9th July 2024
You’ve found it! Your dream home. You’re already picturing yourself there, possibly eating a takeaway while surrounded by a floor covered in boxes or unpacking and getting everything in order. But what do you need to do to actually get there?
In this week’s Residential Conveyancing blog, Rachel Silvester, Director and Head of Residential Conveyancing at Myers & Co Solicitors, outlines the things you need to consider to get from dreaming about your home to living in it. It’s vital that you properly consider the costs involved in buying a new home. There may be a few things you were simply unaware of.
One of the first things you’ll need to consider is what level of survey you want (remember, buying a home is probably the biggest investment you will make so don’t skimp on your survey). A mortgage valuation is exactly what it says on the tin – a valuation for mortgage purposes, it does not give you as the buyer any reassurance as to the property itself. Often you will not even see it!
A homebuyer’s survey provides you with a much more comprehensive look at the property you want to buy and whether there is anything you should be aware of, and then there is the full structural survey which will provide you with a full report on the structure and stability of the property and any recommendations the surveyor feels are necessary.
You will need a conveyancer to deal with the legal stuff, so get a few quotes and ask questions of the conveyancer you choose to make sure you feel confident in them, and they are aware of your circumstances. Remember the cheapest isn’t always the best! In the same way as the survey, you want quality and understanding over what appears to be bargain prices.
Do you want a high street solicitor that you can call, or would you prefer an online service? Check out the service that is being offered and whether that suits your needs – it is not one size fits all when it comes to legal services!
Look to use an independent financial advisor for any mortgage finance that you need.
They have access to the whole financial market and can look for the best mortgage for you rather than a tied advisor who can only offer certain products. Check out the costs surrounding the mortgage including and broker fee, valuation fee and any other deduction the mortgage lender may need and of course the likely monthly mortgage payment.
Remember that the first payment is often higher than the rest and you will need to budget for that! Check out the likely costs of home and contents insurance, council tax and utility bills to build your budget.
Your building insurance will usually need to be in place when you exchange contracts, so it is good to look at this as early as possible, so you are ready to go at the right time.
Do you need to use a removal firm? And, if so, what are the costs and timescales you need to consider to make the appropriate arrangements?
If you are in rented accommodation, how much notice do you need to give to your landlord when you are moving out? It is really important that you discuss this with your conveyancer so they are aware of it and don’t give your notice in before your conveyancer advises you to do so as this could put you in a position where you do not have anywhere to live if the new property is not ready to move into.
If there is a chain of people looking to move at the same time as you this can take some time to co-ordinate, and you will need to be as patient and flexible as possible in relation to dates which can sometimes be difficult and frustrating when you are keen to move in.
Our experienced residential conveyancing solicitors can help you to understand what processes you need to go through in order to move into your dream home. For further information, please contact Rachel Silvester, Director and Head of Residential Conveyancing with Myers & Co, on 01782 577000 or email rachel.silvester@myerssolicitors.co.uk . Myers & Co has offices in Stoke-on-Trent, Staffordshire.
