Buying your first home can be a daunting experience. Even if you have purchased before you may find the following information useful.
Affordability
We strongly suggest that you source independent financial advice in order to assess your affordability correctly (ideally before commencing viewing). Our mortgage centre will be happy to help you with this should you require any advice http://www.mortgagesstaffordshirepms.co.uk/.
Viewing
Buyers can research 100’s of properties via our website including tax band, energy efficiency and local information. Once you have drawn up a shortlist of properties we strongly advise that you drive by them in order to assess which homes you would like to view.
Stamp Duty
(Currently there is no stamp duty payable on properties up to £175,000)
The duty is payable on completion of your purchase via your legal representative. Please find below details of the current charges:
| 1% | of the purchase price from | £175,000 up to £250,000 |
| 3% | of the purchase price from | £250,000 up to £500,000 |
| 4% | of the purchase price from | £500.000 |
Freehold
A freehold property owns the land on which the property was built. Therefore there should be no ground rent to pay but you should always check with your legal representative prior to purchase.
Leasehold
A leasehold property will normally have a ground rent / service charge to pay on an annual or monthly basis. The length of the lease can vary but usually begin at 99 years and can be as much as 999 years.
Making an offer
Most vendors will not take an offer seriously unless you have already viewed. Once you have viewed, simply call one of our offices to report your offer to one of our team.
Offer Accepted
It is now time to contact your financial advisor to arrange your mortgage sign up or book a survey if no mortgage is required.
Survey
Most surveys will be arranged by your mortgage company. If you require your own survey please feel free to contact your Priory office for a local recommendation.
Survey Results/ Mortgage Offer
Once your survey results are back there may be a need for further investigations/specialist reports. Our staff will be happy to help at this stage. It is also important to read your offer carefully to asses whether any conditions are attached to the offer of mortgage.
Legal Work
Choose you solicitor carefully, we always recommend you use a local solicitor as the firm will generally be up to date with local issues such as mine shafts, brine surveys and red ash problems etc. If you would like we can recommend a solicitor for you.
Exchange Of Contracts
At exchange of contracts you will become legally bound to purchase the property and a completion date will be set by your solicitor. You should arrange your removals at this stage!
Completion
Move in day! Completion will have taken place once your mortgage funds have cleared with the vendors solicitor. This can happen any time generally between 10am and 4pm on your move in day.