Cathedral Lettings

Buyer Information

Buying a home is one of the biggest, and certainly most expensive, decisions of most peoples lives. Its a decision that involves a range of factors, from the cold reality of arranging finance to the excitement in finding that perfect property. At Cathedral Estates we want to ensure that buyers are as well prepared for the house-buying transaction as possible to help make the experience as straightforward as it possibly can be.

First things first affordability and mortgages

Before the search for a property begins its important to establish what kind of home youll be able to afford. There are lots of tools available on the web to calculate mortgage affordability but some people find it useful to speak to an independent financial advisor who will be able to help you calculate exactly what you can afford and identify the right products for you. We can recommend local financial advisers who offer an excellent service if you dont already have your own. You might find your bank very helpful, especially if you already have most of your financial arrangements with them, however its worth bearing in mind that they will only sell their own products whilst a good independent advisor has access to the full market.

• Extra costs:

  As if buying a property isnt expensive enough, there are a few other costs that a buyer should make sure theyve accounted for in their budgeting:

  • Removals speak to a few firms to get a good idea of price and find out how far in advance you need to book the company. Check The British Association of Removers for reputable firms. However, if youve got a few helpful friends it may be more cost effective to hire a van or two and drive yourselves.
  • Services check with your service providers about any termination or moving charges you might face. Utility companies rarely charge you anything extra but TV, internet and telephone companies may tie customers into contracts that require you to pay a fee when you leave them or move the service. Dont forget about possible connection charges at the other end.
  • Stamp Duty depending on the value and location of the property you buy there is a percentage tax to pay when the sale has completed. In most areas, it is as follows:
    • Up to £125,000 - 0
    • Over £125,000 to £250,000 - 1%
    • Over £250,000 to £500,000 - 3%
    • Up £500,000 - 4%
  • Solicitors Fees - a good solicitor is key to progressing your purchase efficiently. Fees will vary depending on the value of the property you are buying and the disbursements involved. A solicitor will be able to give you a basic figure for their work before the sale but this may vary slightly depending on what information needs to be gathered for the property. If you dont have a solicitor already we have a small panel of reputable local firms who will provide an excellent service at a fair price.

Viewings and Offers

After weeks and months of searching youll eventually find some properties that you think might be right for you. Heres some tips on getting the most out of your viewings:

• Research the area before you go, or ask for information. If being close to a school is important to you, find out what schools are nearby. UpMyStreet has a wealth of neighbourhood information from school performance tables to crime rates and ACORN classifications to tell you what kind of community youre in.
• Arrange a viewing with the sales agent when you know that you can take your time to look around the property and wont have to rush off back to work or to pick up the kids from school.
• Find out about the other costs involved in living at the property is there any ground rent or management charges to pay? Whats the council tax band on the property? How far will you have to commute and what travel expenses will you incur?
• When youre looking around a property try to visualise your belongings in the rooms, would they fit? Could you change the layout to make it more spacious or cosy? If its a brand new house find out what fittings are included. This goes for pre-owned properties too though find out if the seller is leaving or is prepared to leave anything.
• Go back to the property at different times of the day and week to see what traffic levels are like, how busy the streets are, if children are playing, etc.
• Dont worry about making a decision on your first viewing of a property, you might need to go back again or even several times to get all the information you want about the house.

At Cathedral Estates its our policy to bring the details of the property to the viewing appointment so that you have something to refer back to later on, but its a good idea to bring along a pen and paper for making your own notes.

Once youve found the perfect new home make sure you dont lose it by waiting too long to put an offer forward and make sure youve considered the following:

• Maximum offer you dont need to start with your maximum price, but make sure that you know what your maximum is. If you find that your maximum isnt enough for the seller, have a good think about whether the property is right for you and what you might have to sacrifice in the long run to make your budget go further.
• Position make your position clear and emphasise it if it is favourable. If you are a first time buyer or you have completed a sale on your house already this puts you in a strong position for the seller who wants to move quickly. If you have a mortgage approved in advance or you are a cash buyer you should provide evidence of this straight away from your mortgage provider or solicitor/bank.
• Conditions dont forget to stipulate any conditions you have to the offer such as carrying out a survey on the house or having it removed from the market. You might want to negotiate with the seller for the inclusion of fittings such as carpets and blinds and in some cases white goods and furniture, especially if you dont have your own yet. This kind of thing can be deducted from the amount that is subject to Stamp Duty so make sure your solicitor has all of the information. And dont forget to think about the date you want to take possession of the property, especially if you have other deadlines such as a new job to start or a baby on the way!

Well put your offer forward to our seller immediately and call you back as soon as we have a response.

The Buying Process

Once the offer is accepted you should do everything you can to make sure that the purchase progresses as quickly as possible. Well write to you, the seller and both of your solicitors confirming the details of the agreed offer. We will ask for proof of finance, so try to have a copy of your mortgage agreement or agreement in principle or letters from your solicitor confirming your funding if its a cash purchase. As part of the Anti Money Laundering Regulations youll need to provide ID too.

The next step is confirming your mortgage. Youll probably need to have ID, bank statements and utility bills available for your lender as part of your mortgage application. Whether you have a mortgage or not, its usually a good idea to get a survey or homebuyer report carried out at the property to make certain there are no hidden nasties!

• Research the area before you go, or ask for information. If being close to a school is important to you, find out what schools are nearby. UpMyStreet has a wealth of neighbourhood information from school performance tables to crime rates and ACORN classifications to tell you what kind of community youre in.
• Arrange a viewing with the sales agent when you know that you can take your time to look around the property and wont have to rush off back to work or to pick up the kids from school.
• Find out about the other costs tinvolved in living at the property is there any ground rent or management charges to pay? Whats the council tax band on the property? How far will you have to commute and what travel expenses will you incur?
• When youre looking around a property try to visualise your belongings in the rooms, would they fit? Could you change the layout to make it more spacious or cosy? If its a brand new house find out what fittings are included. This goes for pre-owned properties too though find out if the seller is leaving or is prepared to leave anything.
• Go back to the property at different times of the day and week to see what traffic levels are like, how busy the streets are, if children are playing, etc.
• Dont worry about making a decision on your first viewing of a property, you might need to go back again or even several times to get all the information you want about the house.

• Conveyancing

  Conveyancing is legal speak for the transfer of the title of the property you are buying from the sellers name into your name. It includes:

  • Obtaining sellers responses to questions about boundaries, whether they have had any disputes with neighbours and what fixtures and fittings are included.
  • Checking copies of any guarantees on the property, details of planning permissions and building regulation certificates.
  • Checking the seller really is the owner of the property.
  • Check local authority searches and plans for the local area.
  • Pay stamp duty tax on the property.
  • Arrange registration of title in your name

Once your solicitor has the search results enquiry results and the confirmed mortgage offer, contracts will be prepared for both buyer and seller to sign. At this point youll pay your deposit and the contracts are exchanged. The sale is now legally binding

Following the exchange the solicitor makes the final title checks and searches and then ensures the mortgage money is in place. The money is then transferred and the purchase is complete! The solicitor will pay the Stamp Duty, register the transfer in your name and send the title deeds to your lender. Meanwhile you can collect your keys and move into your new home!