What to be Aware of When buying Your First Home
Published: 7th October 2016
At Liddy’s we try and make the process as simple and clean as possible, to make it easier for you. However, there are things that are out of our control. Perhaps the current owners are pregnant, and she goes into labour, or one of them could work nights which would slow and correspondence down. Perhaps they have a gun cabinet, the removal of which needs to be undertaken by a professional. Each of these little things can add weeks to the date of the move.
We have participated in hundreds of property purchases, and have seen it all. So we thought we would throw together a small list of some of the things to look out for when buying your first home.
Don’t stick too rigidly to one area. Have a look around other areas and keep your eye out for new cafes and shops. Check the websites of super markets to see if they will be building a new store near these areas. These are tell-tale signs of an upcoming area, and could lead to you getting more house for your money.
Don’t mistake your lender valuation for a property survey. We see this time and time again at Liddy’s. The lender valuation simply checks to see if the property is worth the amount that is being loaned, a survey checks for structural issues.
Watch out for flats with short leases in this case short is classed as 80 years or less. This can play a factor when it comes to getting a mortgage, and may also make it difficult to sell in future. Find out if the lease can be extended before you buy, if it can’t then make sure this is reflected in the price.
You have to be careful with your timing to make sure you don’t pay rent and your mortgage at the same time. Rented properties usually require 30 days’ notice, so be careful when you inform your landlord when you are leaving.
These are just a few of many pitfalls that can befall first time buyers. We have a specialist department at Liddy’s dedicated to conveyancing. If you would like to learn more about our services then simply call us on 01924 780 753.