Whether you're up for an ideal purchase, downsizing, or upgrading a property, it is always best to keep in mind how the housing market has been moving and progressing over time. Such could affect your decision and help you succeed in what you want to do. Here's a 10-step guide to your successful property investment.
Whether you're up for a new ideal purchase, downsizing, or upgrading a property, it is always best to keep in mind how the housing market has been moving and progressing over the past few years. Such could affect your decision and to help you succeed in what you want to do, here's a 10-step guide to your successful property investment. Spend time doing research.One of the crucial things you should know of would be location - the best area where you'd like to buy a property in, according to your needs and not just because it was "the place" to be in right now. You also need to do your homework and learn more about the factors that could affect your decision - things like mortgages, the housing market trend, insurance providers, and everything that could have an impact on your current financial situation. Find a competent conveyancer.The success of your property purchase relies on how diligent your conveyancing solicitor is. Choose a well-versed and experienced conveyancer to act on your behalf throughout this transaction. Make sure you get someone who will provide value for your money, and that they are members of the Solicitors Regulation Authority and accredited by the Conveyancing Quality Scheme. If you don't know where to look for, you can start asking for conveyancing quotes right here. Ask for referrals and recommendations.When it comes to other services you need like a property surveyor, take your conveyancer's recommendations. On the other hand, you can also ask your relatives and friends f they ever hired anyone highly-efficient and budget-friendly. Plan your budget ahead of time.It is always best to have your finances before searching for a property. This way, you will know how much you're willing to spend on that property purchase and the services needed to complete the transaction. If you haven't got enough to pay in cash, ask for great mortgage deals ahead of time. When your budget is sorted, it will be easy for you to narrow down your search for an ideal property. Plus, it makes you look serious and ready to purchase in the eyes of the seller. Work on your post property purchase budget.Paying your seller, conveyancer, and other companies that assisted you in your property searches will mean that the transaction is complete. But it doesn't end there. You still have to work on your monthly budget, especially if you have a mortgage repayment up ahead and other stuff to take care of - service providers for one and possible changes in your necessary household expenses. Organise your property purchase calendar. Even though there are no absolute time scales when it comes to completing a property purchase, it's always best to have a target schedule to discuss with your conveyancer. If you're involved in a chain of transaction, like if you're selling a property to cover the payment of your purchase, make reasonable adjustments to your timeline. Carefully check everything about the property.Just because you liked the look of your future home does not mean it's all mint and ready for you. Once you found an ideal property, find time to research every bit of information that can affect your decision to buy, or your future dwelling in it. Find out if there are structural issues through a survey; check if you need a planning permission if you're reconsidering a renovation; and find out if the property is safe and sturdy enough during a bad weather. Check the possibility of adding value to the property.Properties are great investments but only if you maintain its current (excellent) value or add something to add value. When asking about the house, ask yourself how you're going to spruce things up to give it a higher value in the future. Also, gather information about the area. See if it's going to be an in-0demand area anytime soon, or when you decide to sell. Avoid losing to a higher offer when you've had a verbal agreement with your seller.Yes, estate agents or the seller themselves can be tricked into agreeing to a higher offer even if they already agreed to sell the house for you at a reasonable bid. To prevent this from happening, ask the agent (or the property seller/owner) to take it off the market once an agreement has been made. When in doubt, ask.It’s never going to hurt of you ask questions about the property. You can do that directly during viewing or you can send in your further enquiries through your conveyancing solicitor. It's best to find out everything you need to know to make sure you're not going to make a bad decision about this property purchase you're so looking forward to. When asking for a quote for conveyancing services you should remember to get a full breakdown of the things you need to pay, as there might be a few firms and independent solicitors who may have hidden charges in their disbursements. This could pose a big risk to your budget and might affect the transaction you are involved in. What's great at present is that most conveyancing firms are very transparent with their fixed-price services and are able to cover all the work required to complete your transaction. You might be charged a few additional costs along the way but they should be explained clearly to you - as they could be some tasks that a third party could do as commissioned by your solicitor. You should actually not be worried about any hidden charges now as itemised quotes are readily available now - complete with a list of upfront charges/disbursements. But what services should generally be covered if you're looking to hire a conveyancing solicitor on a fixed-price basis? Selling The Property Although this generally takes less work than making an offer to purchase, dealing with a property sale should be included in the package of services offered by your conveyancing solicitor on a fixed fee. Sellers Property Information Form (SPIF) These are documents that are usually sent out once the solicitor takes charge on dealing with a sale. These documents usually contain questionnaires for the seller to answer and fill out - it involves everything about the property, from fixtures and fittings, contents, declaration of adult occupiers, and request forms for other important paperwork. Drawing Up The Contract Of Sale This task has to be done at the beginning of the conveyancing process itself just to get ahead of the other tasks that should come along as soon as the draft has been received by the buyer's conveyancer. The contract should include details about the property, the buyer and the seller's information, agreed price, and standard & special conditions of the transaction. Addressing Queries As soon as the buyer gets a hold of the contract and the SPIF, queries will be raised in order for them to learn more important information about the property. These may be details as requested by the buyer themselves, or their mortgage lender. Most of these questions pertain to legalities so the seller's solicitor should be well versed with such. Being In Charge Of The Deposit Upon exchanging the contracts, the seller's solicitor is in charge of receiving and safekeeping the buyer's deposit. They money will be released to the seller's account as soon as the transaction is complete, or if the buyer fails to push through with the purchase. Purchase As a buyer, your conveyancing solicitor should act on your behalf on all the legal aspects of the transaction and take care of the paperwork. A buyer's solicitor usually holds more responsibility than that of the seller's. Set Of Instructions This is usually a chunk of paperwork for you to fill out. They contain forms such as the Land Transaction Return which is a requirement before paying the Stamp Duty Land Tax. There will also be a questionnaire for you to answer regarding how the purchase will be financed, including the names of people or parties contributing funds to the purchase. Documents and Title Deeds Together with the contract, your conveyancing solicitor will be send other documents like the copy of the title deeds, building regulations and energy performance certificates, planning permissions, the property's plan, and the SPIF. Before your conveyancer receives it, your seller's solicitor should have already scrutinised them for accuracy and ensure there are no errors in the title. Contract Enquiries As a buyer, you may have questions about the property that may have not been thoroughly covered; it is your conveyancer's responsibility to relay these enquiries to the other party, especially if it involves legal matters. Property Searches Mortgage lenders require searches to be done on property purchases to make sure there are no issues surrounding the property. These tasks are done by third parties and the costs are not included in the legal fees. However, your conveyancing solicitor should be responsible for filing the necessary application to conduct these searches, including but not limited to drainage, water, and local authority searches. Mortgage Offer The mortgage lender's offer should be sent directly to your conveyancer and make sure that all mortgage terms are met. Transfer Deed Your conveyancing solicitor is responsible to draw up the transfer deed and forward it to the seller. They should then be in charge of transferring the funds for the purchase as soon as the contracts are exchanged. Comparison of conveyancing quotes is an important first step towards successful conveyancing. For the first time consumers can now compare and select a Conveyancing expert of their choice by simply searching our site online, making it even easier to appoint a Conveyancing expert best suited to you to handle the important purchase of your next home.
The choice of solicitor is yours, we have one of the largest selection of experts working in the Conveyancing field with over 30 to choose from and with the most comprehensive search facilities, we are confident that you will find the best solution for your needs right here. Whether you are buying or selling, or selling and buying at the same time, if you hold a property portfolio, or effecting a transfer or deed, our easy to use system enables you to obtain a quote for conveyancing fees instantly. Search for information on a conveyancer, compare the conveyancing quotes, read client testimonials, arm yourself with our comprehensive list of frequently asked questions and away you go! No complicated, lengthy procedures trying to identify a good conveyancer local to you or time out spent in meetings. The whole of our ethos is dedicated to making your life easier and the process as simple and as easy to understand as possible. |