Sarah Juggins
Buying a house is a busy and pretty scary time. Here are 7 things you might not have thought of when looking for your dream home.
If you don’t think this is your house for life, what is the likelihood of selling easily and at a profit? While you might be happy with the tiny garden or the bathroom that is through the kitchen, others might not. Think about the resaleability before committing to buy.
If you are considering buying a leasehold flat, think about the lease left on the deeds. Estate agents will say extensions on a lease are easy to come by, but when flats have 80 years or less left, extensions become very costly and homes much more difficult to sell. If you're a flat-hunter, alarm bells should scream if a lease is nearing, or below, 80 years. Bear in mind it can take up to three years to get an extension. Talk to an expert such as http://www.yournextmortgage.co.uk for advice.
If you identify a street or area you like, write a letter explaining you're keen to buy and post it to homes on streets you like. Not only could you nab somewhere before others hear about it, but the seller may give a discount, as they save on estate agent fees.
Conveyancing's the legal process that transfers property from one person to another. As well as solicitors, there are licensed conveyancers, who are specialist property lawyers. Conveyancers search the official files for hidden catches and ensuring the purchase is legit. They also do all the legal paperwork, Land Registry and local council searches, draft the contract and handle the exchange of cash. But how much you pay for this service can vary dramatically. Speak to a reputable estate agent such as http://www.yournextmortgage.co.uk, for recommendations and benchmark prices, but do shop around. The Law Society's Find a Solicitor tool has a section on housing and property which will give you a list of accredited firms. You can also ask for friend’s recommendations.
A common problem for would-be buyers at the moment is gazumping, where a seller backs out of a deal because they have been offered a higher price. Make your offer on the condition that the seller takes the home off the market. This cuts the chance of you losing your dream house at the last minute.
Don’t get caught out by the weather. In recent years, flooding has affected larger parts of the country than ever before. Flood risk has a significant impact on insurance premiums and a property's value. The Environment Agency (England and Wales) and Environment Protection Agency (Scotland) provide detailed reports on whether and why an area's at risk. These free sites quickly reveal how vulnerable a property is, possibly saving years of stress.
