Buying a house without the hassle! (Buyers Guide: Houses)

Member Name: janharper

Product:	Buyers Guide: Houses
Date:	03/04/01 (140 review reads)
Rating:

Advantages: expert advice

Disadvantages: costs you money

What do you need to know if you want to make property purchase straightforward?

Well first of all you need to know how much you can borrow and who's going to lend it to you. You need to apply for a mortgage and see what your price range is. Then you look for a suitable property in your price range. (If you don't find out about a mortgage first you could waste a lot of time for yourself and the vendor.)

Then you need to organise a search so that things like planned motorways, landslip, contamination, etc can be looked for .( You don't want a house that is going to have a motorway on the doorstep in the near future.)

You also need a survey. These are examinations of the building and garden/yard, etc to ascertain if there are any structural problems. There are two types of survey. The cheaper kind is a requirement before you can have a mortgage. This basically values the property and makes sure it isn't likely to suffer severe structural problems during the term of the mortgage. A full survey is much more expensive but it will give you a detailed report so that you can see exactly what's wrong (or not wrong) with the property.

Next you need a contract from the vendors solicitor. There may be questions you want to ask about the house. This is the time to make sure you have asked everything you want to know. You sign the contract. They sign the contract. You agree on a completion date (i.e. the date the keys and house are yours.)

That's about all there is to it. You may find that if you shop around for a solicitor you can get cheaper conveyancing. There isn't a set fee and the price tends to vary with the purchase price. Don't be afraid to phone a solicitor and ask what conveyancing costs.

You can do the job yourself and there is no legal requirement to engage a solicitor but you should make sure you know exactly what you are doing before you attempt it. You're spending a lot of
money so it is wise to get sound advice and guidance.

Summary: