by Arshid Idris 15th December 2011
Buying a house can seem an uncertain and
daunting challenge. Yet, it should not be if you adhere to some important but
often overlooked points.
- Choose your lawyer carefully
Solicitors are not machines.
They are individuals and each will do his/her work in their own way. The key is
to find a lawyer you feel comfortable with. The mistake is to select on price.
It’s a false economy to cut costs when choosing your lawyer. Cheap solicitors
are generally not good solicitors.
Choose a solicitor who will be most able to handle what is probably the
most important financial investment of your life.
- Be a proactive buyer
Hiring a solicitor is a 2 way
street. If you want to be in control of the buying process (in as much as you
can), you can’t afford to sit back and leave everything to your solicitor.
Respond to requests for documents and information from him, and, equally, ask
for any information you feel you need from him. Better lawyers prefer buyers
who take an interest and assist them to progress the case, unlike most
cut-price lawyers who would rather that their clients say as little as
possible.
- Check out the property
Buying a house which you’re
going to make your home is naturally an emotive process but be wary of letting
your heart rule your head. Take time to have a thorough look at the property in
good daylight and ask searching questions of the owner. Be sure that the
boundaries of the property are clear and check them against the Land Registry
plan of the land which your solicitor should provide.
No property is perfect
but you need to avoid taking on a house which needs major repairs as soon as
you’ve got the keys. If in doubt, have a survey.
- DIY checks
A survey report will tell you if
there any significant structural problems with the house. It will not normally
flag up issues with the wiring, central heating or plumbing. A house re-wire
can cost upwards of £3,000.00 and a new boiler will set you back atleast
£1,000.00. Its, therefore, vitally important to get local contractors to check
the wiring, heating, and other services. This may cost you but the amount will
be insignificant and will help to avoid any unnecessary and expensive surprises
later on.
- Searches
There are a handful of well –
known searches that you will need for any property but there are others which
are less common. If you’re buying in the Leicester City
area, the usual suite of searches is fine but step a short distance out of the
City and other searches may called for. A good example is Coalville where a
coal mining report will be required in addition to the usual searches. Past
uses of the land also need to be considered. Land on which there was previously
a railway line may require an indepth environment report and enquires with the
local authority.
- Stamp duty
Every house buyer is liable to
stamp duty but under current rules, first –time buyers have a special
concession which means they have nothing to pay for a house costing up to £1/4
million. This means a first-time buyer is up to £2,500 better off than any
other purchaser. This stamp duty holiday will end on 24th March
2012, so first – time buyers should act now to take advantage of this. There is
also an exemption for other buyers if the property falls within a “disadvanged
area” and the price is not more than £150,000.
- Its great to be a buyer
We are in the worst recession
for generations with no end in sight. The property market is at an all – time
low and property prices have remained stagnant for over 3 years. Yet these
conditions have created real opportunities for those in a position to buy.
House buying can be a stressful
experience but following these simple steps should mean that buyers will be
better informed, more in control and more confident about their investment.
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