How To Buy A House

Buying a home is a major milestone in ones life

. It requires a huge investment and considerable financial adjustments to buy a home and to maintain it well. Some people buy their home very early in life, when they feel they can pay off the mortgage from their regular income, whereas others buy only at a later stage, when they finish with other responsibilities in life and still have savings left with them.

Check the Location, Facilities and Price

Whenever a house is bought, there are a few essential points to be considered.

oThe house should preferably be in a locality which is close to work areas, schools, transport facilities, medical facilities, supermarkets and other amenities like entertainment and recreational facilities.

oThe number of rooms and bathrooms should be enough to serve all the members of the family.

oOther requirements like lifts, parking, garden and security must also be checked.

oA thorough survey of a number of properties must be undertaken and each property must be compared in terms of facilities as well as price.

Properties can be searched online or with the help of local estate agents.

Take Your Time

It can take a long time to reach a final decision but it is better than buying a property in haste and then regretting it. The Home Information Pack is vital to understand all terms and conditions related to a particular property. Once personal choices match with financial constraints, there is a lot of legal work involved in buying a home. Pre sale alterations needed to a property must be discussed before settling for a house.

Cover All Legal Aspects

First all the money available from ones savings (maybe both spouses savings) must be added up so that it can be used as a deposit. A mortgage advisor should be contacted to decide the right kind of mortgage and the amount of money to be borrowed. A property solicitor takes care of the legal aspects of buying a house, including an agreement between the partners in case of joint ownership. The title deeds to the property can be acquired with the help of a solicitor. If a mortgage is applied for, the mortgage lender conducts a survey of the property and then agrees to lend the money. The deposit is first sent to the solicitor who then sends it to the seller' solicitor on the day of exchange of contracts. A date for handover of keys can be fixed if the house is new.

In case of an unfinished property, the transfer deed is signed by both parties and is kept with the sellers solicitor until completion. Money is transferred from the mortgage lender to the buyers solicitor and then to the sellers solicitor on completion and transfer deed, Land Registration certificate and keys are handed over to the buyer. This completes the sale. After this, the transfer deed needs to be stamped and sent to Land Registry for ownership records. The deed then remains with the mortgage lender as security.

Buying a house at an auction or buying a council house is different. Also, buying a flat or apartment involves maintenance and utility charges. It is very important to cover all legal aspects to avoid any hassles in the future.

by: Anupa22

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