For those looking to buy a property in areas such as St Albans and Harpenden, it may seem that demand always outstrips supply. We hope that these tips will help you to succeed in securing your dream home.
- It may seem obvious, but having the necessary funds readily available is essential. If you need a mortgage make sure you get an offer agreed in principle from your preferred mortgage lender, so you can show the seller’s estate agent you have the means to pay.
- Instruct a solicitor and provide them with the information they require to complete their new client procedures. This will most likely involve providing proof of identification and address, and also evidence of the source of your funding for the purchase. This means that when you have found a property and had your offer accepted you will be able to pass their details to the agent to get the purchase process swiftly underway.
- Once a sale has been agreed we recommend instructing a surveyor to carry out a survey early in the process so you know the property has no hidden surprises.
- If required, complete your mortgage application process by applying to the lender who has already provided the offer in principle. Should another lender seem to offer a better mortgage product, the assistance of a good broker can prove valuable as it is not all about the interest rate. Some lenders have different lending criteria and very different processing times, which may affect your application.
- As your purchase progresses ensure any funds you are contributing to the purchase (including the costs such as Stamp Duty) are available to use. Remember the 10% deposit payable on exchange will need to come from your own resources as you will not be able to use any lenders mortgage funds until completion.
These steps will demonstrate to a selling agent you are fully committed to the transaction which they will feedback to the seller to allay any natural concerns sellers often have about a buyers willingness and ability to proceed. This in turn will encourage your seller to remain equally committed to the sale and give you the best chance of success.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.