Once you have found your perfect property you need to contact the selling agent to make your offer, this can be done verbally or in writing. To help put your offer across in the best possible light it would be useful to provide information about your current position and how you intend to finance a purchase, an agent will also ask any relevant questions to support your offer when being put forward to a seller.
Ahead of viewing properties It is advisable to be fully understand your comfortable budget and factor in any associated costs. Being prepared when negotiating will instil confidence to a seller and help to negotiate swiftly and avoid missing out.
Below are some tips on how to prepare before Viewing / offering:
Understanding your personal costs
The main cost to be aware of is stamp Duty Land Tax, this is worked out as a percentage of the purchase price, currently there is relief or no charge for first time buyers but if you are buying a second property you may be faced with additional costs, you can calculate what you will need to pay at https://www.stampdutycalculator.org.uk/
Solicitors costs apply per transaction and vary depending on the company, Royall Best works alongside reputable solicitors and can arrange for a quote at any time*, to save time it may be useful to gather quotes early in your journey.
Moving / storage costs are often forgotten and will range depending on preference, it would be advisable to consider how you will move when the time comes whether you hire a van yourselves or go for a full packing service.
Mortgages
Knowing how much you can afford is the most important factor, having a good understanding of your regular outgoings will help you to consider your options with manageable monthly payments. Your bank will only offer you their own rates, we recommend speaking to an independent broker who can look at all the options available. Here at Royall Best we have a good working relationship with local independent financial advisors* who we will gladly put you in touch with to provide you with all the advice you need.
Be practical and understand your needs
We all love those dream properties however it is important to firstly understand what you need from a property in terms of space and location, from here you can then factor in the desirable wants like a lovely view or popular road. You need to consider the condition of a property and if you are prepared to take on any updating and to what extent, if there is more than a lick of paint have you considered if you will have spare funds to upgrade the property after completion
Timescales and Chains
It is important to understand the position of the sellers and property, do you or they have commitments to work around? Maybe you are in rented and need to time the move right. You will need to consider what will work best for you, if there is no chain there will be an expectation for the sale to move swiftly, on the flip side there may be a long chain of properties which will take longer to reach completion.
*Our recommendations are always based on our experience of which service providers we believe are most appropriate for the specific transaction. Certain service providers provide a fee, commission or benefit to Royall Best Ltd for recommending their services. Whilst we offer these services because we believe you may benefit from them, you are under no obligation to use them. We always advise considering multiple options before any instruction and to comprehensively read the third parties’ terms and conditions.
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