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How To Beat The Stress Of Buying A Property

Why is the property buying process so stressful? With over 40 years experience in the property industry, firstly as a Property Lawyer myself and the past 15 years as Director of Conveyancing Marketing Services, this is one of the questions I am asked more than any other.

The answer is that it doesn’t have to be stressful if you follow my tips and hints to make buying a property a walk in the park.

Know How Much You Can Afford To Spend On A Property.

My number one tip is to do your maths homework before you even look for a property.  Since the Mortgage Market Review lenders have much stricter criteria on who they will lend to and how much they will lend.  Speak to your bank, building society or a good mortgage adviser to find out how much you can borrow before you look for a property.

Get Quotes.

Get quotes for everything. Items like legal expenses, stamp duty, mortgage fees, removals and surveys all add up and you need to build them into your total property budget.

Allow Enough Time.

Don’t underestimate the time it takes to buy a property. You need to view lots of properties, negotiate an offer, arrange finance and have the legal work done.  The whole process can take 6 months or more depending on how long the property chain above you is. So allow plenty of time and never, ever give notice on rented accommodation until your solicitor tells you that you have exchanged – otherwise you risk making yourself homeless.

Make Friends With The Property Professionals.

Be polite and professional at all times with your estate agent, surveyor, mortgage advisor and solicitor.  Remember they are all busy people and have their jobs to do.  Keep in touch, but don’t overdo it.  Your solicitor, in particular, will be very busy.  To review the contract paperwork on a property can take several hours, particularly if it is new-build or leasehold. Their job is to make sure that you legally own the property and can sell it in the future with no problems.  Constant calls and e mails have the effect of slowing the whole process down.

Follow Instructions.

Read everything you are sent carefully, this includes the estate agents particulars, the mortgage offer and your solicitor’s communications. You are required by law to provide identity documents and Anti Money Laundering information to your solicitor. You must provide the correct documents that the solicitor asks you for.  You will also be asked to sign numerous documents and some of these will need to be witnessed – ensure you read the instructions as returning improperly signed documents will delay your purchase.

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