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This article was published on September 2nd, 2022
Buying a house is one of the most exciting decisions you’ll make in life. However, the buying process can be difficult, and there are a lot of pitfalls to avoid. This article lists some of the most common mistakes that people make when buying a house and offers advice from conveyancing specialists on how to avoid them.
An Agreement in Principle is a written declaration from a mortgage lender indicating how much they might offer you based on the information you’ve submitted, such as your income, spending, and any debts. This agreement will detail your maximum pre-approved borrowing limit.
One of the biggest mistakes you can make when viewing a property is making an offer without first obtaining a mortgage agreement in principle (AIP). Whilst you might think you will be lent the maximum amount of money, most lenders are cautious and the money that they will offer varies from person to person depending on individual circumstances.
A common mistake that people make when buying a house is not checking out the area. It can be relatively easy to find a home that you like, however, if the area is not right for you, you may not be happy in your new home. Make sure you check out the local area including the neighbourhood, facilities and travel levels to ensure it meets the needs of your lifestyle.
The housing market is faced paced and houses tend to only be on the market for a few weeks. This can leave you feeling pressured into deciding on a property, however, it’s important to take your time and consider all aspects before deciding to put in an offer. Preparation is key, it might be useful to create a list of negotiables and non-negotiables and stick to it so that you don’t rush into buying the wrong property just because it seems like a good deal.
It is easy to set a budget for how much you can afford to spend on a new home, however, many people underestimate the additional costs that are associated with buying a property. The actual price of the property is just one of the costs you will need to pay, in addition to this, you’ll have to pay stamp duty, legal expenses, conveyancing fees, surveys, and moving costs, among other things. You’ll also need to account for building insurance and any further work you intend to complete.
Arguably one of the biggest mistakes you can make when buying a property is selecting the wrong solicitor. When it comes to the legal aspects of the transaction, you should choose the solicitor or licensed conveyancer carefully. You should not necessarily go with the first quote you receive, or the cheapest because it may cause problems in the long run if issues are not identified. Choosing a firm of solicitors that are accredited by the Law Society, will ensure that you will receive exceptional client care and that all procedural standards are met.
Thorneycroft Solicitors has been granted Conveyancing Quality Scheme (CQS) accreditation by the Law Society. The CQS establishes a nationally recognised quality standard for residential conveyancing solicitors, guaranteeing that you, as a client, receive a high-quality service from fully certified and experienced solicitors.
When dealing with a transaction, our conveyancing specialists check to determine whether the property you’re buying has any unforeseen complications or title concerns that could affect your ownership. Approving contracts, reviewing the legal title or unregistered titles, conducting searches, reviewing the terms of the mortgage offer (if applicable), arranging deposits, and coordinating contract exchange are all part of this process. We arrange for monies to be transferred in time for the projected completion date so that you can take possession of the property. Finally, we arrange for Stamp Duty Land Tax to be paid and the property to be registered in your name with HM Land Registry.
If you’re considering moving house, whether you are buying your first home or a second home, our solicitors are here to help. To speak to one of our conveyancing specialists, contact us on 0330 058 0118 or fill out our simple enquiry form and we will arrange a time that suits you.