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BUYING

Buyers Guide – Quilliam’s six step guide to buying a property: Here at Quilliam we understand that buying a property can be one of the biggest decisions you will ever make. There lots of things to consider but this handy check list may help: 1. Save a deposit and arrange the finances. You need to establish how much cash you can put towards the cost of a new home. Generally, the bigger your deposit, the better mortgage rates you will be offered, and the lower your monthly mortgage payments will be. You should try and save a minimum of 10% of the cost of the property to obtain a mortgage (although some lenders do offer deals for a 5% deposit). A deposit of least 25% will allow you to access the best deals. Unless you are lucky enough to buy a property with cash, you are going to need a mortgage. A mortgage is a loan from a bank or building society against a property. The borrower has to pay back the loan in addition to accrued interest. There are lots of different type of mortgages (with lots of different financial schemes available to help buyers) and it is important that you get the right one. We suggest you have a fully qualified mortgage advisor who is professionally regulated by the Financial Conduct Authority. It’s worth mentioning here that the Government have set up a variety of schemes to help first time buyers. These include The Help to Buy Scheme, Help to Buy ISA, Shared Ownership and the Right to Buy Scheme. Let us know if you would like further information about these. 2. Stamp Duty Stamp Duty Land Tax (SDLT) is a tax paid when you buy property or land over a certain value in the Brentford area. SDLT rates depend on the value of your property. The higher the value, the higher the amount of tax you are required to pay. First-time buyers pay no stamp duty on the first £300,000 (of homes worth up to £500,000). For homes costing between £300,001 and £500,000, a rate of 5% will apply – but only on that slice of the purchase price. For those who are not first-time buyers, tax is paid on homes worth £125,000 or more, and commercial properties and land valued at more than £150,000. For more information please see out stamp duty calculator. 3. Finding a solicitor/ conveyancer You will need to use a qualified solicitor or conveyancer who will be able to purchase the property on your behalf (and sell one too if you need to). We recommend you use a solicitor who is a member of a professional body such as The Council of Licenced Conveyancers or the Law Society. Every solicitor or conveyancer is different – some are on-line only; others are more local with offices town centres so it’s a good idea to shop around. It’s always a good idea to ask family and friends for recommendations. Prices vary greatly so make sure you find out exactly what you will be paying right from the start. 4. Find a property The fund bit. Here at Quilliam we specialise in helping people find properties to buy and have done for over twenty years. There are lots of different types of property in the area: Flats, houses, leasehold, freehold and share of freehold can be confusing and we help you navigate though all the different types of property we have to offer. Its helpful to start with a price and how many bedrooms you need. All of our properties are advertised on Rightmove, Zoopla and On the Market as well as our very one website www.quilliam.co.uk 5. Make an Offer Once you have found your dream home, you will need to put in an offer to the seller via us here at Quilliam the seller’s estate agent. Sellers often ask us to make sure buyers are serious and can proceed. This means we will often ask to see proof of funds of your deposit and/or a mortgage agreement in principle. Please don’t take this personally – it’s all part of the course when buying a property. Buyers often ask us how much to offer. Every property is different, and each sale is unique. Our experienced negotiators will be able to advise you on how to go about making reasonable offers. Of course – the nearer the offer is to the asking price, the more likely it is that your offer will be accepted. We have to put all offers to the vendor (seller) in writing (it’s the law) and so please try to avoid “cheeky” or very low offers as these usually end up just frustrating the seller. Remember - you are in a competitive market and so you may be bidding against other buyers. When your offer has been accepted, you will need to apply for your mortgage formally and let your solicitor know. We will write to the seller, the seller solicitor and your solicitor to let all parties know what you are buying and for how much. It’s a good idea to write down all your questions at this point so that nothing comes as a shock later down the line. Remember no question is too small or stupid to ask us as every little detail is important. This is also the point to get surveys carried out on the home you'd like to buy. Now you are on the final stretch of the home buying journey. From now on this is largely managed by solicitors. 6. Exchange contracts and complete Your solicitor will start all the legal and administrative work associated with transferring the property, known as conveyancing. This includes arranging Stamp Duty, contacting Land Registry, transferring money during the sale, and acting as a general intermediary between you, the lender and the seller. You will agree the terms of the sale – including who you are, how much the house or flat is transacting for, and a completion date, when you can move into your new home. Your mortgage will now be approved. Your lender may require you to insure the property. The contracts will then be exchanged, and you are locked into a legally binding deal to buy the house or flat. At this point, you will need to put down your deposit. On completion day, you will be able to pick up the keys from the estate agent or seller.

 

Buyers Guide – Quilliam’s six step guide to buying a property:

Here at Quilliam we understand that buying a property can be one of the biggest decisions you will ever make.  There lots of things to consider but this handy check list may help: 

1.     Save a deposit and arrange the finances.

You need to establish how much cash you can put towards the cost of a new home. Generally, the bigger your deposit, the better mortgage rates you will be offered, and the lower your monthly mortgage payments will be.

You should try and save a minimum of 10% of the cost of the property to obtain a mortgage (although some lenders do offer deals for a 5% deposit). A deposit of least 25% will allow you to access the best deals.

Unless you are lucky enough to buy a property with cash, you are going to need a mortgage.  A mortgage is a loan from a bank or building society against a property. The borrower has to pay back the loan in addition to accrued interest.

There are lots of different type of mortgages (with lots of different financial schemes available to help buyers) and it is important that you get the right one.  We suggest you have a fully qualified mortgage advisor who is professionally regulated by the Financial Conduct Authority. 

It’s worth mentioning here that the Government have set up a variety of schemes to help first time buyers.  These include The Help to Buy Scheme, Help to Buy ISA, Shared Ownership and the Right to Buy Scheme.  Let us know if you would like further information about these.

 

2.     Stamp Duty

Stamp Duty Land Tax (SDLT) is a tax paid when you buy property or land over a certain value in the Brentford area.

SDLT rates depend on the value of your property. The higher the value, the higher the amount of tax you are required to pay. 

First-time buyers pay no stamp duty on the first £300,000 (of homes worth up to £500,000). For homes costing between £300,001 and £500,000, a rate of 5% will apply – but only on that slice of the purchase price.

For those who are not first-time buyers, tax is paid on homes worth £125,000 or more, and commercial properties and land valued at more than £150,000.  For more information please see out stamp duty calculator.

  1.  Finding a solicitor/ conveyancer

You will need to use a qualified solicitor or conveyancer who will be able to purchase the property on your behalf (and sell one too if you need to).  We recommend you use a solicitor who is a member of a professional body such as The Council of Licenced Conveyancers or the Law Society.  Every solicitor or conveyancer is different – some are on-line only; others are more local with offices town centres so it’s a good idea to shop around.  It’s always a good idea to ask family and friends for recommendations.  Prices vary greatly so make sure you find out exactly what you will be paying right from the start.

4.     Find a property

The fund bit.  Here at Quilliam we specialise in helping people find properties to buy and have done for over twenty years.  There are lots of different types of property in the area: Flats, houses, leasehold, freehold and share of freehold can be confusing and we help you navigate though all the different types of property we have to offer. 

Its helpful to start with a price and how many bedrooms you need.  All of our properties are advertised on Rightmove, Zoopla and On the Market as well as our very one website www.quilliam.co.uk 

  1.  Make an Offer

Once you have found your dream home, you will need to put in an offer to the seller via us here at Quilliam the seller’s estate agent.

Sellers often ask us to make sure buyers are serious and can proceed.  This means we will often ask to see proof of funds of your deposit and/or a mortgage agreement in principle.  Please don’t take this personally – it’s all part of the course when buying a property. 

Buyers often ask us how much to offer.  Every property is different, and each sale is unique.  Our experienced negotiators will be able to advise you on how to go about making reasonable offers.  Of course – the nearer the offer is to the asking price, the more likely it is that your offer will be accepted. 

We have to put all offers to the vendor (seller) in writing (it’s the law) and so please try to avoid “cheeky” or very low offers as these usually end up just frustrating the seller.  Remember - you are in a competitive market and so you may be bidding against other buyers.

When your offer has been accepted, you will need to apply for your mortgage formally and let your solicitor know.  We will write to the seller, the seller solicitor and your solicitor to let all parties know what you are buying and for how much.  It’s a good idea to write down all your questions at this point so that nothing comes as a shock later down the line.  Remember no question is too small or stupid to ask us as every little detail is important.

This is also the point to get surveys carried out on the home you'd like to buy. Now you are on the final stretch of the home buying journey.  From now on this is largely managed by solicitors.

6.     Exchange contracts and complete

Your solicitor will start all the legal and administrative work associated with transferring the property, known as conveyancing.

This includes arranging Stamp Duty, contacting Land Registry, transferring money during the sale, and acting as a general intermediary between you, the lender and the seller. 

You will agree the terms of the sale – including who you are, how much the house or flat is transacting for, and a completion date, when you can move into your new home.

Your mortgage will now be approved. Your lender may require you to insure the property.

The contracts will then be exchanged, and you are locked into a legally binding deal to buy the house or flat. At this point, you will need to put down your deposit.

On completion day, you will be able to pick up the keys from the estate agent or seller.

 

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