Guide to Buying on Housetrade.co.uk

This section is a house buying guide which covers various issues you may need advice on and our suggestions on how to approach them when preparing to buy a property through Housetrade.co.uk.

How much would you like to spend on a property?

Buying property in the UK is the biggest financial commitment you will ever make and this may sound like an obvious point but it does require serious thought about what you can and can't afford. It isn’t always the best policy to spend the maximum amount a mortgage lender will allow you. It is worth considering other factors such as how much money you need to carry on doing activities that you enjoy, or what it costs to go on holiday each year. Maybe there are home improvements that you can anticipate to help you budget for the next few years as buying a property is a long term commitment. Extra outgoings, in addition to the mortgage payment, will include legal fees, mortgage fees, council tax and utility payments.

Getting a mortgage offer?

Before any searching starts it is important to have a mortgage offer in place. This allows you to narrow your search to your allocated price range and puts you in a better negotiating position when you find a property you like. Most mortgage lenders and banks will discuss the various deals they can offer you and the amounts you can lend from them. Buyers with a 10% deposit or higher will be able to obtain a better rate as, from the banks point of view, it is a less risky investment. With a 'mortgage promise' in place you can search for your ideal property and are enabled to make an offer immediately, reducing your chances of somebody else making an offer before you. Housetrade can help you find a mortgage offer by utilising one of our partner Mortgage providers.

Searching for a property?

Searching for your next property couldn’t be easier with Housetrade that can act as your sole property finder in the UK. Use our comprehensive property search of the UK to create a shortlist of properties that are suited to your requirements. Usual search criteria includes bedrooms,bathrooms, property type, location and price. All properties can be viewed from the comfort of your own home 24 hours a day making it much easier to find the property you want in comparison with other traditional methods. You can create a 'Watch List' (which can be accessed through My Account) of your favourite properties and if there is any updated information on these properties you will be notified by email.

Arrange a viewing?

Primarily get as many details as you can from our website with floor plans, photographs and the details accompanying them. A viewing time can be mutually arranged through our website suitable for both Buyer and Seller. Alternatively if there is an agent representing the Seller you can arrange an appointment to view the property through them. Take a notepad and pen and if possible take photos on your phone, with the Seller’s permission of course, so that you can make a more focused decision after you have left the property. This especially helps if you have been to see a few properties.

Making an offer?

One of the most important phases is negotiating a price. A maximum price in your mind should be decided and not exceeded without considerable thought. Find out what similar properties have sold for recently in that area and also look into asking prices for similar properties currently on the market. Faults and work needed on he property may help you negotiate a lower price but if the Seller is in no rush then they may not budge on the asking price. Alternatively if the Seller's property has been on the market for a while or is keen to sell, then this maybe an advantage so you can drive the price lower. Once an offer has been agreed and accepted move quickly to eliminate the threat of other Buyers offering a higher amount by arranging for your lender to have a survey done. This will again provide a professional opinion of what the property is worth and let the Seller know that you are serious about buying it.

What type of survey should I get?

When looking into getting a survey on a property you have placed an offer on it is always recommended to get a Homebuyers Survey & Valuation Report (referred to as a Homebuyers Report) or a Building Survey (Full Structural Survey) as opposed to a mortgage valuation. This is because a Building Survey or Homebuyers Report look at more than simply the valuation of the property. If you intend to take out a mortgage the lender will carry out a Mortgage Valuation which is a brief inspection to confirm the valuation and the cost will be passed on to you. Not undertaking a more thorough survey can mean that defects in the property are overlooked which can be very costly in the long run, also not to mention finding defects in a property can be points to bargain with the seller to reduce the cost of the property in the first place. A Homebuyers Report is by far the most common type of survey undertaken and is suited to most properties. This includes background information on the property, evidence of the three main potential threats to the structure of the building, interior and exterior inspection, overview of service and testing recommendations, and the current valuation for insurance purposes. To fully ensure there are no structural defects with the property a Building Survey is recommended, this is generally requested more often for older properties that have been modified and/or are more likely (due to age or modifications) to have defects. The Building Survey does not include a valuation report however this can be arranged with the surveyor. The Building Survey also points out the more minor defects, providing the cost for any work.It is always advised to speak with a surveyor to discuss your options and always question anything that you do not understand. You can see Chartered Surveyors Housetrade has partnered with here.

Legal obligations?

Once you have informed your mortgage lender that you have placed an offer on a property and a survey has been carried out, the details will then be passed to a solicitor of your choice to carry out the conveyancing aspects of buying the property. We have partnered with a number of Solicitors providing conyeyancing services. Ask friends and family to find a reputable solicitor to carry out this legal work for you and obtain quotes from several to help you choose. Solicitors explain things such as boundaries of your property, what fixtures and fittings will be left, arranging the title deeds and paying any relevant third party fees like stamp duty and estate agents. It can take anywhere between 6 weeks to 3 months until you are actually moving in and are legally bonded to the move after the exchange of contracts. Any cancellation after this could see your deposit forfeited and having to pay fees. Buying property online is subject to the same process as a standard sale and purchase of a property that you would go through with an estate agent.

Guide to buying at online Auction with Housetrade.co.uk

Now if you’re thinking of buying at our online Auction there is a different process to the standard procedure for buying a property which is detailed below:

• The property to be auctioned will be marketed and advertised in the weeks prior to the Auction. In this time potential Buyers will have to conduct all their research and arrange suitable finance should they be the successful bidder.
• Potential Buyers will have to register through the site and register their solicitor's details prior to bidding so that they can be verified to ensure 100% authentic bids. A deposit (in pounds sterling in the form of a cheque or banker's draft made payable on an approved financial institution) equal to 10% of your maximum bid will have to be given to your chosen solicitor and will be returned if you are not successful.
• When the Auction commences bidders will be able to log in once they’ve registered and place bids on their chosen property. As long as the reserve price is reached and you are the winning bidder the property is yours.  From a Sellers perspective you can rest assured that your property is sold.