It’s supposed to be one of the biggest decisions you’ll ever make in your life. Here’s a few things that we think will come in useful when you move house in the UK. Let us know if you have any additional tips below.
Establish your moving costs
There a whole lot of costs you need to consider such as legal fees, lender fees, removals, and broker fees. You need to know how much your move will cost in total. This way, there’s no room for unpleasant billing surprises during the move. Consult a financial expert or mortgage adviser to help you calculate all costs involved in this process.
Know your loan amount
You are recommended to make free initial appointments with mortgage advisers to find out what best suits you and most importantly, to know which mortgage you can afford.
You’ll notice we said advisers (more than one!) get recommendations from friends and colleagues and it’s always a good idea to use more than one so you have a second opinion.
Mortgage advisers are in the right position to give you advice on a range of options as they have access to a comprehensive range of mortgages available in the market, sometimes they can even offer exclusive deals just for you. The advisers will usually help you in acquiring a “Decision in Principle” from a rightful lender. This should be able to give you confidence during your property search.
Start your property search
You can easily register for daily updates regarding property listings from estate agents and property portals to start off your property hunt.You may also take a trip down to the estate agent’s offices to get some general tips and advice such as up and coming neighborhoods and how you can save money by looking at distant commuter towns.
Arrange your viewing
When you’ve finally found an interesting property, you will need to book a viewing. Depending on your estate agent you may be able to view properties in the evening or at weekends. Check out the folks at Andrews & Gregg Estate agents who have a healthy attitude to evening and weekend viewings.
Make your offer
If you were provided with a “Decision in Principle”, it just means that your lender is ready to consider your mortgage application. Given this, you need to make your solicitor aware too, as it is time for an offer. If your first offer was rejected, don’t be disconcerted and think of it as a deal that you and the seller need to compromise and to negotiate about.
Agree on a sale
You will receive a Memorandum of Sale to confirm that the sale is agreed when the seller’s estate agent notifies both parties’ solicitors, subject to contract.
Look for a solicitor
Conveyancing may sound like a legal complexity but it actually is the preparation of documents for transferring the property to your name. For conveyancing to happen, you will be needing a solicitor. To make it a lot easier for you, Your Move can refer a solicitor with a “no sale, no fee” conveyancing service with a guaranteed fixed price (not inclusive of disbursements).
Complete your mortgage application
Get back in touch with your mortgage advisor to accomplish two very important things:
- To agree on a suitable mortgage deal for you; and
- To complete your mortgage application.
You also have to consider how to protect your mortgage. With no one to financially support your family if something happened to you, they could be under pressure to meet your mortgage payments or your property could be forfeited by your lender.
Conduct mortgage valuation
A mortgage valuation is usually carried out by your lender. This is usually in place for your lender to know if your potential property is really worth what you are being lent. The conditions of the property will not be disclosed and it’s why you need to book a house survey. Without it, you may not be aware of things that need to be worked out or repaired and how much these will cost.
Start the conveyancing process
When your offer is accepted, you will need to work closely with your solicitor to get all legal-related matters done. This process is known as property conveyancing in the UK.
Have we missed anything? Let us know below.