Choosing A Surveyor

There are two types of surveyor. One belongs to the Royal Institution of Chartered Surveyors the other to the Residential Property Surveyors Association. Some belong to both.
Understand there are four types of survey:-
Mortgage valuation – for the lender
Home condition survey – for most properties
Homebuyers report   – includes a valuation
Building survey  – for old or non-standard properties
Make sure you have a mortgage valuation AND either a home condition, homebuyers or building survey report
The mortgage valuation is just for the lender, if there is anything wrong with the property you cannot claim against the surveyor
If your property was built post 1930s and there are no obvious faults, your mortgage valuation and a home condition report should suffice
Check if the report comes with any guarantees or insurance For example, if the SurveyMyHome condition report does not pick up something which becomes a problem, you can claim on the surveyors professional indemnity insurance
Ask the surveyor if they just send a report or talk over the phone or face to face to go through any problems
Check whether the survey can be accessed on-going or if you have the only copy
Write down a list of issues you are worried about with the property so the surveyor can check them for you
Organise your survey
If you can, request a visit to the property and surveyor at the end of the appointment to go through problems, a Home Condition survey will highlight legalities of alterations
Send your report to your legal company or conveyancer
Check what the costs will be to fix any existing problems
Work out what costs you will incur for future fixes, for example, the flat roof may be 10 years old and need replacing in five years
Negotiate any monies off the price of the property to pay for existing and potentially part of the future works. For example, if a flat roof is at the end of its life, you may ask for some money off to contribute to a new one.
Organise your change of address
Complete your purchase and move in!
Pay any Stamp Duty (if required) and check the SDLT forms have been filed with the Land Registry.

Shared Equity

Beware that even if the developer is offering a shared equity scheme they may only offer the scheme on certain plots or properties, not every property on every site
Find out what level of shared equity the developer will offer you. Typically they are around 85%. So if the property is being sold for £200,000, you will initially only have to pay for £170,000
Find out how quickly the balance owed will need be paid. Some offers only extend to one year, then you have to start paying back the money as a loan. Other deals may require nothing for the next 5 or even 10 years
Once you have found shared equity deals, it is important to make sure you don't compromise on quality to get the deal. You will need to maintain the property and live in it, so for example, you don't want paper walls or poor quality window fittings
Always ask to see a copy of gas and ideally electrical safety certificates, the EPC will tell you how much your running will be (eg gas/water/electrics)
Find a good legal company who will look after your interests. Sometimes this will be someone recommended by the developer, but sometimes their business relies on the deveoper, so they might not 'fight your corner' as hard as an independent solicitor would
Find a good broker who has dealt with shared equity cases before, ideally with the same developer, this will help make sure they have the experience to find you the right mortgage deal. Ideally you should NOT have to pay a broker unless you take up their recommendation.
Just because you are getting a shared equity deal, doesn't mean you can't negotiate extras, like landscaping the garden, better kitchen appliances etc
Always check carefully the paperwork from lenders/brokers and your legal company. Make sure the price is as agreed on the contract and make sure the date for your completion is right too - developers can change this if they haven't completed yet, so check by how many months they can bring the sale forward - or delay it
Ensure in your contract to exchange it allows you to have a 'snagging survey' just prior to completion so any problems with the property can be highlighted - and more importantly fixed - before you move in
You can move in on completion day, but make sure you budget to pay back the developer and don't rely on house price growth to increase the equity in your home to secure a higher mortgage in the future. Make sure you can afford both the mortgage and any  repayments required by the developer

Help To Buy - New Build

Find out which developers are offering the Help to Buy Scheme in your local area   Make sure you have a 5% deposit available. For example, if the property is being sold for £100,000, you will need £5,000, plus your buying and moving costs.   The Help to Buy Scheme is available to all developers, small and large, so make sure you check out all your local developments   If you have found a new build scheme you like which offers the Help to Buy Scheme, visit www.helptobuy.org.uk   Read the Help to Buy Guide so you understand whether you are eligible for some help to buy a new build home   Once you have found a property you want to buy through the Help to Buy Scheme, you can make an offer to the developer. Please note, you do not have to offer the full asking price.   Once your offer is accepted, the developer will reserve the property for you at a cost of no more than £500   You will need to find a mortgage lender and legal company that can support your purchase. Ideally, make sure the lender and legal company has worked with this or similar schemes, eg. FirstBuy in the past.   Your application will be made which the mortgage lender and legal company will handle for you   You will need to complete the Help to Buy Property Information Form, which the developer will give to you, this form confirms your agreement to the scheme funds.   You will need to confirm that the Help to Buy home will be your only residence. You will not be allowed to sub-let your property.   Your local HomeBuy agent will give you an Authority to Proceed along with instructions for your legal company   To enable you to exchange contracts, you will need to have your deposit monies ready   When all the finances and legal paperwork have been completed, you will be ready to exchange contracts   Once you have exchanged, you can organise your move either using a 'man with a van' or a removals company, or if moving yourself, hiring a van   Make sure you organise your change of address and consider using the Post Office redirection service for three to six months   On completion, your legal company and lender will organise for the developer to be paid for the property   The Homes and Communities Agency, on instruction from your legal company, will release their funding to the developer   You will not fully own the property until the loan is repaid, although you won't have to make any interest payments on the loan for the first five years   A 'second charge' will be placed on the property at the Land Registry so that if you sell the property, you will have to pay back the percentage of the property's value you have been loaned. For example:-   If you bought a property for £100,000 The HCA loan is 20% ie £100,000 x 20% = £20,000 If you sell the property for £120,000The HCA loan to pay back is 20% ie £120,000 x 20% = £24,000 You must repay the percentage contribution when you sell your home or after 25 years, whichever is the earlier

Help To Buy - Exisiting Home

Visit helptobuy.org.uk and arrange to talk or meet with a Help to Buy agent prior to going to a lender, as they will discuss ALL your buying options
Make sure you have a 5% deposit available. For example, if the property is being sold for £100,000, you will need £5,000, plus your buying and moving costs.
Find out which lenders are offering Help to Buy, at the time of launch this was NatWest, RBS and Halifax
Check the lender will allow you to withdraw funds prior to 2nd January 2014
Compare the Help to Buy mortgage rates and costs against the cost of other 95% mortgage rates as they may be cheaper, ideally use a mortgage broker eg Coreco
Work out which is the right scheme for your circumstances. For example, is it Help to Buy an existing home or a new build? Shared Ownership? NewBuy? Buy 70%?
View different properties and schemes – take your time, don’t rush, and find the property which is right for you, especially so you aren’t overstretching your finances
Make sure you understand what happens to your mortgage payments if interest rates go up 1%, 2% or more. Make sure you can afford them.
Ensure you have identified a legal company to use who knows how to buy through Help to Buy and is on the lender’s panel of conveyancers
Once you have found a property you want, advise your broker/lender. Please note, you do not have to offer the full asking price for ANY property under Help to Buy
Make your offer based on the recent sold prices of similar properties nearby and include the details of your legal company
Make your offer conditional on an RICS condition, homebuyer or structural survey
If your offer is accepted, ask for this in writing by the estate agent or vendor
Ask the agent (in writing) as part of the offer to take the property off the market for four weeks – secure their acceptance in writing.
Your application for monies will be made which the mortgage lender and legal company will handle for you
You will need to complete the Help to Buy Property Information Form, which the lender will give to you, this form confirms your agreement to the scheme funds
You will need to confirm that the Help to Buy home will be your only residence.You will not be allowed to sub-let your property.
To enable you to exchange contracts, you will need to have your deposit monies ready in the legal company's bank account
When all the finances and legal paperwork have been completed, you will be ready to exchange contracts
Once you have exchanged, you can organise your move either using a 'man with a van' or a removals company, or if moving yourself, hiring a van
Make sure you organise your change of addresses and consider using the Post Office redirection service for three to six months
On completion, your legal company and lender will organise for the vendor to be paid for the property and you can pick up the keys

Buying a Property Checklist

Carry out your mortgage research and find out how much you can borrow
Write a list of your property ‘needs’ as well as a ‘wish’ list (you are likely to have to compromise on something!
Research the market to find areas and property types you can afford/you like
Budget for the cost of your move AND for the costs of living in your new home (offer to email a budget sheet)
Make sure you have enough saved for your deposit and moving costs
Choose a legal company that will help you through the purchasing process (and not ignore your calls!)
Research the local Estate Agents, newspapers and walk around different streets/areas to find properties you might like to view
Identify and brief the agents about the property you want to buy
Carry out viewings, making sure you check on the property’s condition as well as working out how much you would like to live there.
Visit the property several times, taking notes of things that need doing, from sorting any bare wires, to having any cracks checked out
Work out what you think is a fair offer for the property
Make an offer via the estate agent, you can call, email or pop into the agent
Contact us to find out what to do if your offer is rejected
Offer accepted, this needs to be followed up via a letter from the agent
Organise an independent survey, ie not one offered by the mortgage lender
Finalise your mortgage offer and insurance so your buildings insurance is in place by exchange of contracts
Manage the purchase of your property via the agent and your legal company
File all the paperwork carefully - you'll need the paperwork when you come to sell
Organise your removals/packaging subject to exchange
Exchange contracts via your legal company
Organise your change of address
Complete your purchase and move in!
Pay any Stamp Duty (if required) and check the SDLT forms have been filed with the Land Registry.

First Time Buyers’ Quick Guide

Carry out your mortgage research and find out how much you can borrow
Write a list of your property ‘needs’ as well as a ‘wish’ list (you are likely to have to compromise on something!
Research the market to find areas and property types you can afford/you like
Budget for the cost of your move AND for the costs of living in your new home (offer to email a budget sheet)
Make sure you have enough saved for your deposit and moving costs
Choose a legal company that will help you through the purchasing process (and not ignore your calls!)
Research the local Estate Agents, newspapers and walk around different streets/areas to find properties you might like to view
Identify and brief the agents about the property you want to buy
Carry out viewings, making sure you check on the property’s condition as well as working out how much you would like to live there.
Visit the property several times, taking notes of things that need doing, from sorting any bare wires, to having any cracks checked out
Work out what you think is a fair offer for the property
Make an offer via the estate agent, you can call, email or pop into the agent
Contact us to find out what to do if your offer is rejected
Offer accepted, this needs to be followed up via a letter from the agent
Organise an independent survey, ie not one offered by the mortgage lender
Finalise your mortgage offer and insurance so your buildings insurance is in place by exchange of contracts
Manage the purchase of your property via the agent and your legal company
File all the paperwork carefully - you'll need the paperwork when you come to sell
Organise your removals/packaging subject to exchange
Exchange contracts via your legal company
Organise your change of address
Complete your purchase and move in!
Pay any Stamp Duty (if required) and check the SDLT forms have been filed with the Land Registry.

Choosing your Perfect Home

Schools usually dictate where/what you can afford if you have kids, so make sure you know the local school catchment area first.
Work out how much time you will spend in your home - 10% of your day? 25% of your day? 100% of your time?
What's more important - the home or the location?
Could you move somewhere else and afford the home you want?
What rooms do you need to have the most space? A big bedroom might be nice, but do you really need it?
Do you really need a spare room for guests? Can you get the lounge or an office to double up as a guest room? Convert the garage? Use an outbuilding? Do a deal with a local B&B?
Do you need a house with lots of light or do you mind a cottage which can be quite dark?
How much storage do you need, if there isn't enough in the home, can you create the space or use a self storage facility?
A perfect home may be old and full of character, but how much will it cost to maintain?
Living in a an idyllic location such as near a river or the sea may sound lovely, but what about flooding or the damage salt can do to a home?
Is parking a car outside your home a requirement? Do you use your car daily? Can you hire a local garage more cheaply than buy a house with a garage? Or could you rent a parking spot from a neighbour that doesn't use theirs?
What outside space do you actually need? How often will you use it?
Could you have an allotment or is their open space nearby you can utilise?
If you have outside space, have you the time or money to maintain it?
Can you get cable, a good mobile phone signal and fast enough broadband speeds?
What's the journey like to and from work? Is it better to be nearer to work and travel to things you enjoy (like walks in the country) or travel a long way to work and be near the things you love doing?
Do you need to be near shops or do you pass them on the way home from work or school?
If you want to live in an expensive area you can't afford, how close can you get? You might just want to go there in your spare time two to three times a week, so how much would you be willing to travel?
You might love a local pub, but if one isn't nearby can you create your own at home? Or is there a local social club or a sports club you can join with their own bar?