For the next big venture, an investor or just a simple buyer may be torn between getting a house or a flat. To get such listings they would search the internet for ‘buy house flat’ and size up the results. The article below describes the best actions to take,
Looking for the property
It is advisable that before one goes off looking to buy a flat or house that they calculate the amount they feel that they would spend to get to the budget range of the house that they would want.
- Costs-It would be wise if a person would calculate the financial changes and the impacts of such actions towards the financial status of the person when looking for a flat or house to buy. The buyer should at all costs avoid over stretching and only go through with the process once they feel that the costs are within the financial sanity of his capability.
- Making the best choice on Mortgage-If one decides to go on with a mortgage then they should start early. The whole mortgage process is a lengthy one and quite tiresome too, so the old age of an early bird would take effect here. The mortgage could be taken from the banks or an Independent Financial advisor. After deciding on the mortgage product, the next step would agree to it as a mortgage ’in principle’. This spell out the amount the lender would offer as well as the interest the buyer would pay when wanting to buy a flat or house.
- Checking the Credit card details-It is paramount that the buyer spares some time to go through the details of their credit card reports to ascertain their credit scores before they even go ahead with the transactions and look to buy a flat or house. This could be the major determinant in getting that mortgage since the lenders use the credit scores to gauge the buyer’s viability.
Making the Offer
After scrolling through the endless results from searching the keywords ‘buy house flat’ the buyer would then have to make a choice. Once the house or flat has been decided upon, it is then time to make an offer and there is a high chance that this would be done through a real estate agent
Finding a surveyor and a solicitor
The function of a surveyor would be to survey the house or flat in search of any issues that would otherwise influence the value of the house or flat. On the other hand, a solicitor would be responsible for taking care of the work regarding the property.
The solicitor would then assess the details and tell the buyer who wants to buy a flat or house an amount that they may be required to pay. For payment, they may require an upfront deposit which would most likely be about 10% of the total amount. Among the details to be sorted includes submission of their searches to the local councils to cross-check whether there might be any issues whether in planning or otherwise that would adversely affect the value of the property.
- Conducting a valuation survey- Often done by the lender, to ensure that the price of the property stated is worth it before the sale is approved. The main purpose of such a survey would only to identify the valuation and not the repairs or any maintenance issues.
- Property Survey-This type of survey is one which uncovers the hidden costly issues that would affect the worth of the property. The buyer is responsible for the paying of the cost of the survey. A successful survey that reveals any hidden problems may prove advantageous to the buyer since it would mean that the price could be negotiated lower. Here are numerous other survey types available such as: RICS condition report which is the cheapest and most basic survey, but the downside is that it does not provide advice or valuation, RICS home-buyer report is another survey which is a more detailed survey and includes valuation and the third is the Structural survey which would be the most expensive and also the most comprehensive
Making final touches on the Mortgage and the Offer
Once the survey is complete, the buyer is at liberty to revise the initially said price and negotiate it depending on the findings of the survey report before deciding to buy a flat or house. The renegotiation would come into place if:
- The survey uncovers some issues with the fat or house that would not go hand in hand with the said price
- A valuation done by the lender on the house might not be the same as the amount requested by the seller. Hence the lender would only decide to produce an amount they see fit to the property. This would mean that the buyer of the flat or house is left with a small amount of money and they would then be required to renegotiate the price with the seller looking to buy a flat or house.
This step in the whole purchase process may prove very stressful and as such there may be issues and delays that would arise from situations such as:
- The application for the mortgage could be rejected
- The seller may change their mind about selling the property and decide to pull it from the market leaving the buyer back in the market to look for a flat or house to buy.
- The seller could also have received an offer much higher than the buyers.
Staying in touch even after the completion of the transaction could be beneficial to both parties and should not be taken for granted.
Finalizing the Mortgage
If the whole process is a success, then the buyer could contact their lender and proceed to the next step. This would attract a fee known as an arrangement fee, that would go ahead to set up the much-awaited mortgage.
The signing of contracts could very well be the most important step in the whole process and as such should never be taken lightly. Contracts are the legal binding agreements put on paper that spell out the whole agreements prior to the buyer having to buy a flat or house. The buyer should seek legal guidance and delve into research to ensure that the contracts clearly spell out the agreements. The buyer could go as far as getting a lawyer before signing any document. The buyer looking for a flat or house to buy should only sign the documents once they are happy with the transaction.
Once the contract documents are signed, the remaining amount of money is transferred to the seller. And if both the seller and buyer are happy then a date set upon which the buyer would move into their new property.
If looking to buy a flat or house, then checking at Déjà Vu Properties would be your next bet. The website is quite reputable with new listings added every day which would ensure that you get the latest listings and help you buy a flat or house that you desire. Much more efficient than the numerous unreliable websites that pop up on the internet after searching for buy house flat
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