Sunday, October 02, 2022

How to buy a house in Northampton?

When you’re a first time buyer the confusion surrounding how to buy a house can be daunting. There are many factors that need to be taken into consideration when you’ve made your decision to purchase.

What do I need to do when buying a house in Northampton?

How to buy a house is a question that will cross every person’s mind before they’ve taken the leap to purchase their first property.

Firstly, you need to ensure you’re financially able to purchase. If you’re looking at how to buy a house with a mortgage then a broker would normally be recommended to find a mortgage suitable for you. They would compare rates and offers and also deal with your finances and your affordability.

If you’re looking at how to buy a house with cash then you can normally jump straight on appointing a law firm to deal with your conveyancing and ask your appointed conveyancer the questions you’re confused on.

Secondly, you need to ensure the property you have found is right for you. Don’t rush into buying a property that you haven’t thought about properly. If you’re thinking about how to buy a house then you also need to be thinking about how to buy a house that is right for you. 

How much will it cost to buy a house?

Aside from the purchase price of the actual property you need to take into consideration the costs that you will incur alongside the transaction. This will consist of broker fees, conveyancing fees, search costs, surveys and any additional costs that may arise. There is no set answer on how much it costs, the final amount you will need to pay will be predicted closer to completion. Always make sure you have enough set aside for any emergencies.

Your conveyance

Northampton conveyancing solicitors will oversee the legal aspects of your transaction and enable your sale, purchase or both to get to completion with hopefully minimal or no issues.

What will my conveyancer do?

Your conveyancer will be your point of contact to let you know what is happening when you are buying or selling. On a sale they will draft a contract pack and then deal with legal enquiries, your ID and AML checks, exchange and completion. On a purchase your conveyancer will obtain a contract pack and perform a title check on your purchase property, the title check enables them to raise enquiries, they will order your searches once in receipt of your payment for them and check the results and report to you. Your conveyancer will also be acting on behalf of your mortgage lender if you’re purchasing with the aid of a mortgage. They will ensure the file is legally ready and then proceed to exchange and completion once a date for completion has been agreed amongst the parties in the chain.

How can I help my conveyancer?

You can help your conveyancer by making sure you have provided all of the relevant documentation required. If you’re selling then you need to be sending your protocol documents to your conveyancer immediately, this will allow the matter to proceed to exchange without delay. If you’re purchasing then you need to provide your conveyancer with your source of funds as this is a detrimental part of your conveyancers role, they will be legally required to check the property is not being purchased with laundered funds. In short, make sure anything your conveyancer sends to you is filled out and returned as soon as possible.

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