Home Buying Tips – Tip 16 – 20

It is the biggest purchase of your life – let’s make sure that you get it right!

 

16. Credit File

Get a copy of your credit file from Experian or Equifax, to make sure that you know if there are any nasty entries.

In the modern climate even a couple of late payments can mean a decline or that you pay a higher rate or that you will need a higher deposit.

If there is any adverse credit at all, you need to speak to a mortgage broker as he may have specialist mortgage products or help you in repairing your credit file.

 

17. Check out the property

When you look around a property, check it thoroughly. Don’t be shy – you are spending 100’s of thousand’s and are entitled to check everything before parting with your hard earned cash.

You don’t need to be a surveyor to do these checks….

  • Check Windows and doors

Cupboards/ Draws to be opened to make sure they work

Check double glazing for signs of condensation as they may need replacing

  • Check for damp

Wet spots & mouldy peeling wallpaper. Look inside cupboards and does it smell musty?

  • Do touch that dial!

If it’s electric, switch it on – Switch on lights, test sockets, fire up that oven and switch on any  electric fires. Also make sure you have enough sockets (in the right places) for your needs

  • Locks

Ensure locks meet insurance requirements. Usually a 5 lever Mortice deadlock’s are required. Check windows for locks and make sure there are sufficient keys.

  •  Ceilings

Cracks, leaks, stains can all show signs of problems

  • Plumbing

Turn taps & showers on. Flush the toilet. Check that cupboards underneath sinks are dry.

  • Fire up that boiler

              Check the boiler works and isn’t making nasty sounds. Make sure all the radiators are getting hot and do not leak.

  • Lift mats and rugs

Are they being used to cover something nasty? If you look below you will know!

  •  Roof

             Check the roof for missing tiles or dodgy guttering

  • Walls

Cracks or mould could indicate something costly

  • What’s in the loft?

              Pop your head into the unknown and bring a torch. Check to see if any wood work is rotten.

 

18.       Consider resale value

If a property has been on the market quite a while – why hasn’t it shifted? Remember at some point you may wish to sell the property. When your secluded “niche” property, miles away from anything hasn’t sold in 3 years – it may not seem like such a bargain. Parking, garden size, transportation links, local schools and amenities should all be considered.

 

19.          So what ‘s it made of then?

Brick and tile are easy. However what if the property has a thatch roof or has concrete walls. Did you know that a property that looks similar but is made of concrete could be hard to obtain a mortgage on, or may be worth tens of thousands of pounds less than one made of brick?

20. Leasehold properties

Look for at least 80 years lease on properties. If it is less than this it may be harder to sell on in future. Leases can be extended but can cost upwards of £10,000 to do so.

 

5 More Home Buying Tips in the next blog………….

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

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I’m a Control Freak!

I’m going to admit it, I am a bit of a control freak and there are parts of my job that drive me nuts!

Let me just start by saying I love what I do. Chatting to my clients, finding the best deal that’s the fun bit. Even with the masses of paperwork there is a certain satisfaction to knowing its correct.

Things would be fine if that was the whole job but from day one sometimes it seems that everyone else is trying to put a spanner in the works:

Here’s the top 5 things that drive me nuts

1. Solicitors

When I first started as a broker I needed to find a reliable solicitor to work with to cover the legal work for my clients. Over the first 2 years I used multiple firms – most were fairly poor:  Asking for documents at last minute before completion, missing completion dates, losing documents, not returning calls ….I could go on.

If you think that sounds like your average solicitor you would be right….but after searching high and low 7 years ago I found that elusive thing a “proactive” solicitor – yes they do exist! His name is Mark Lloyd and he actually chases me for the mortgage offer, he updates my clients without being asked, always gets back to me, he asks me to get involved if I need to get something outstanding. In short he’s another control freak and my client’s love him for it.

2. Lenders

Now I have to be careful here because if I rant too much they might stop giving me the money I need  for my clients!

Lenders like to withdraw rates with little to no notice. I had a notification from a lender that a rate would be pulled by close of business that day (5pm) Thanks for the heads up at 4.45pm. You can’t even key in an application from a client that quickly!

Lenders that ask for documentation one piece at a time. ” I know we asked you to get this from your client yesterday but can you get this from them now” – GGggggggrrrrrrrrr!!!

Lenders whose own staff don’t know their own criteria. A suggestion – read your own manual!!

Don’t get me wrong some lenders are an absolute joy to work with, I just don’t know how other lenders can make the same process so painful.

 3. Doctors surgery’s

Don’t get me started here!

If you need Life cover to protect your family when getting a mortgage, sometimes an insurer will require a Doctors report. They pay the Doctor up to £90 for what is often a couple of paragraphs. So why can it take up to 4 months (if left to their own devices) to get one back.

Most Surgery’s attach no importance to the task. However if it doesn’t come back in time we have one of 2 things we can do:

1. Delay the date you move into your new house.

2. Proceed without cover.

Option 1 is a real pain but Option 2 is dangerous, because depending on the cover if you suffered an accident or died before the cover is “live” your family could lose everything and be out on the streets.

This is not being dramatic, I have had more than one client calling me within a week of taking the keys to their property needing to claim on their insurance. If it wasn’t  “live” then that family would be homeless as well as dealing with some devastating news.

The point is that it is so un-necessary. Some surgeries are very efficient, proving it can be done.

To those surgeries that have no administrative faculty….”Get your finger out, get organized and get me that report”!!!!!

4. Estate agents

From the offset:

1. Stop trying to force people to use your broker if they don’t want to because you are on a commission. If they decline leave it alone.

2. Don’t lie to them by saying that you have to financially vet them before you can put in an offer.  A purchaser has a legal right to bring their own financial and legal team to the process.

During the process:

Please, for the love of all that’s Holy, return calls when you say you will and communicate information up and down the chain when asked to.

 

5. Clients

Yes you!! – I’m talking to you!!

You see that Mortgage deed that has been sat on the coffee table for a week…. I need that back a.s.a.p if you want to complete by the weekend………

So next time you speak to a Broker find out if all he does is arrange the mortgage and leave you to it or does he like to be a little more controlling………

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.