Buying a house can be one of the most stressful experiences in life.The last thing you want is to end up unhappy or uncertain because of problems over the house buying process or money.You have to get it right.

STEP 1: decide what you can afford

If what you can afford depends on what your present house is worth, ask us for a free opinion.
BENNETTS are members of networks of solicitors and estate agents, so have access to the most up-to-date data on prices obtained for a large proportion of the properties sold in the local area.We are therefore better able to advise on prices.

Mortgages
There is such a variety of mortgages available now that,if you need one, we recommend you seek advice from a fee-based mortgage broker or adviser on the best one for your circumstances.Here is a checklist of items to discuss: the amount you are happy to repay each month at present or higher rates of interest, arrangement fees and other charges, contributions to legal, removal and survey expenses,early repayment options, effect of loan-to-value ratios, fixed or variable interest rates, repayment and interest-only mortgages,life assurance, penalties for early redemption, house and contents insurance, tax

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.

STEP 2: start looking

We can help you refine your search by accessing all the local sources of information on properties for sale.If a property is UNDER OFFER or SOLD SUBJECT TO CONCLUDED MISSIVES you are probably best advised to look elsewhere but we can monitor those other transactions to ensure that you are advised if the original deal falls through.

Location, location, location

We can point out possible disadvantages or advantages of a particular area, including schools, amenities, and reputation.

STEP 3: noting interest

If you want to have the chance to offer for a house before it is sold, note interest.Most solicitors and some non-solicitor estate agents will not then sell before you have had a chance to make an offer.Noting interest is best done through a solicitor, for the selling agent will then be reasonably assured that you are serious, and can ascertain from the solicitor if and when you are ready to offer.BENNETTS will note interest without charge.

STEP 4: Making use of the Home Report

Unless a property has been on the market since before December 1, 2008, the seller has a legal obligation to provide you with a Home Report over their property.

The report will advise you as to the condition of the fabric of the property, e.g.the roof and gutters and the stonework and/or harling and brickwork.It should also advise you on the internal services and systems of the property, repairs carried out by the sellers and any relevant guarantees.

The report may also advise of any remedial work which should be undertaken by a purchaser.The cost of such repairs should be borne in mind when submitting any offer.

Most importantly, the Home Report will contain a valuation of the property carried out at the behest of the seller (an important detail to note when it comes to framing your offer).The valuation must be not more than three months old.Your own mortgage provider may accept this valuation, but can require another valuation before it will agree to lend to you.We can guide you here and arrange for a suitable surveyor to prepare one.

There are two types of report which can be commissioned from a Chartered Surveyor:

• What is commonly called the "Scheme I" report is a basic valuation, which includes a brief report and opinion.You have no comeback if it omits to mention a defect in the building, but it is all a mortgage lender will need.

• The "Scheme II" report costs twice as much, and is more detailed, with the surveyor having to answer a lot of hard questions such as the condition of the roof, preferably inspected from inside the roof space.As with the Home Report, you are entitled to rely on its findings.

We recommend that we rather than your mortgage lender (or worse still, the sellers estate agent) instruct the survey if it is required.We then have a direct line of communication with the surveyor and can ask any questions to which you may want answers before you offer.The surveyors we instruct will reproduce their valuation on your chosen lender's forms once you have made a successful offer, without charge.

STEP 5: deciding what to offer

Before you make an offer, we will assess all the information available about the property for which you are offering, including the likely competition, and guide you as to what price to pay, depending on your personal circumstances and how keen you are to buy.

An offer subject to your getting a mortgage or subject to the sale of your previous home may be ignored if there are other offers which do not have such conditions.

Where offers which are just over the stamp duty thresholds, it may be possible to allocate a realistic part of the price to the contents ("Movables") to bring the price for the buildings/s(the "Heritage") within the lower tax band.

STEP 6: making the offer

Offers have to be made and accepted in writing.Where there are two or more notes of interest, a closing date may be set when all offers must be submitted.We will discuss with you the timing of an offer if no closing date is yet set, the entry date, what extras are to be included, and any special conditions.Solicitors insert many clauses of a technical nature in offers to protect their clients.Copies of all such offers and clauses will be shown to you on request and passed to you after the bargain is concluded.

STEP 7: concluding the bargain

We make the offer for you and can conclude a contract even though you have signed nothing.If the sellers agent tells us that your offer is to be accepted, that does not mean that the house is yours, yet.Our offer will have had many conditions to it, and the selling solicitors will usually provide a "qualified acceptance" which does not agree to everything contained in our offer.This exchange of letters is known as the "missives".Solicitors can usually sort out the various conditions and qualifications between them, but we may need to refer to you for specific instructions.

The sooner we conclude missives, the sooner you will know that you have a contract for the purchase of your house.Until you have reached that stage, either party can pull out without penalty.However, our professional guide lines do not permit us to renegotiate the contract after an offer has been made unless you could not reasonably have known about something (such as that the titles do not disclose a right of access to the garage along the lane at the foot of the garden).

Where a purchaser is slow to conclude the bargain, sellers may set a deadline for the bargain to be concluded, failing which they will withdraw their acceptance and accept another offer.

STEP 8: protecting your property and loved ones

Bennetts can provide unbiased guidance about life assurance, rather than a sales pitch from someone who is thinking of commission he will get for selling you a policy.

You don't have to take the buildings and contents insurance offered by your mortgage lender, if you have one.

Back to Top