A Snapshot Guide for First Time Buyers
Here’s Nicholas Estates’ guide to help you work through your decision making process.
Begin to save for a deposit
Most mortgages require 5-10% of the purchase property value as a deposit. Nicholas Estates are partnered locally with Ipswich Building Society who offer savings accounts for first time buyers.
Cost to move
You must take into account; legal fees to your chosen solicitor, stamp duty (if applicable), mortgage application fees, mortgage valuation fees, removal company fees and insurances. It’s important to bear in mind ongoing costs associated with your new home such as; council tax, utility bills, insurance, maintenance and repairs.
Getting a mortgage
Nicholas Estates is in partnership with mortgagemove.co.uk, also based on the Waterfront at 17 Neptune Quay. Taking your criteria and credentials into account, their advisers will help you understand the options available to you, the paperwork required and start the mortgage process. It’s vitally important to have a ‘mortgage offer Agreement In Principle’ up to a certain value before you view or offer to buy a property.
Your property search
Now you know what you can afford, it’s time to search the market and arrange viewings. To register with Nicholas Estates, visit our office at 15 Neptune Quay or email your requirements to firstname.lastname@example.org
Making an offer
So you’ve found your first home. As a first time buyer (not dependant on selling a property in order to buy), with a mortgage agreed in principle, you’re in a great position. Provided your offer is at a sensible level, it will often be favoured by the vendor (seller). It’s important you ask their agent to make your position clear to the vendor.
Instructing a solicitor
Nicholas Estates works with a panel of local solicitors and property conveyancing firms. They will provide a competitive transaction fee, which is fully transparent of any associated costs and a comprehensive guide to the process and time frame of the transaction.
The big move
Congratulations on becoming a home owner! Your solicitor will call you and your vendor’s agent to advise that completion has taken place; at which point the keys are normally made available for immediate collection at the estate agents’ office. It’s important to take a full set of meter readings on entering the property, i.e. gas, electric and water etc. Make sure you shop around and register with the most cost effective utility company you can.
For a more detailed conversation about buying a home contact Chris Foster of Nicholas Estates on 01473 228031
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS