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MORTGAGE INFORMATION
Buying a Home Moving Home Different Mortgage Types How a Mortgage Works Glossary of Mortgage Terms Glossary of Legal Terms More Legal Lingo Glossary of Terms How to keep your home safe Leasehold Types Leasehold property guide Buying a House in Scotland
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MOVING HOME
1. How much can you get?
You need to know precisely what your property is worth on the open market. You can obtain some information about the prospective value of your existing home by entering details about your property in either of the two House PriceCalculators which are found at : -
Value your place from different sources and don't necessarily go with the highest estimate. If you ask something utterly unrealistic it will never shift. Remember that £129,000 is much more appealing to a buyer than £130,000.
2. Timing
Chose your moment
Obviously some home sales are forced by circumstances that need immediate action for example a change of job or a divorce. But if you can choose when you go on the market then start the selling process when the largest number of people are looking. Spring-summer is the favourite time to move, but there is usually a spurt after Christmas. If you have a hunch that interest rates are going through the roof or you have inside knowledge that Gordon Brown is about to raise stamp duty yet again then try to get in before these events occur.3. Appoint a solicitor
Get them in place early
You can choose between hiring a solicitor, a licensed conveyancer or conducting the legal work yourself. (A general reduction in conveyancing costs has meant the DIY option - which can be very tricky - is less popular these days.) Charges vary considerably but low, fixed prices i.e. "£300 plus all disbursements" can mean low levels of personal attention. If you're the sort of nervy, high maintenance seller who requires plenty of TLC, don't go to a budget-priced conveyancer who will quickly lose patience with you. Conversely, don't talk for longer than necessary as solicitors' meters clock up cash significantly faster than those of a black cab.4. Putting your home on the market
Think through the process and identify when you are really able to move out and let the new owner in as this will be one of the deciding factors any prospective buyer will want to know. Be decisive but wherever possible be flexible.5. Preparing for showing
Tidy up - within reason
It is expensive and unnecessary to redecorate the whole place before putting it on the market. (The majority of buyers will just change the interior to their taste anyway.) But basic stuff such as grimy work surfaces, red wine lakes on the carpet, food stains on the ceiling, dripping taps and leaking guttering should be attended to.6. Showing your home
Keep it relaxed but professional
Try to keep to appointment times. Don't forget that you're trying to offload something worth potentially hundreds of thousands of pounds. As far as appearance is concerned: - keep clutter down to the minimum especially if your place is small; tidy up the garden and mow the lawn; and try to keep kids and animals locked up/out of the house during viewings. Show off your place's good points but don't be too pushy. Let potential buyers wander around at will, answer questions as truthfully as possible and slip in the odd positive.7. Negotiate Offer
Firm but fair
Find out as much as you can about the person who is making the offer. Do they still have to sell or are they cash buyers? Are they presently living in a one bedroom flat do they have a large family. It is all-important to establish the relative strengths of your negotiating position. Don't go into any negotiation without already knowing what your bottom line is but don't be rigidly unreasonable in establishing it. It's a cliché that the best deals are those where both parties walk away happy but it's true. Always make absolutely sure which fixtures and fittings are included in the price and which are negotiable extras. This will avoid ugly disputes later.8. Exchanging Contracts (See section on Buying a House in Scotland)
Crunch time
Once your solicitor is happy that all the legal side is in order - contracts, boundaries, local authority searches etc - the signed contracts are exchanged between the vendor and purchaser and a deposit is paid. This is the stage at which you need to feel all your potential questions have been answered. Once you've exchanged you are committed to buy and complete - there is no turning back. Your existing mortgage lender will also need warning that you are bringing your loan to an end however your Solicitor should handle this as part of the process.9. Removal A bigger pain that you can imagine
Getting on for a month before completion you need to organise the process of getting out. Inform the utilities providers that you're going so can close or transfer accounts and arrange for final meter readings etc If you use a removal firm get several estimates and don't be dishonest about the size of the job. If you do some of the packing yourself you can keep the cost down. Also if you're moving from a big city to a smaller town try the small town removers, as they may be cheaper. The sole reason for doing the removal yourself is cost. A DIY exercise - as anyone who has ever attempted it will tell you - can be anything but fun. The last thing you want to be lumbered with during the first month in your new home is a slipped disc after you and your mate came unstuck trying to get the baby grand piano down the stairs. If you go it alone make sure you're covered for breakage’s/loss by your insurers.10. Completion
Time to collect your money
No money - no keys. A day to keep in very close touch with your solicitor. When the payments are made - normally by electronic bank transfer - the keys can be handed over to the other side. You'll probably have to pay up for your solicitor on this day as well.If you need help financing your new home then simply give us a call on
0844 800 1137 or just complete the brief ENQUIRY FORM below without any obligation and see what mortgage suits you best.
