £125,001 and £250,000 it's 2% of everything over £125,000.
- if you are buying at more than £250,000 you now pay an extra 5% of the difference between £250,000 and the purchase price.
- once you go over £925,000 it goes ballastic at 10%
- Most mortgages other than the standard variable rate mortgage will incur an arrangement or allocation fee. They vary from lender to lender. The better the deal - the higher the fee
- The mortgage valuation generally includes a survey. The surveyor will point out the main defects in the property. If you want more re-assurance, then you can have a Homebuyers Report for £400 or a more detailed Structural Survey. Arrange the survey at the same time as the mortgage, it will be cheaper and save time. The 'fault free' house has yet to be built. Interpreting surveys is an art and generally at the first reading surveys never read well. Speak to us - we can help
Buying Timescale
- For the average sale we always recommend an estimation of at least eight to ten weeks to get to the point where you've got your mortgage offer and the solicitor is happy to press the 'go' button. Twelve weeks is not un-common
- The 'exchange of contracts'; you pay your deposit and the contract becomes effective. At this stage both buyer and seller are bound to see the deal through
- Completion day is typically one/two weeks after exchange, although occasionally it can happen on the same day
- Completion is the day the property becomes yours. The contract will say something about having the deal done by noon. In practice it's down to the length of the chain involved as the money starts at the bottom and is transferred all the way up. Completion day is fraught with delays. You can't have the keys until the house is paid for
- Talk to your solicitor; if you need to be in by a particular day, tell them. If you agree a completion date with the seller, remember to tell your solicitor!
