The key steps involved with buying a property are summarised below. If you need any further information or advice, please don’t hesitate to contact us.
If you have a property to sell, the first step you should take is to put it up for sale.
Why? Because, if you see a house you want to buy you may not be able to buy it without the money from your own house. Also, many estate agents consider you a "non-proceedable" buyer - which means, you are a potential buyer but you can't actually proceed because you need to sell your own house first. So, if there is another buyer who is "proceedable" they may well see the house of your dreams and buy it first!
We can help you in sell your home. Click here to arrange a free, no-obligation valuation of your home or contact us.
On top of the cost of the house itself, there are many other one-off expenses involved in buying a home and moving.
These costs include:
The changes are designed to make the new tax fairer, improve taxation effectiveness and to enable a focus on Welsh needs and priorities.
New LTT rates and bands were introduced from April 2018. LTT is broadly based on SDLT with buyers paying tax on amounts between bands, not on the full purchase price of a property.
|Band||Normal Rate||Additional Property|
|* Under the new LTT structure an additionl property purchased for less than £40k will attract 0% tax. For purchases from £40k to £180k the LTT rate will be 3% on full purchase price.|
|less than £180k||0%||3%*|
|£180k to £250k||3.5%||6.5%|
|£250k to £400k||5%||8%|
|£400k to £750k||7.5%||10.5%|
|£750k to £1.5m||10%||13%|
|rest over £1.5m||12%||15%|
For a normal purchase LTT is exempt on the first £180,000. Between £180,000 and £250,000 buyers will pay 3.5% within this band, 5% on the portion between £250,000 and £400,000, 7.5% on the portion between £400,000 and £750,000, 10% within the next band up to £1.5 million and 12% over that. For additional property, such as buy to let or second homes, there will be a 3% surcharge applied to all bands.
Under the new LTT system a 3% surcharge applies to all transactions involing the purchase of an additional property. Additional property types include buy to let investments and second homes. In line with the rest of the UK, the surcharge applies to the full purchase price above an initial threshold of £40,000.
Specific first time buyer relief is not currently available under the new LTT system but the higher zero tax threshold of £180k should capture most first time purchases.
Getting a mortgage and buying a house are usually very much intertwined.
When you find a house, you'll probably have to move fast to secure it. To prevent being delayed while sorting out a mortgage we highly recommend you first get a "Mortgage In Principle" agreed. Having this in place means you should be able get the actual mortgage quicker when the race to buy your chosen home begins. You can get this offer in writing to show to Estate Agents and sellers - who will then see you as a serious prospect and not a timewaster.
A 'Mortgage In Principle' is a conditional offer made by a mortgage lender that - provided the information you give them is correct - they will "in principle" give you the loan you have discussed with them. Knowing what you can afford will also help you narrow your search and give you a considerable degree of confidence.
Our partners, a firm of professional, independent financial advisors, would be pleased to provide you with a free, no obligation consultation on what mortgage options are available to you, and the associated costs. Contact us to find out more.
Once you have worked out how much you can afford the next stage is to start looking for a property.
To find your ideal property, we need to know as much as possible about your requirements. You can register with us either online, by phone or by visiting our offices, where one of our consultants can assist you with your search.
Once we have a clear understanding of your requirements we will access all properties that match your criteria. When you have registered, details of suitable properties can be sent to you by SMS, email or in the post - depending on your preferences.
This is the fun bit!
Its always good to have a good brainstorm about what exactly you will be looking for in your new home. Afterall, you can't ask for a refund if you decide you don't like it after four weeks! You may well have to make some compromises in the house you buy so decide now what your "MUST HAVES" and "NICE TO HAVES" are. For instance: is an ensuite bathroom a MUST HAVE or a NICE TO HAVE? Remember: Consult your husband/wife/partner and children - so that you are all clear and agreed on what's really important to you.
Viewings properties on our books
Viewings can be conducted from 9am - 5pm Monday to Friday and 9.30am - 12.30pm on Saturdays. (Evenings and Sunday under some circumstances) You can book a viewing by phone or email or through our on-line 'Book a Viewing' link presented against each property you find on our property search engine.
We usually conduct all property viewings as the Vendor may not always be present. Sometimes, a vendor gives us specific times for viewings, although we do ask them to be as flexible as possible.
After the viewing we will answer any immediate questions and usually contact you the next day for your thoughts and general feedback.
Please be on time for viewings. We will arrange to meet you at the property, or if it is more convenient, at our offices from where we can take you by car. Sometimes we can collect you from your home or your place of work, depending on where these may be.
Property Search Service
We also offer a property search service to serious but busy buyers, who have limited time to spend in looking for a home. If this is you, this service could save you a ton in time and money. Contact us for more information.
How exciting! - You've found the house of your dreams and you want to make an offer.
Let's hope we've found it for you.
As soon as you've found a suitable property, we'll put your offer to the seller, verbally and in writing. We always aim to communicate your offer on the same day. The offer will be subject to a contract being signed and there are no legal obligations on either side until this is done.
Sometimes there may be a process of price negotiation and by working with us, both vendor and buyer can benefit from the expertise of our consultants, who will work hard to facilitate an agreeable outcome that delivers the best result for all.
When your offer is accepted, the vendor's solicitor/conveyancer will prepare a Contract of Sale. You will also need to appoint a solicitor/conveyancer to examine the contract, and raise any queries based on the title deeds and related property matters. To help secure a legal professional, we offer a range of different and very competitive conveyancing options that you can choose from. Please contact us to find out more.
When your Solicitor has replies to their enquiries, a completed satisfactory local search, a copy of a mortgage offer, a signed contract and a deposit cheque, they can then proceed to Exchange of Contracts. A deposit cheque is normally required for 5-10% of the purchase value of the property.
We recommend that by this stage you confirm arrangements for moving day - i.e. a removals service. With us, we can put you in touch with one of our reputable removals firms. Contact us o learn more about this removals service.
Contract completion can be on the date of exchange or can be anything up to 28 days later, depending on your requirements. On Completion your solicitor hands over the remainder of the purchase money to the vendor's solicitor and you can then move into your new home. Keys will be handed over to you by us, along with a "welcome pack" that includes various items of information that we expect will be of help to you - including final meter readings for electricity/gas, location of water stopcocks, meters, and so forth.
Please contact us for any further information, advice or help you may need to help you with buying your next home.