Finding your property

• Take a good look at what is available before setting your requirements as to house and price. Remember that beautiful scenery in spring or summer may turn bleak in winter.
• Don't miss out on houses that aren't advertised in the press! Some are now sold after being advertised on web sites only. A good starting point is to look at www.sspc.co.uk.
• If you are new to the area, consider short-term renting first, if you can.
• Don't be put off by appearances; a badly presented house could be a bargain.
• Buying to let can be a worthwhile investment. See our separate leaflet.

Title conditions

• There may be conditions attached to titles, restricting what you can do, but don't assume you have to put up with awkward or out of date conditions.
• With flats, know what your share is of the cost of maintaining common parts and the roof.

Prices

• Houses advertised at "offers over" a certain figure may go for less, or much more. It depends on the interest from purchasers at the time, the state of the local market, and the seller's attitude.
• A fixed price may be fixed more in despair than in expectation; and it may be the cue for a quick bargain.
• Sometimes, carefully quizzing the seller can help you find out what price may be acceptable
• You cannot bid '£100 more than the highest offer you have received'.
• Where the price is over £60,000, it should be split between the building and the contents, since only the former bears stamp duty.

Help in the purchase

• You need a solicitor.
• Estate agents may be as keen to sell you an insurance policy as the house they are advertising.
• Most solicitors will give you a free interview to discuss your requirements for house purchase
• Ask a solicitor to "note interest" to help ensure the house is not sold before you can bid. BENNETTS make no charge for this.
• Don't offer without a survey, unless the house is new or nearly new and you don't need a mortgage.
• If an estate agent offers to arrange the survey for you, decline. It is safer for your solicitor to instruct a surveyor
• Don't skimp on surveys. Remember how much money you are thinking of committing for a purchase.
• Valuations can be 10% or even more than 20% at variance with what people are willing to pay.
• If there is some special use you wish to make of the house - such as using part of it as an office or making alterations or converting it - you must tell your solicitor so that he or she can include reference to it in the offer and check that there is nothing to prevent such use in the title deeds or local planning regulations.
• Once missives (the offer, acceptance and further formal letters) have been concluded by the solicitors, both you and the sellers are locked into a contract and risk substantial penalties on default, even though you have signed nothing.
• It may be worth putting the house in one spouse's name alone if the other has a lot of capital in a business or other property.
• Ask your solicitor about what will happen if you or your partner / spouse dies while you jointly own the property.

Mortgages and insurance

• The lender has the right to sell your house if you fail to keep up repayments on the loan.
• Save on extra fees and charges by avoiding 100% or nearly 100% mortgages if you can.
• Remember that any loan over a property is expressed as a percentage of the valuation or the price you pay, whichever is the lower
• Don't accept the first offer of a mortgage without checking whether you can get a better deal elsewhere.
• Don't be impressed by claims that your mortgage can be arranged for you. Mortgage funds are readily available for most people and most houses.
• Don't feel indebted to the first bank or building society manager who tells you they have funds to lend to you.
• Be cautious about "Low Start" mortgages
• Some unscrupulous salespeople may just be tempted to sell you the highest commission insurance policies
• If you think advice is free, think again. Ask the agent how much commission he or she gets! We can put you in touch with a mortgage adviser who will, for a modest fee payable if you go ahead, give you impartial advice about what type of mortgage would suit you best.
• "Independent" financial advisers cannot be truly independent as long as they are paid a commission by the insurance companies they recommend.
• A fee-charging agent such as BENNETTS will pass you back the commission.
  

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