Advice for first time buyers
2 December 2009
Whether you're hoping to find a home in London or the regions, here's some top tips from Tracy Kellett of BDI Home Finders:
(1) The most important thing to do at the point where you are thinking of buying a property in the UK is to consult an independent mortgage broker, rather than just your bank. A broker can tell you about all the products on the market and will talk through your finances and what you can afford.
(2) As a professional UK homefinder, my top tip is to ingratiate yourself with estate agents! To position yourself as the best buyer, you need to develop a relationship with the agent and keep in regular, friendly contact with them. Make them want to sell you the property and not any of the other interested parties.
(3) Whether you choose a new build or an older property is entirely down to your own personal taste. If you like older buildings, you need to make sure that you have a proper survey done on the property. You may also want to bring in specialists like electricians and plumbers to quote for any work that might need doing. A surveyor will not go into this level of detail. Getting quotes for work puts you in a great position to negotiate down from the asking price. Tradesmen will not charge you for these quotes.
(4) If a new property has an NHBC guarantee or equivalent (usually ten years), then a survey is an unnecessary cost. However your solicitors should check that all planning permissions and building regulations sign offs are fully in order. You should be advised by your surveyor as to the most appropriate survey for the type of property. However, if the property is of a considerable age or in any way listed, then you must instruct a surveyor who specialises in listed properties.
(5) Get quotes from at least three solicitors before instructing one. Their fees can range quite widely for the same service. A quote should clearly state what extras you may incur on top of the basic fee. Ideally, get a recommendation from someone you know.
(6) The best way to avoid gazumping in the UK property market is to develop a relationship with the vendor and minimise the time between offer and exchange of contracts. If you get cold feet before exchange you are only liable for any of your own expenditure to that point. After exchange of contracts at the very least you will lose your deposit, usually 10% of the purchase price.
For more information about BDI Home Finders please call us on 0845 603 6110 or contact us by email.
