At the end of part 1, our potential first time buyer was in a position to start looking for a property.
When looking for a property, one important factor to note is the difference between freehold & leasehold properties. As the name suggests, leasehold properties involve a lease. If you are buying a flat or apartment, then it is likely that you will need to investigate if a management company is involved & whether there are any associated costs such as service charge or ground rent. The Estate agent should have these details & if the do not, they will need to ask the vendor.
Your Conveyancing Solicitor will raise further enquiries, which is the technical term for legal questions, to explore the terms of the lease & terms of the mangement company.
Once you have selected a property you would like to buy, taking into consideration the associated costs & details of the questions asked, you are ready to make an offer in line with your criteria & affordability. The relevant Estate agent will assist you with this & if the offer gets accepted, you’ll then need to formally accept your mortgage lender & their surveyor. You should consider whether you need to instruct your own surveyor, as most lenders do not reveal full survey results. Lastly, you’ll then need to speak a Solicitor about the legal process of buying a property.
Part 3 of our guide will look at how to begin the process of buying your property.