GET YOUR FINANCES IN ORDER
Buying a house is an exciting time, but it can also be a stressful one. When you're ready to move up, make sure that your finances are in order.
You'll need to work out whether selling will cost more than buying. If you’re still within your existing mortgage term, you should check whether you'll face any early repayment charges for breaking the deal or any fees to take it with you to a new property - a process known as porting. If you’re planning to move to a more expensive property, find out how much money and which lender will offer the best deal for your needs!
The best way to start is with a mortgage calculator. You can work out how much you’ll need to borrow and which rate is best for your budget. It will also help if you have an idea of the monthly repayments that fit into your budget whilst making sure that there's enough left over each month after paying back the loan to cover other expenses, such as utilities and food shopping. Once you’ve done this, make sure that the lender is happy with your salary and whether you can afford repayments. This will also be a good time to check if there are any penalties for breaking a deal early on either side of it.
If you’re planning to move to a more expensive property, find out how much money and which lender will offer the best deal for your needs!
Once you’ve worked out your finances, find a good solicitor to help with the process. You might want to consider one who specialises in conveyancing and has experience of buying and selling properties for first time sellers. A quick internet search will reveal list upon list of solicitors, so start by checking which ones are registered with The Property Ombudsman and which have high or low client satisfaction scores. You can also check the Law Society website to see whether any complaints have been made against them in the past five years, as well as their disciplinary record.