PROPERTY

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There is little doubt that choosing to buy a home is a big commitment.  For the majority of people their home will comfortably be the most expensive thing they will ever buy.  The system of buying property can also be stressful and involve a long drawn out process.  However despite this owning property does have a number of advantages which is why in the UK the majority of people prefer to buy rather than rent a home.

One major advantage of buying rather than renting a home is greater security.  Renting is often seen as a temporary measure although some people will choose to rent over a longer period.  The disadvantage of renting over a long period of time is that since the home is not yours you can be affected by the needs of other people.  For example you may be asked to move out at relatively short notice if the landlord decides they want to sell the property or if they no longer want to rent it out.  Rent payments may also be increased at short notice to an unaffordable level.   

Therefore people choosing to rent may find that they have to move home every year or even more often than that.  Along with the inconvenience of actually moving, changing homes on a regular basis can make it harder for people to settle and make long term plans.

Choosing to buy rather than rent also has a number of financial benefits.  Buying a home can be seen as long term investment.  Many people will aim to have paid off their mortgage before they retire meaning that when they do retire they are essentially living ‘rent free’.  In the post war period property prices have risen at a faster rate than inflation meaning that buying property can offer a greater capital return than building society interest rates and share prices.

A further financial benefit is that the value of the home can be used to take out secured loans.  Owning your own home gives you access to loans often a better rate of interest as lenders consider secured loans to be less risky.  Some homeowners may also choose to remortgage their property and withdraw equity from the value of their home.  Having the option to remortgage can offer a better alternative to taking out a loan.

Homeowners also benefit from being able to maintain their home exactly how they want it.  People renting a property are unlikely to have much say in the way the home is decorated.  Landlords may also enforce certain rules such as no pets or keeping the home to a level of cleanliness.  By owning their home people have greater freedom to make the property really feel like home rather than just somewhere they happen to live.

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Set a Budget

The first stage of the home buying process is to decide how much you can afford to spend on your home.   When setting a budget it is not just the value of the property that needs to be taken into account as moving home can mean several other one off expenses.  Other additional costs may include estate agent and conveyancing fees.  When calculating your budget you should add the combined amount of the sale value of your current home with the amount you can borrow and your savings.  From this amount deduct the cost of one off expenses to give the price you can afford to pay for your new home.

Agree a Mortgage

The next step is to agree a mortgage in principle.  Having a provisional mortgage arranged will mean that you can search for your new home with the confidence that the funds are in place to be able to make a purchase.  In the UK there are many different types of mortgages available with the most popular being fixed and variable rate mortgages.  You need to decide which type of mortgage is best for you.  Mortgage rates will vary between mortgage lenders so it is worth shopping around for the best deal.

Find Your New Home

When looking for a new home it is likely that the first thing you decide upon is location.  Once you know the area that you want to live there are a number of ways to search for property for sale.  The majority of property sales are conducted via estate agents.  Estates agents will have a portfolio of properties that are for sale in a particular location.  Most estate agents will offer other services including arranging viewings which makes them a good choice for people searching for a new home.  Other ways to locate property to buy include the internet, newspapers and property auctions.

Make an Offer

Once you have found the home you want to buy the next step is to make an offer.  When making an offer you should aim to set a price that is higher enough to have a good a chance of being accepted but not so high that you end up paying more than the property is really worth.  It is quite common for there to be some negotiation before an agreement is reached.  Before making an offer it can be worth having an independent survey and valuation of the property carried out.  This should ensure that you do not pay over the odds for the property.

Conveyancing

Conveyancing is the legal process for the buying and selling of property.  When buying a new home you will usually need to hire a solicitor to carry out conveyancing work on your behalf.  Conveyancing involves a number of stages at the end of which contracts are exchanged and the home becomes official yours.  Some people attempt to carry out their own conveyancing, however this is generally not recommended.

Complete the Move

With contracts exchanged you are now free to move into your new home.  There are a number of things that need to be arranged here.  Amongst these is arranging for the transportation of your belongings.  Most people will use a professional removal company for this.  Other tasks that need to be completed include setting up utilities such gas and electricity and forwarding your mail to your new address.

Anybody in the UK who wishes to sell their home has many things to consider.  From choosing how the property will be marketed to arranging for a Home Information Pack there are many things that must be done to give the best possible chance of a quick sale.

Advertising the Property

UK home sellers have a number of options when choosing how their home will be marketed.  Traditionally the majority of property sales are made via estate agents with as much as 90% of all homes being sold in this way.  Using an estate agent can be advantageous as they commonly offer a full range of services including setting a valuation, marketing the property and arranging viewings.  For these services estate agents will charge a fee.  In many cases the fee charged will be set at a percentage of the selling price of the property usually amounting to 1-3%.  There is however a different type of agent known as fixed fee estate agents who charge a set fee regardless of the value of the home.  Selling a property with a fixed fee estate agent can mean significant savings.

Some home owners choose not to use estate agents and instead prefer to try to sell their house privately.  There are a number of property sites that will enable people to advertise their home for sale online.  This can be a good way to sell property as research has shown that many people searching for a new home to buy will look on the internet.

A third option for home sellers is to make the home available at a property auction.  Property auctions can be a good way to ensure a quick sale however it is generally homes that have been repossessed or are in need of a great deal of repair that are sold in this way.

Home Information Packs

Home Information Packs (HIPs) were first introduced into UK property sales in August 2007.  It is now compulsory for all home sellers to make a Home Information Pack available to potential buyers of their property.  Every HIP contains a number of documents relating to important aspects of the property being sold along with information about its energy efficiency.

People selling their home should have a HIP prepared as soon as they put the property on the market.  There are now many organisations offering to prepare Home Information Packs.  These organisations range from estate agents and solicitors to specialist HIP providers.   When choosing a HIP provider home sellers need to consider both price and more importantly quality.  Research has shown that some Home Information Pack providers are producing packs which contain inaccuracies or are incomplete.  So that their money isn’t wasted it is important that people selling their home choose a reputable organisation for their HIP.

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An explanation of terms commonly associated with buying and selling homes in the UK.

Bridging Loan – a bridging loan is a short term loan taken out to bridge the gap between buying a new home and selling an existing property.  The loan bridges the gap between the sale of the two homes in the housing chain and eases the completion of the purchase.

Chain – the property chain refers to the sequence of sales that must take place before an individual property transaction can take place.  Since most people selling their home will also be buying a new property there can be a chain of buyers and sellers each dependent on each other.  If one buyer or seller drops out the whole chain may collapse.

Completion – completion in property sales refers to the point when contracts have been exchanged and ownership of the property has been legally transferred.

Conveyancing – conveyancing is the legal process that must be completed for the transfer of ownership of the property to take place.  Conveyancing work is usually performed by solicitors.

Endowment Mortgage – an endowment mortgage is a type of mortgage where the property buyer makes monthly payments into a life assurance (endowment) policy.  At the end of the loan period the mortgage is paid off in one lump sum.

Energy Performance Certificate (EPC) – the Energy Performance Certificate is a document showing the current energy rating of a property as well as suggested ways in which the energy rating could be improved.  The EPC is a compulsory part of the Home Information Pack.

Estate Agent – a professional who acts on behalf of a person selling their home to find a buyer for the property.  The estate agency service includes valuing the home, advertising and arranging viewings.

Fixed Fee Estate Agent – fixed fee estate agents a new type of property agent that offer to sell homes for a fixed fee.  An alternative to traditional estate agents that set their fees at a percentage of the value of the home being sold.

Gazumping – a common practice in property sales where the seller of the home accepts one offer to buy the property but later rejects it to accept a higher offer by another buyer.

Home Information Pack (HIP) – recently made compulsory in the UK the Home Information Pack contains a series of documents relating to a property being sold.  The HIP is designed to assist potential home buyers by making important property information available at an early stage.

Land Registry – the land registry is a government office that stores records of land ownership.  Updates to the registry are typically performed by solicitors who register new owners of a home.

Negative Equity – a situation where the mortgage being paid on a property is of a higher amount than the actual value of the home.  This means that the home owner has paid or will pay back more than what the property is worth.

Repayment Mortgage – a type of mortgage where monthly repayments cover both interest and capital so that the amount outstanding will gradually decrease until the mortgage is fully repaid at the end of the agreed term.

Stamp Duty – a government tax charged when a property is sold.  The actual rate of taxation will vary according to the value of the property.

Title Deeds – the title deeds are documents showing the past and present ownership of a property.

 

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