Collas Crill's 'Queen of Apartments' Sharon Therin
gives her top tips...
1 Visit your bank's mortgage team or mortgage broker to find
out how much you can borrow; it is generally five times your own,
or your joint, salary. Beware: any outstanding debts could affect
the amount you can borrow.
2 You now know what you can borrow and the fun begins - viewing
properties! Make a list of your priorities, for instance parking,
private garden, the potential to extend. As a first time buyer you
are in a strong position to strike a deal with a seller. Don't
be afraid to make an offer at less than the asking price. They can
only say no!
3 So you have found the property you want to buy. You need to go
back to your bank to make a formal application to borrow. The bank
might have already said it would lend what you need but be aware
their agreement is made subject to receiving a satisfactory survey
on the property, which confirms that it is worth what you have
agreed to pay. You pay the bank for this report, but it is
undertaken for their benefit and does not look closely at the
structure of the building. Therefore if you are buying an older
property you might wish to get a more detailed survey. Bear in mind
that the more detail in the survey, the more it will cost.
4 How do I find out what the legal fees will be? Your estate
agent will undoubtedly recommend some firms for you to call and get
a quote for legal services. Friends and relatives may recommend
their own lawyers. Do shop around and don't be afraid to ask
what you are getting for your money. This is the biggest investment
you are likely to make - the cheapest quote may not always be the
5 How do I make the best use of my legal adviser? We are there
to help and guide you through the transaction, so don't be
afraid to call or email us with questions when they arise. Remember
we have agreed a fixed fee so it doesn't matter how often you
contact us, the fee remains the same. We are gathering all sorts of
information for your benefit and will be happy to discuss any
concerns you have, big or small.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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