The biggest financial decision anyone can take in a lifetime is purchasing a home, and given the changes in the property market in recent years, it’s never been so important to seek the best advice available. Norman Morrow & Co. has built up a reputation over the years as the Estate Agent you can trust, even for buyers – proved in the amount of repeat business we get!
In an ever changing market, once you have found your dream home you will need to push forward with the necessary arrangements as quickly as possible. Why not make arrangements to come to our office to discuss what is best for you?
These useful tips below will give you an idea of what to expect and hopefully avoid disappointment or delay:
Get advice from a reputable Independent Financial Advisor or Money Lender who can advise on the maximum amount which can be borrowed based on your earnings, savings and monthly outgoings. It is important to have this information prior to looking at what is available and so avoiding the disappointment of looking at unaffordable properties. Most agencies won’t allow a viewing without knowing you have done this important ground work. If you like, we can arrange a meeting with an Independent Financial Advisor for you!
Decide where you want to live…… in the town? …… surrounding developments?….. further ‘afield’? Located in Crumlin Village, we have a range of properties within walking distance of the town to suit all types of buyers and typical of the rural location, we have an excellent range of Detached and Semi-Detached properties in a more secluded setting. Deciding on the best location, you should consider commuting times, local amenities, schools etc. Make a checklist of “must have” and “nice to have” features that will help to narrow your search.
You are now ready to look at our current properties to see what is available. Have a look in our window or call in to the office and add your name to our mailing list so we can keep you updated with new properties as soon as they are listed.
Once you’ve spotted something of interest, contact us to arrange a time to see the property in all its glory. This might be in the evening, after work or at the weekend. It will usually be the owners who will show you around but if the property is vacant, we most likely will do the viewing ourselves. We’ll always do our best to accommodate what’s convenient to you. If you have arranged a viewing and can’t make it, please call or email us to rearrange.
When you decide to put an offer on a property it should be done through the office. We will note any conditions of the offer i.e. you could be subject to the sale of your present home, subject to a mortgage or loan of some sort. You may want to make an offer to include some fixtures and fittings or specify a longer completion date. Any conditions of your offer should be detailed at this point. We will put your offer to the owner/vendor initially by telephone and confirmed in writing.
Should higher offers be made we will inform you and negotiate with all interested parties until the bidding stops. We will then take the Vendor’s instructions in relation to accepting an offer. Always do your best to make your offer reasonable, after all the property is usually the Vendor’s prized possession! When a sale is agreed to you we will require details of the Solicitors who will act on your behalf.
If you don’t have a family solicitor, ask friends or relatives for a recommendation. Fees can also differ so shop around to compare these – just bear in mind that cheapest isn’t always best!
WHAT IS STAMP DUTY?
Stamp duty land tax is a lump-sum tax that anyone buying a property or land has to pay. The amount of stamp duty you’ll pay will depend on the purchase price of the property, there are stepped rates for different purchase prices. The rate is also dependent on your buying position i.e. First Time Buyer/Home mover or buying multiple properties.
Rates Single Home Owner Multiple Home Owner/Investor
Up to £125,000 0% 3%
£125,001 to £250,000 2% 5%
£250,001 to £925,000 5% 8%
£925,001 to £1.5million 10% 13%
All prices above 1.5million 12% 15%
The system can be quite complex, here’s a few basic examples:
- Purchase Price = £150,000
£125,000 = £0 = £3750 (3%)
£25,000 (£150,000 – £125,000) = £500 (2%) = £1250 (5%)
Stamp duty = £500 = £5,000
- Purchase Price = £300,000
£125,000 = £0 = £3750 (3%)
£125,000 (£250,000 – £125,000) x 2% = £2500 (2%) = £6250 (5%)
£50,000 (£300,000 – £250,000) x 5% = £2500 (5%) = £4000 (8%)
Stamp duty = £5,000 = £14,000
There are some exemptions to these rates, your solicitor will give you exact information.
Most sales now take an average of 3-4 months to complete, some shorter and some could take longer. The exact timescale will depend on a number of factors including your financial arrangements, solicitors completing legal documentation and a possible onward purchase by the Vendor. The quicker you are in a position to complete i.e. in possession of a mortgage offer or funds readily available the better. If you also have a connected sale you must ensure this progress’s as quickly as possible by remaining in regular contact with your estate agent and solicitor.
The completion date is the day you become a new home owner! The hard work has been done, just to unpack the boxes and settle in with a take away and glass of well earned bubbly! Before you eagerly receive your new keys we will need authority from the Vendor’s solicitor to release them. This could take some time, there are always a few loose ends to tidy up on the day. We will be in contact with you as soon as we are ready for you!
We trust that we can help you in your search to find a new home, if there’s anything we’ve missed, don’t hesitate to contact us. We look forward to hearing from you!