Are you looking forward to owning your first home in Loughborough? The process of buying a home is not that swift in the UK because of the many legal formalities and steps required. If you are buying property for the first time, you will have to follow the right channel just to ensure everything is intact.
If you are buying a property you need the help of conveyancing solicitors in Loughborough . These are the experts in property purchase – buying and selling of homes.
Here are some of the steps you should follow if you want to buy property in Loughborough for the first time.
Step #1 – Know more about the area
The first step to buying property is to research more about the area you are buying the property. You want to know what it feels like to stay in this area.
That means you should stay here for some time to get the feeling of being here. What is the climate like in this place? Is it safe to raise a family here? How close is the hospital?
There is an endless list of things you should know about the area you are buying the property. All this is important because it determines the actual value of the property.
Therefore, you should schedule some time to view the property you are buying. If you can’t live in this place for some time, you should visit it in the morning to view the traffic.
Visit in the rainy season to see what the drainage looks like. If you have kids then you need to buy property in a place close to school. For a bachelor, you might consider somewhere close to your place of work.
Step #2 – Hire a legal expert
The next step after spotting the right place to buy property in Loughborough is to find a legal expert you can work with. A solicitor will help you with all the legal procedures of buying a property and speed up the process.
If you work with solicitors, they will guide you through the legal process and ensure you meet all the requirements put by your mortgage lender and the estate agent. An experienced solicitor should help you get the difference between long-term liability and a safe transaction.
When hiring a conveyancer you should look for an individual familiar with the local market. It means you should only hire your local conveyancer to save on time and money.
Step #3 – View the property
Once you have spotted property to buy in your dream location and you have a solicitor by your side, you should now proceed to viewing the property. View all the properties in your list and pay attention to cracks on the walls, bad plumbing, and signs of damps in the basement.
If you like a property, you should not hesitate to ask the estate agent any questions about the property. You want to ensure that all the questions you may have about the property are well answered before you can transact.
Step #4 – Consider a survey of the property
If you buy property in Loughborough on a mortgage, the lender will always insist that you conduct a basic survey of the property in question. It means you should hire a property surveyor to help you.
However, in most cases, this will not state the actual condition of the house. You should get a homebuyer’s report highlighting all the problems in the property you are buying.
You can arrange to have the homebuyer’s report from the surveyor. If you are buying a property over 100 years old, you might consider a structural survey before buying the property.
Step #5 – Arrange your finances
The next step is to arrange the finances once you have the buyer’s report ready. Some of the fees you are likely to meet on top of the mortgage fees include: valuation fees, solicitors’ fees, stamp duty, and removal costs.
If you are working with a solicitor, you should also determine how much they will be charging you. Most solicitors will often charge a fixed fee. This way, you can avoid any hidden surprises at the end of the service.
Step #6 – Insure your property
From the point of exchanging the contract with the property seller, you are legally responsible for the property’s structure. Therefore, you should get the property insured from any damages from this date.
Get insurance cover for the property before you move in. This way, you can shop around for an insurance policy that meets your needs before moving.
When buying property in Loughborough as a first-timer, you have to follow the steps we have listed here. If you are new to home buying and selling, you should hire a conveyancing solicitor to take you through the whole process.