I am on the hunt for a property and am a first time buyer. What are the first things I need to consider?
Most first time buyers will require mortgage finance. It may therefore be prudent to obtain, what is known as, a mortgage offer in principle.
You are more likely to have an offer accepted to purchase a property if your finance is already in place.
At this stage, a Lender will look at your circumstances and will confirm the maximum amount you will be able to borrow based on those circumstances. After having looked into your situation, they will provide you with a letter confirming that, subject to survey, a mortgage up to a specified amount will be provided to you.
If a seller realises that finance is in place it will put you in a strong position to negotiate the value of the property as you will be able to proceed quickly.
Once an offer to buy has been accepted, the Lender will instruct a Surveyor to survey the property and process your mortgage application.
It is wise to instruct a solicitor as early as possible. Ideally, as soon as an offer to buy a property has been accepted you should seek legal advice. Your solicitor is there to guide you through the process and also advise on the varying types of surveys available.
If you need further advice our highly experienced residential property lawyers can help. Call us on 01254 272640 email graham.ireland@whnsolicitors.co.uk and we will help make your experience, that much easier.
