Buying a house is a serious long term financial commitment, which is a big step. We advise any person that is buying a property to think hard about what they can afford. We advise that you consdier the lifestyle you want to have and evaluate your outgoings against income. It is also important to understand what costs buying a house is likely to incur. Please see our below section on "fees you should expect to encounter".
In today’s market it is vital that you secure a mortgage with a lender before you start looking. This means the process will move a lot quicker and you are less at risk of losing the property of your dreams. It also allows you to be in a stronger position when negotiating. Make sure you do your research and find the best mortgage that is suitable for you, this is something that we can help and advise you with. We work very closely with a respectable and experienced mortgage adviser who would be happy to discuss your needs.
Enjoy property viewings:
Make the most of the this time and be open minded as everyone has different taste. Be sure to have questions lined up to ask the agent or the vendor. Always make sure you are on time so you don't miss your slot and potentially the purchase of your ideal home. Make sure you give yourself time to think after the viewing and discuss with those who are important to you. Always make sure you call with feedback as this helps us understand more about the type of property you are wanting to buy.
Is you are buying your first home or have not moved for a long time you may not know what to expect. Coles Group staff are extremely knowledgable about the whole process, particularly the legal side and can take the time to talk you through it.
Fees You Should Expect to Encounter:
The good news is you do not have to spend a penny until you have found the right property and wish to proceed with purchasing it. From that point your first cost will be to instruct a solicitor and the second to make a mortgage application (if required). Make sure you do your research on local firms or we can recommend a trusted firm we have a strong working relationships with.
OUR RECOMMENDED SOLICITOR'S FEES
Charges are on a fixed fee basis of:
£595 plus VAT and disburments for freehold transaction
£695 plus VAT and disbursments for a leasehold transaction
STAMP DUTY LAND TAX RATES
Most land transactions will incur stamp duty tax. The cost is worked out cumlatively using the below scale:
Up to £125,000 0%
£125,001 – £250,000 2%
£250,001 – £925,000 5%
£925,001 – £1.5M 10%
Over £1.5M 12%
These rates were correct as at February 2105.
Flat: expect £750 - £950
House: expect £550 - £750
Flat: expect £750 - £1,000
House: expect £800 - £1,300
Mortgages will incur a fee, although these can quite often be added to the term of the loan.
These can vary significantly depending on if you want to self hire a van and move with the help of friends or if you wish to employ a professional service. Again, it is worth shopping around for competative prices or we can make some recommendations for local business.
Making an Offer:
You will inform us of what you would like to offer and we will do our best to negotiate a sucessful deal. Make sure you inform us exactly where you stand, run through your details one final time (such as your timescale, related chain, financial arrangements). You are free to ask for our advise on what price you realistically need to offer in order to be sucessful. Offering is quite often a process of negotiation and that is normal practise.