A FIVE STEP GUIDE

PARFITT CRESSWELL OFFICES IN LONDON

AND THE SOUTH

Thinking of moving home? You’ve made the decision to move, found your dream home and your offer has been accepted. Feelings of excitement and apprehension set in and all you want is the whole process to end with you safely ensconced in your new home. So what steps can you take to ensure that the process will run smoothly and costly mistakes are avoided? Well, skimping on surveys and conveyancing can cost you dearly in the long run. So here are some top tips to help your move go as smoothly as possible.

FOR YOUR FREE COPY OF THE GUIDE TO BUYING AND SELLING YOUR HOME OR FOR FURTHER ADVICE REGARDING YOUR HOME BUYING/SELLING EXPERIENCE, SPEAK TO ONE OF OUR

PROPERTY LAW EXPERTS ON 0800 999 4437 OR EMAIL property@parfittcresswell.com

Information within is deemed to be correct as at December 2015, and is given for information purposes only and not legal advice.

1 GET YOUR MORTGAGE AGREED FIRST.Although borrowing from

banks and building societies has improved recently, it is not a given. So to avoid disappointment, check you can get the mortgage you need before starting the process. You can get a mortgage agreement in principle secured first, but remember that this is an indication and not a legal agreement.

2DECIDE WHETHER YOU ARE HAPPY TO RELY ON THE MORTGAGE

LENDER’S VALUATION OR DO YOU REQUIRE A FULL SURVEY. A lender’s valuation is an assessment carried out by and for the benefit of the lender in order to check that the property represents adequate security for its loan should you default and the property has to be sold. However, it does not report on actual faults in the property. For many, a Home Buyer’s Report, which will expose problems such as damp, dry rot and subsidence, is adequate but if you are buying an older house or unusual home a full structural survey will be a wise investment.

You wouldn’t buy a car without the knowledge of a service history, so why would you run this financial risk when buying a house?

3REMEMBER TO FACTOR IN THE TRUE COST OF MOVING.

Mortgage arrangement fees, survey fees, legal costs and removal costs are all substantial costs of moving. However, the often overlooked but most expensive cost is Stamp Duty Land Tax (SDLT) which varies

dependent on the value of the property purchased. If you purchase a property above £125,000 SDLT becomes payable. Recent changes to SDLT have been introduced to try to make the tax fairer. Under the old regime the SDLT percentage rates increased at various thresholds. Under the old rules SDLT was payable at a single rate on the whole transaction value. From the 4th December 2014, SDLT is payable on a sliding scale depending on the portion of the purchase price that falls within each rate band. There is no doubt that the SDLT changes will be of benefit to many home buyers. For example, under the old regime, Stamp Duty Land Tax payable on a purchase price of £350,000 would be £10,500 and under the new regime it would be £7,500 - representing a saving of £3,000.

4CHOOSE YOUR CONVEYANCING SOLICITORS WITH CARE.

If you take the risk of buying without the support and guidance of an expertly trained legal conveyancer, you run the risk of walking into a financial booby trap which can seriously hamper your progression up the property ladder. You should also make sure you know who you are instructing and that the firm is registered with a regulatory body such as the Solicitors Regulation Authority. There are bogus law firms out there who will take your money and then close up shop which means you lose the money and your dream home. That is why it is essential that you get the advice and guidance you need every step of the way from a known, and reputable law firm.

They are there to help you avoid the pitfalls of a property purchase.

The cheapest option may not always prove to be the best. Remember, this may well be the biggest purchase you’ll make and you want to be sure that you know what you are buying. You should be able to contact your conveyancer and fully understand what is happening at each step of the move. If you are not sure, ask! One further point to bear in mind is that your conveyancer will not visit the property themselves, so should there be something you feel uncertain about bring it to their attention and they will provide you with the options available in order to try to resolve the issue.

5REMEMBER TO ARRANGE BUILDING & LIFE INSURANCE FROM

THE DATE OF THE EXCHANGE OF CONTRACTS. From exchange of contracts you will be legally responsible for the structure of the property. This is often overlooked and can potentially have serious consequences. Make sure you have buildings insurance cover in place from this date.

With this being said and the potential risks of buying a home with hidden problems amounting to thousands of pounds in potential outgoings, why would you cut corners for the sake of a few pounds when the risks are so large?

Need more information?Call us today0800 999 4437

PARFITT CRESSWELL IS AUTHORISED AND REGULATED BY THE SOLICITORS REGULATION AUTHORITY NO. 71480

CALL US ON 0800 999 4437HELPING YOU WHEN YOU NEED IT MOST.

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LONDONPARFITT CRESSWELL

593/599 FULHAM ROAD LONDON SW6 5UA

TELEPHONE 0207 381 8311 WWW.PARFITTCRESSWELL.COM

WINDSORPARFITT CRESSWELL

17-21 VICTORIA STREET, WINDSOR, BERKSHIRE SL4 1HE

TELEPHONE 01753 271640 WWW.PARFITTCRESSWELL.COM

READINGPARFITT CRESSWELL

2A-2B PROSPECT STREET CAVERSHAM, READING RG4 8JG

TELEPHONE 0118 402 0881 WWW.PARFITTCRESSWELL.COM

TUNBRIDGE WELLSMAX BARFORD & CO16 MOUNT PLEASANT ROAD

TUNBRIDGE WELLS, KENT, TN1 1QUTELEPHONE 01892 539379WWW.MAXBARFORD.CO.UK

EDENBRIDGEJEVONS RILEY & POPE

2C HIGH STREET EDENBRIDGE, KENT, TN8 5AG TELEPHONE 01732 864411

WWW.JRPLAW.CO.UK

TUNBRIDGE WELLSKEENE MARSLAND6 CLANRICARDE GARDENS

TUNBRIDGE WELLS, KENT, TN1 1PHTELEPHONE 01892 526442

WWW.KEENEMARSLAND.CO.UK

HAYWARDS HEATHCOLEMANS

PADDOCKHALL CHAMBERS, PADDOCKHALL ROAD, HAYWARDS HEATH, RH16 1HF

TELEPHONE 01444 459555 WWW.COLEMANS-SOLICITORS.COM