Buying a Home

Buying advice

Whether you have bought a property before or you are new to the process, there are various stages to go through before getting the keys. Whatever your buying position, it can still be a daunting and confusing journey, so at Ashington Page we make sure we are on-hand to help you every step of the way.

Find out how much you can borrow

To help you keep a realistic budget in mind, it is always advisable to establish how much you can borrow first before searching for your dream property. There is nothing more disheartening than finding your ideal home, only to find you can’t afford to buy it. Apart from your mortgage, there are other additional costs which can impact your buying power, such as the deposit payable on the exchange of contracts, stamp duty, legal costs, survey fees and removal costs.

Ashington Page are happy to recommend to you a professional mortgage advisor who will search the whole of the market to find the best deal for your needs. Prior to this, you may want to get an approximate idea of how much you can borrow by using our mortgage calculator. Once you have identified this figure, you can then establish what the stamp duty payable on a future purchase would be by using our stamp duty calculator.

Making an offer

You have found your perfect home, so before you make an offer, make sure you know exactly what is included in the price. Although items such as curtains, carpets and integrated appliances may be mentioned in the property brochure, there may be other items that could be negotiated with the vendor. Our sales team can do this on your behalf to ensure you have all the correct information before putting in an offer.

The legalities

This stage of the process is called conveyancing which is the legal process by which ownership of the property you are buying is transferred from the seller to you. There are some excellent solicitors in the area, so to help you find the right one, contact our sales team on 01494 680018. Once you have instructed the solicitor, they will set in motion all the legal aspects of the purchase.

Sold subject to contract (SSTC)

Even though you have put in an offer which has been accepted, it will always remain subject to contract until you have exchanged. Up until this point, either party can still withdraw from the transaction.

Exchange of contracts

The period leading up to exchange of contracts is quite often the most stressful time of buying a property, as it can take several weeks. To help reduce this tense part of the process, we manage the whole sales cycle, keeping in close contact with you, the seller and both sets of solicitors. Our sales team will keep you informed every step of the way, so you don’t have to worry. At the time of exchange, you will have to pay the deposit, making the sale legally binding.

Completion

A completion date will be agreed before exchange. This can be anything from the day after exchange to a few weeks later. On completion day you will be given the keys to your new home and we will give you a call as soon as the seller’s solicitor has confirmed that they have received the purchase funds.

 

Lease extensions

A lease is granted to a leaseholder by a freeholder for a specific number of years. At the end of that time, the lease ends and full ownership of the property goes back to the freeholder. A lease extension increases the length of the original term of the lease and postpones the date when the freeholder takes back possession.

Why do I need to extend my lease?

As the term of your lease drops below 99 years, the value of your property may start to decrease. Once the lease drops below the 80-year mark, it decreases in value faster and you may have problems selling your property or obtaining a mortgage on it.

Why is it important to extend my lease?

Many mortgage lenders are requesting a minimum term of 70 years remaining at the end of the mortgage term – therefore, extending the lease is imperative when dealing with properties built in the 1960s and 1970s.

To find out more about lease extensions, contact a member of our sales team on 01494 680018. This lease extension calculator which will give you a general estimate of the premium for a lease extension for a flat.