Unsolicited telephone calls misusing our name - We do not nuisance cold call -
Have a question? Call us on 0800 1979 345
This article was published on August 17th, 2021
Buying your first house is an incredibly exciting time, however, there are a lot of things to consider before making the purchase.
This article explains 10 things you should know before buying your first house.
Whether you are looking to buy your first home or looking to move it is equally important that you organise your finances. There are several financial aspects to consider before applying for a mortgage:
You should ensure that you don’t have any outstanding bills and avoid making any large purchases leading up to applying for a mortgage.
Make sure that aside from your deposit you have some extra money saved for things such as estate agent fees, solicitor’s fees and home insurance.
Make yourself aware of your credit score so that you don’t have any unexpected surprises when it comes to your mortgage options.
An Agreement in Principle is a written statement from a mortgage lender that indicates how much they might lend you based on the information that you have provided such as your income, spending and any debts you might have.
It is important to remember that although getting an AIP is important it is not a formal offer and it doesn’t guarantee that you will get a mortgage.
When you first start your house hunt it’s easy to get carried away with a long list of ‘must haves’ and whilst it’s good to know the features that you want in a property it’s also important to be realistic and keep in mind what you can get for your money. It is best to always stick to looking at properties that you can afford as it can be disheartening to view properties that are outside of your budget.
It’s important to ask the estate agent as many questions as you want about the property and sellers before you make your offer. The more you know about the property the better idea you will have about what to offer.
When it comes to making an offer on a property, you can do it however you like whether that be in person or over the phone. However, always make sure to send written proof of your offer and to request written proof of an acceptance offer. Our conveyancing solicitors can help with this process.
When you have finally found the house you’ve been looking for, it’s tempting to jump straight in and offer the asking price or even above if it’s a property you really like but it’s important to stay realistic about what you can afford and remember, the price of a house is rarely set in stone.
Once you have found a property and your offer has been accepted you need to formally apply for a mortgage. Make sure you are prepared with all the required documentation including financial and personal information.
One of the most important things you need to know is the importance of a conveyancing solicitor. A conveyancing solicitor will help you with the legal process of buying a house. Whilst some people do carry out the conveyancing process themselves, it is incredibly high risk and if you are taking out a mortgage the majority of mortgage lenders will insist that you use one anyway.
Despite this there are several other reasons that make getting a conveyancing solicitor so important, they can help with effectively transferring the legal ownership of the house from the previous owners to you as the buyer. An experienced conveyancing solicitor will ensure that all due diligence is carried out on the property that you want to purchase. This includes solving any serious issues that might arise, offering advice on the searches that are required, sending relevant enquiries, sending your contract, approving the contract from the sellers and preparing the completion statement.
On completion, the conveyancing solicitor will transfer the funds and notify you once you have completed. The seller’s conveyancing solicitor will confirm the transaction and the estate agent will release the keys.
After you have completed on the property the conveyancing solicitor will continue to work with you and complete all the post-completion steps that include registering the transfer of ownership, paying any Stamp Duty Land Tax, registering a charge over the property and settling any outstanding fees.
There are several reasons as to why getting a home buyers survey should be high on your priority list, the main one being that it will identify any problem areas which could save you a significant amount of money in the future. The survey can also help you renegotiate the price of the property if any major repairs weren’t previously stated.
This is the last stage before you complete on your property, as exciting as it is, make sure that you have voiced any concerns you may have and that you feel completely sure that you are making the right decision. Once the contracts have been exchanged you are legally bound to go ahead with the sale.
If you are looking to buy, sell or remortgage our team of dedicated conveyancing solicitors can help you. Our team provide comprehensive, cost-effective conveyancing services in Macclesfield, Buxton, Holmes Chapel, Whaley Bridge and the wider North West.
For a conveyancing quote click here.
This website privacy notice sets out how Thorneycroft Solicitors uses and protects any information that you give Thorneycroft Solicitors when you use this website.
Thorneycroft Solicitors is committed to ensuring that your privacy is protected. Should we ask you to provide certain information by which you can be identified when using this website, then you can be assured that it will only be used in accordance with this privacy statement.
Thorneycroft Solicitors may change this policy from time to time by updating this page. You should check this page from time to time to ensure that you are happy with any changes. This policy is effective from 01/05/2018.
What we collect
We may collect the following information:
We will collect the information directly from you via completion of our enquiry form on the website.
What we do with the information we gather
We require this information to understand your needs and provide you with a better service, and in particular for the following reasons:
We will also collect and process your personal data if you have consented to receiving marketing in respect of our services. You are able to unsubscribe or withdraw your consent at any time by emailing [email protected] or writing to ‘Marketing’ at Thorneycroft Solicitors, 9a Bridge Street Mills, Bridge Street, Macclesfield, Cheshire SK11 6QA.
We are committed to ensuring that your information is secure. In order to prevent unauthorised access or disclosure, we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online.
If you do not instruct us in relation to your legal matter, your personal details will be retained for a period of 12 months.
If we are instructed in relation to your legal matter, we will keep it in line with our data retention periods. Details of our retention period for your legal matter can be found within our Client Care Letter and/or Terms of Business, under the heading file retention.
Links to other websites
Our website may contain links to other websites of interest. However, once you have used these links to leave our site, you should note that we do not have any control over that other website. Therefore, we cannot be responsible for the protection and privacy of any information which you provide whilst visiting such sites and such sites are not governed by this privacy statement. You should exercise caution and look at the privacy statement applicable to the website in question.
You can set preferences for how Google advertises to you using the Google Ad Preferences page, and if you want to you can opt out of interest-based advertising entirely by cookie settings or permanently using a browser plugin.×