Buying with Edwards

So, you’re thinking of buying? There’s no denying it s a big step, that’s why edwards have put together this step by step guide to give you clear no-nonsense advice. We’ll cover everything from mortgages to handy tips to ensure a smooth move.

1. Work out how much you can borrow

Speak to your own bank first, however we recommend you shop around and why not take advantage of edwards independent advisors who will compare quotes for you free of charge.

2. Think about what you want and where you want to live

Tour round different areas pinpointing your ideal location and look out for For Sale boards. Look on our website www.movewithedwards.co.uk, also www.rightmove.co.uk. Also look through the property section of the paper. Edwards Top tip -to hear about new properties straight away pop into the office and register on our mailing list.

3. Making an offer

Always the most daunting part, some sellers may negotiate on the price so a first offer can be below the asking price talk to your edwards advisor who will put your offer forward on your behalf. Top tip, when negotiating its best not to put your highest offer in first so leave room to increase your offer if required.

4. Conveyancing (solicitors)

The legal process of transferring a property from one person to another. Your solicitor will handle every aspect for you. Top tip – in order for your sale to proceed quickly its best to regularly speak to your solicitor to ensure your timescales are met.

5. Valuation/Survey

This is required for your mortgage, its to make sure the property is in good condition and worth the money your borrowing on it.

6. Exchanging contracts

Your solicitor will tell you when its time to exchange contracts with the seller. At this point you will normally need to pay a deposit of between 5-10% of the purchase price. Once this is done the contracts are legally binding.

7. Completion

The balance of the money will now be transferred to the seller you will then receive the keys to your new home. Congratulations.

Costs involved in buying

Valuation fee: This is required for your mortgage, its to make sure the property is in good condition and worth the money your borrowing on it.
Solicitors fees: Various dependant on price and solicitor used.
Stamp duty: (not the collecting kind) or Stamp duty land tax – to give it its full name – is a lump-sum tax that anyone buying a property or land costing more than a set amount has to pay. The rate you’ll pay the tax at varies based on the price of the property and the type (we’ll focus on residential, rather than commercial, buildings). Changes to stamp duty were announced by the Chancellor’s Autumn Statement on 3 December 2014.

⠀⠀ There’s no doubt the new system is going to take some getting used to. To help understand how much you’re likely to pay click on the below link;

New stamp duty levels

Up to £125,000

£125,000 – £250,000

£250,000.01 – £925,000

£925,001 – £1,500,000

10%

£1,500,000.01 +

12%

Removals This depends on how much many things you’ve got to move. You can hire a van which will be cheaper or you can hire a specialist company.
Utilities (water and energy suppliers) Its you responsibility to tell water, gas electricity companies etc that you’ve moving in.
Furniture measure any furniture you have to see if it will fit in your new home to avoid unforeseen expense.
Edwards Are members of the independent redress scheme provided by The Property Ombudsman.