| HOMEBUYING
GUIDE
Choosing
a Property
Having
pinpointed the area in which you would like to live, decided on
the type of property you'd like to buy and found out how much you
can borrow, you can now begin the joys of house hunting. Here are
some tips on how to start your search, but remember not to spend
any more money than you can afford.
You
should:
- Register
with a number of different estate agents
- Check the
property pages of the local newspapers - these will also include
property that is not being sold through an estate agent and these
homes may be cheaper as a result
- Visit a
lot of properties
- Do not be
afraid to go back for a second or even a third look. Do take notes
- it is easy to forget things when you have left the property,
and you can easily confuse two properties
- Try to ignore
decor and furnishings, and picture the property empty
- Mortgages
will be given on most buildings provided they are structurally
sound. If the basic amenities of hot and cold water, an inside
toilet and a fixed bath or shower are lacking, then lenders must
have an assurance that they will be installed immediately.
But
problems may arise getting a mortgage in the following areas:
- Properties
with a short life. Most lenders naturally require the expected
life of the property to be at least 60 years from the time of
the mortgage loan.
- Leasehold
properties with short leases. Lenders will require that the lease
should run for at least 20 years after the mortgage has been completely
repaid.
- Converted
flats. Most lenders will lend on converted flats as long as the
conversion is structurally sound and the lease takes into account
the maintenance and repair of the common parts of the building.
You should check with your chosen lender about this.
- Freehold
flats may not be acceptable due to legal difficulties in keeping
the building in repair. Again, you should check with your lender.
The
Estate Agent
You should be
clear about the estate agent's position. He or she is working for
the seller of the property and receives a fee based on the price
paid for the property - remember this when it comes to taking their
advice on what to offer.
The agent is
legally obliged to give you an accurate description of the property.
It is a criminal offence for estate agents to leave out something
important or make false statements about any property. Any misdescriptions
by an estate agent should be reported to your local trading standards
office.
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