Are you looking forward to having your first keys to a property in Romford, UK? Well, buying a property in the UK involves a lot. Well, buying a property in the UK involves a lot, from instructing conveyancing solicitors to arranging a survey and mortgage valuation. It may not be that easy if you are doing this for the first time, but there is always someone to hold your hand.
Romford is adapting fast and has a promising future. It means investing in a property in this area is something you want to do.
If you are wondering where to start when buying a property in Romford, you should think of hiring a Romford conveyancing solicitor to help you with all the legal requirements.
Here are tips to help you in buying your first property in Romford, UK:
Step #1 – Decide If You Want To Buy A Home
The first step when buying a home is to decide if this is what you want to do in the first place. The majority of people in the UK want to own a home – but this may not always be the same for everyone.
You want to consider many things when deciding to buy a home in the UK, like whether you can afford it or not. You can engage with your mortgage lender or conveyancing solicitor to help you search for a property you can buy.
Step #2 – Save For A Mortgage
If you buy any property on a mortgage, you need to start saving some money with the mortgage lender. In most cases, you will need to have a deposit of at least 5% of the property price before you can think of buying the property. For instance, if you want to buy a house worth £100,000 with a 95% mortgage, you will have to have at least £5,000 as your mortgage savings.
It is also advisable that you save more if you buy your first home. This will mean that you will be attracting a mortgage with a lower interest rate. Make it a habit to start saving with your mortgage lender to buy a house at a lower interest rate.
Lastly, you should find out with your mortgage lender how much you can borrow to buy property in Romford. Note that how much you can borrow depends on your credit score, income, and the size of the deposit.
You should also factor in other additional costs of buying the property, such as surveys, stamp duty, and conveyancing.
The additional costs depend on whether you are a first-time homebuyer and the cost of the property you are buying.
Step #3 – Research The Area
When buying a home in Romford, you should not skip researching the area. If you buy a home in an area you haven’t lived in before, you should consider spending a night or two there to find out what the environment feels like.
You want to check out the traffic, restaurants, shops, market, and the neighbourhood. Are you going to be buying a home in a noisy place – this may not be conducive if you are moving with family.
Before you can sign the contract, you should research more on the area and look out for things like:
– Transport links – look for a home that is a bit close to the motorway
– Schools around – if you have kids, you don’t want them to be close to the school
– The local infrastructure plans – Search to find out if there are any new plans by the government to improve the local area.
– Security and crime levels – check the frequency and type of crime in this area
– Flood zones – check the flood map of the area you are buying the property
Step #4 – Register With A Local Estate Agent
Once you have researched more about the area you want to buy the house, you can register with the local estate agents. It is free to register, which does not create any obligation on your side.
You want to keep in contact with the local estate agent if you want to find the best home and property offers.
Step #5 – View The Property And Make An Offer
View the home you intend to buy in person. You should check for things like dampness, structural damages, poor plumbing when you go for a viewing.
If you are interested in the house you can offer the asking price. You can work out how much the property is worth by comparing it with some of the recently sold houses in the neighbourhood.
Step #6 – Get A Conveyancer And Surveyor
Once the seller accepts your offer, you should begin the conveyance process. This is the legal process of buying the property. That means you should engage a conveyancing solicitor in Romford to help you. You want to hire a property solicitor who is well conversant with the local property law.
Your conveyancer will take you through the entire conveyancing process from the local search, survey, and completion.
Buying your first property in Romford is always going to come with challenges. That is why you need the help of a conveyancing solicitor to guide you. Follow the steps and tips provided here to ensure your buying is swift.
Read also: Where to Buy Rental Property: A Guide