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Buying Guide

Buying a property is exciting. From visualising the décor to researching local schools in the Surrey area, calculating finances to checking public transport routes to London, there is a lot to think about.

At Cavender we always welcome a face-to-face chat, but in the meantime, here is a quick checklist of tips and helpful hints to help you buy your ideal property.

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1. DECIDE YOUR BUDGET


Buying a property usually involves a long-term financial commitment. Before you do anything else, do your research and ask yourself, how much can I afford to spend on a property?

Look at how much available cash you have for a deposit and consider all your lifestyle or living expenses. Take extra time to consider everything you spend money on throughout the year, including holidays and taxing a vehicle.

Remember to put money aside for the stamp duty land tax and include some extra cash for moving expenses.

image2. GETTING A MORTGAGE


For most people, buying a property is dependent on a mortgage - put simply, a loan secured against a property.
 
It is important to secure an ‘agreement in principle’ before you start your property search. This is a letter from a lender that confirms they are willing to offer a mortgage subject to certain conditions. Once you have this, you are in both a stronger buying and negotiating position.
 
You are usually required to pay a deposit of between 10-20% of the property value and sometimes more. The higher your deposit in relation to the property value, the more competitive your mortgage rate is likely to be.
 
For further advice, Cavender can put you in touch with a mortgage adviser who will be able to discuss this with you and research the market to find the best mortgage for you. Having a mortgage advisor will greatly increase your chances of your application being accepted and can save you time and money in the long term.

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3. FINDING YOUR PERFECT PROPERTY


Searching estate agents’ websites, spending hours on property portals and stopping at For Sale signs, are all part of the property search. Once you have done this, it is time to book some viewings.

In order to find the perfect property for you, there are lots of things to consider, including what aspects of a property are most important to you.

Start by considering how many bedrooms you need, your desired location, parking requirements, size of garden and the quality of local schools. Be prepared to compromise and know your list of ‘must haves’.

Register your details with Cavender and we will ensure you are kept completely up to date with all new instructions that will be of interest to you in the Guildford and Surrey area, and will help you get all the information you need from a viewing.

image4. MAKE THE OFFER!


Once you’ve found the property you want to buy, let the estate agent know how much you are prepared to offer. Don’t be surprised if your first offer is declined – that’s often just the start of the negotiation.

Put yourself in a stronger position and get your details together. Be ready to explain your situation and let them know how quickly you would be able to move. Have your finances in order and try not to rush into an offer you may regret later.

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5. CONVEYANCING- THE LEGAL PROCESS


When your offer is accepted, you’ll need to employ a conveyancer. This legal specialist will manage any negotiations to do with the purchase of the property on your behalf. They will check the paperwork is in order and look after the details of the contract, including.

  • Establishing the property boundaries, and who owns them, along with other questions such as what fixtures and fittings are included
  • Obtain copies of guarantees for the property, planning permission and building regulations certificates
  • Check who the seller is and report on the title for you
  • Carry out searches and plans on the local authority and local area
  • Register the property in your name

 Cavender Estate Agents are happy  to provide recommendations for conveyancers in the Guildford and Kingston areas, and our dedicated in house team will help and support you through this complex process.

image6. WHAT HAPPENS NEXT?


Exchanging contracts is the stage of the legal process that is contractually binding.
 
Once exchange of contracts has taken place neither the buyer nor the seller can withdraw without large financial penalty.
 
Also, at this stage the date of completing your sale is fixed, and a move in day is set.

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7. PREPARING FOR THE BIG DAY


Probably the most exciting but potentially stressful part of buying your property – moving day!
 
Getting organised in advance and planning will help reduce stress levels, and ensure the day goes as smoothly as possible.
 
 There are a few things you can do ahead of the move.

  • Get 3-4 quotes from removal companies, remember to book early to secure the one you want.
  • Set up a redirection on your mail. This can take Royal Mail a couple of weeks to action, so do this in advance.
  • Transfer your internet connection with plenty of notice. When you move into your next property it is likely you will need an internet connection to download information on your new home, such as instruction manuals to work the appliances and the heating system.

8. COMPLETION


Congratulations! You now own a new property.

Once the completion money has been received by the sellers’ solicitor from your solicitor, Cavender can release the keys to you and wish you luck in your new home!