Many steps are involved in buying a real estate property in UK, especially in the England and Wales region. You could move into a new house, old homes, condos or fixer-uppers; no matter what property you purchase below are the procedures to follow as an investor or a buyer.
Step 1: Decide where you want to buy and what type of property you want to buy. List your requirements and the type of service you need on a regular basis. You and your family may get sick of the inconvenience, dust and noise living near a freeway or a busy city, so choose the property appropriately.
Step 2: Know your budget. In general, only you can decide on how you are going to fund your property. Most property purchase requires a huge down payment, so be ready to shell out the money upfront and any related fees as setup costs.
Step 3: Keep in touch with a good mortgage broker for financial advice. They do the math that makes sense when buying. There is no reason not to seek out their help.
Step 4: Find the perfect real estate investment that meets your goals. Search it through property portals covering the UK area and inspect them. Find a property solicitor to help you out with legal aspects of buying a property. Buying with a partner requires mutual agreement that will indicate the rights of each owner during the event of a dispute.
Step 5: Make an offer. You can make any offer you want. The offer you make will ultimately obligate you to a number of promises as well, so take note of them. You may be asked to make the earnest money deposit or pay the balance before the closing date. Know the terms and conditions.
Step 6: Approach the solicitor and ask him or her to act on your behalf for the rest of the process, like requesting title deeds from the seller.
Step 7: Once the purchase agreement has been accepted, both parties work toward closing the deal. Most purchase agreements include some form of report. Besides the homebuyers survey, average price in the area and the list of recent sales, you may want more from the seller. For example, you might ask the seller to purchase a home warranty. You may also want home appliances included in the purchase. You may also want warranty for the property structure from the seller. Know your limits here.
Step 8: The mortgage lender will also carry out the valuation of the property, the report of which is sent to your solicitor by you. Any fixtures, reduction in price, remodeling or renovations that are required will be discussed here.
Step 9: The buyer will pay a percentage of the entire purchase price. The solicitor of the buyer will finalize the contract and confirm the details with the mortgage lender. The solicitor will also prepare the transfer deed.
Finally, on the date of the closing, both parties sign legal documents, money is transferred to the seller, and possession of the property is passed from the seller to the buyer.
By Furkat Elmirzaev