Information for property buyers

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Information for Buyers
How much can you afford?
Before setting out to look for a new home you need to work out how much you can afford. You have an idea of how much you hope to raise from the sale of your home. Add to this how much you have available from savings and how much you are able or wish to borrow on a mortgage. Consult a mortgage lender for advise as to how much you can borrow. This will depend on how much you earn and how much deposit you are able to pay. If you have a mortgage already you will need to ask the lender for a redemption figure.

“Nobody spends less on a property - once purchased - than they estimated.”

How much money will be available for your purchase?

You are now in a position to total the following:

	The net amount from the sale of your home

	The amount of your savings you can add

	The amount you can borrow

Add these together and then consider your costs to work out you money available:

You need to deduct from money available, the costs of selling your home, buying your new home and moving into it. These cost include

	Mortgage arrangement fees and indemnity fees - check with your lender

	Valuation fees - Check with your lender to find out what their fee will be and expect about £175 for an average price house (the average price of a house is officially £188,000).

	Survey. It is wise to have a survey carried out to check for defects. A home buyer’s report might cost between £250 and £500 whereas a full structural survey (advisable on older properties) may cost double that figure or more.

	Legal fees. Shop around for the best deal. Some solicitors charge a percentage (perhaps 1%) while others charge a flat fee

	Stamp duty. This is a government tax, charged for properties above £125,000. If your new home is priced above £125,000 you will pay 1% of the property price. Higher value properties are subject to higher % charges on a sliding scale.

	Land Registry Fee. The Land Registry charges a fee for transferring the register to the new owner. This fee is charged according to property price. For houses between £100,001 – £200,000 the fee is about £200. (variable depending on area).

	Local Authority Search Fees. Local searches will be carried out by your solicitor/conveyancer to ensure that there are no potential problems such as planning permission on neighbouring properties or plans for new roads nearby. Allow at least £60.

	Other Search Fees and Disbursements. Allow about £70 to cover an average house purchase.

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Estate Agent's Commission. If you're selling your property as well as buying one, the sum charged by your estate agent has to be taken into account. Usually this is charged as a percentage of the property price, around 1.5 – 2 per cent on average. If you are selling it yourself, you will need to pay for advertisements.

	House-hunting Expenses. House-hunting itself can be a costly business – allow money for eating out, travel and telephone calls, and hotels if you are buying in a different area. Consider whether you will need time off work.



Removal Fees. Ask for quotes from at least 3 different removal firms, as prices vary. You can do the removal yourself, but this can be very hard work, is much more time-consuming and inconvenient. If you are DIY-ing it, costs will include van hire (+VAT and insurance), petrol, and return travel from the van hire company when you return it. You will also need about £25 for insurance.

	Other expenses. Consider the cost of new curtains, carpets, mail redirection, reconnection of services such as telephone. Always keep back a contingency fund for unexpected additional expenses.

Choose a new Home.
"Location, location, location" There is nothing more important. The right house in the wrong location will never be right. Its better to buy a house with potential for changes in a neighbourhood you will be happy in. Check if it has the facilities you need. Consider leisure facilities, shops, public transport and so on. If you have children, look at the schools. Ask at the local police station about crime in the neighbourhood. How easy is it to reach your workplace? Will you have enough car parking space?
Are other houses in the street in a state of disrepair? This could bring down the value of your property.
Viewing The Property
Make sure you learn as much as possible about it. Make notes and don’t be afraid to go back more than once, preferably at different times of day and different days of the week. Check that your furniture will fit into the rooms. Check the aspect of the house. Most people prefer to have the sun on the back of the house i.e. facing south.
Consider: Insulation, loft, cavity wall insulation, double glazing. Central Heating: How old is the system? Ask to see a winter heating bill. The cost of heating a modern house can be a fraction of the cost of heating an old property. Look for cracks in walls, signs of damp, mould etc. Rotting window frames, holes in woodwork indicating woodworm. Look at the outside of the house for big cracks in the walls, a leaning chimney, or a wavy roof. line Check for missing roof slates or tiles, and check the brickwork and mortar. Is the pointing sound? Are any big trees nearby which could cause problems? Is there a risk of flooding? If so insurance could be a problem.

Conveyancing, Surveys, UK Removals, International Removals.
Check out reallymoving.com’s web site for lots mores information on and quotes for these services.

Note: The above information was correct to the best of our knowledge and belief at the time of publication, but may be subject to change. Fees may be subject to change without notice.
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