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A Buyers Guide to Buying a Property

A buyers guide

Buying a property can be a daunting experience,  below is a step by step guide to help you with the buying process of a property.

The first thing you need to know when buying a property is how much you can afford up to, the best way to do this is to book an appointment with our mortgage advisor. Please contact us to book in an appointment. You can also discuss with you mortgage adviser any concerns over your credit history.

Once you’ve established a budget, and have your agreed mortgage in principle you can look for the property of your dreams!

Call one of our experienced sales consultants to discuss your requirements in detail. Alternatively you can look at our current properties for sale and register your details by completing the online form.

We are open 7 days a week Monday to Thursday 9am-7pm, Fridays 9am-5pm, Saturdays and Sundays 10am – 5pm, our phones lines are also manned 24 hours a day.

Decide on the size and type of property you are looking for. Make a list of absolute requirements and then a ‘wish list’ of things that you would like but aren’t totally necessary. You can then ‘tweak’ this list as you go along – but it is always better to have some idea of what you are looking for to begin with.
Absolute requirements might be number of bedrooms, parking, outside space etc. Your wish list items might be a nice view, a concierge service, large master bedroom etc.

Location questions to consider might be; how close to local amenities are you? How good is the public transport? Are there any schools nearby?

By speaking to one our sales consultants they will be able to help with their knowledge of the City centre

We recommend that you obtain solicitor quotes at the beginning of your search in order to have a solicitor in place for when you have your offer accepted.

Here at Julie Twist we have an excellent selection of preferred solicitors, please contact us if you would like a no-obligation quote.

If you find a property you really like, we recommend you book an appointment to view as early as possible to avoid disappointment, if you would like to view a property and cannot make it to Manchester then we can offer a Skype viewing, videos and 360 videos are available on some properties.

You should have a list of questions ready to ask during your viewing (especially if it’s a second or third viewing). Many people make offers after seeing a property only a couple of times and so you need to use viewings to gain all the information you need to make a decision.

Some questions to consider:
• Ask to see any communal areas
• Ask to see any outside space and parking spaces included with the property
• Ask for information about local amenities, such as shops, doctors and transport links.
• Ask if the vendors have a chain and when they are looking to complete


These kinds of details help you to build a picture about a place – and if the vendor or tenant is at home you may want to consider asking more detailed questions such as how they have found living in the property themselves.


Other viewing tips include:
1. Take a family member or friend, whose opinion you trust, to see the property.
2. Make sure the property is within your budget.
3. Remember to ask about the cost of utilities and other costs outside the asking price e.g. service charge and ground rent.
4. Take a look at the area at different times during the day; i.e. rush hour, during the day and evening
5. Take your time on the viewing, take a look at each room in finite detail.

Take into consideration the condition of the property. i.e. if you notice anything that you’re not happy with, this needs to be highlighted in your offer at the beginning of negotiations. Furniture is not typically included within the price, unless stated, so if you would like furniture to be included or removed, this needs to be decided at the start and then discussed with the vendor.

Keep a record of recent property sales, prices in the area and neighbourhood statistics. Most of this information can be found on the Internet or by visiting local estate agents. Ask your agent whether they have sold other properties in the area or development and what prices they achieved.

Once you are armed with this information, take into consideration the current condition of the property and make a realistic offer based on what you can afford and what you think the property is worth. Remember to be sensible. Most vendors are going to be put off completely by a poorly considered offer that is significantly below the asking price.

Generally speaking, it pays to be up front about your own selling position. First-time buyers, buyers with no chain and buyers with either cash or a pre-arranged mortgage are in a favourable position because they are seen as safe bets: these sales are more likely to reach the completion stage quickly – so let your agent and vendor know if you fall into one of these categories.

Quite often the first offer you put forward will be rejected, this is the process of negotiation. Try to keep in mind what the maximum amount is that you’re willing to spend. Property is often emotive and sometimes your heart tries to take over your head. Remember that this is a big purchase and one that will have a massive financial impact so make each revised offer carefully and with thought. Be prepared to walk away from negotiations if the price starts to stretch you beyond your financial affordability.

Once your offer is accepted, the sales progression will now begin. Please refer to our sales progression for further information on what happens next.

location, location, location

Whether it’s the fast-paced Piccadilly zone, the trendy Northern Quarter, the quirky Village, the popular Southern Gateway, relaxed Castlefield, the university-friendly Oxford Road Corridor, the modern Green Quarter, or the leafy Salford Quays that takes your fancy, we can help you find your perfect home in Manchester!

Property to buy

Take a look at what we have available

Merchant’s Quay, Salford Quays, M50 3XG

WHAT GOVERNMENT SCHEMES ARE AVAILABLE?

You can get a low-interest loan towards your deposit. This is called an equity loan.

For you to be able to apply for this loan you need to be able to have a 5% deposit, the government will lend you up to 20% (up to 40% in London) and then you will require a mortgage of up to 75% for the rest (up to 55% in London)

The property must be:

  • New build
  • Have a purchase price of up to £600,000 in England (or £300,000 in Wales)
  • Be the only property you own
  • You cannot sub-let or rent out the property after you buy it

Please speak to our mortgage advisor if you require more information on this.

(If you applied for this before 30th November 2019, you will be able to continue saving into your account until November 2029).

If you are saving to buy your first home, you can save money with a Help to Buy ISA.

The Government will boost your savings by 25%. So, for every £200 you save, you will receive a government bonus of £50. The maximum government bonus you can receive is £3,000.

This is available per first time buyer so if you are buying the property with someone else, you could receive a government bonus of up to £6,000 towards your first home.

Please speak to our mortgage advisor if you require more information on this.

What would my monthly payments be ?

 

Please note this is only a guide. Speaking with a mortgage advisor is the best option 

Stamp Duty Calulator

FAQ

Most frequent questions and answers

APR stands for Annual Percentage Rate. It takes into account the interest rate and additional charges of a credit offer so it helps you understand the cost of borrowing.

For a mortgage deposit you will normally need at least 5% of the value of the property you are buying. So, for example, if you want to buy a home costing £350,000, you’d need a minimum deposit of £13,500.

There are different types of mortgages but the main ones are:

  • Repayment mortgage
  • Interest-only mortgage
  • Fixed rate mortgage
  • Standard variable rate mortgage

Book an appointment to speak with are mortgage advisor to see what option is best for you. (LINK)

If you own the freehold on a property, it means that you own the building and the land it stands on outright, in perpetuity. It is your name that will appear in the Land Registry as the “freeholder”, owning the “title absolute”.

Leasehold means that you take a lease from the freeholder (sometimes called the landlord) to use the home for a number of years – in other words, although you own the property itself, you don’t own the land. This type of ownership almost always applies to apartments. The leases are usually long term – they are often 90 years or 120 years, but can be as high as 999 years. They can be as short, however, as 40 years – so it’s worth finding out how long is left on the lease and whether you will be able to renew it if necessary (which is normally possible but can be costly) before you buy. It is worth noting that a lease which is less than 90 years may affect your mortgage. You can discuss mortgage advisor.

A mortgage in principle is a statement from a lender saying that they’ll lend a certain amount to you but it is not guarantee that your application for a mortgage will be accepted. It could also be called a Decision in Principle (DIP), Agreement in Principle (AIP) or mortgage promise.

Most apartment blocks are overseen by management companies. The management company is normally responsible for any issues related to your building that fall outside your property specifically, such as general maintenance of the building, access to the building, communal areas and outdoor spaces like gardens, car parks and sinking funds for major building works. The management company levies an annual service charge on property owners to cover the costs of such maintenance work. Both the cost and exact purposes of the service charge can vary from building to building but, in general, it covers maintenance of spaces like the general areas of the building, the exterior and any outdoor spaces. The service charge might also cover costs for water or building insurance, although this is not always the case – ask the management company for clarification.

A property survey helps both you and your mortgage lender to determine whether your property is worth the price you intend to pay for it. There are several different types of survey, starting from the most basic mortgage valuation report (which is mandatory if you are purchasing with a mortgage as it tells the lender whether or not your property is a good bet for a mortgage) to the complete building survey, which is an in-depth report of the condition of the property, any problems and the projected costs for renovations. Many people opt for the mid-range option, the homebuyers report. This survey is less comprehensive than the full building survey, but offers much more detail about the condition of the property than the mortgage valuation report does. It is normally advised that older properties or properties that are likely to undergo significant renovation or repairs after purchase should have the full building survey in order to flag up any potential problems prior to purchase. You can refer to our property blog which explains this in more detail