Looking to buy a Property in East Yorkshire?
To get to a point where you're able to buy your own property has got to be one of the significant highlights in life.
At Pink Property, we want this to be an exciting experience for you, nevertheless there's a lot to prepare and to understand beforehand.
We want to educate you through the process of buying a house and help you to make an informed and confident decision to reach the final destination of your 'dream home'.
We have years of experience assisting buyers in making the best decisions and finding the right property.
To help further and to avoid uncertainty or confusion (particularly for first time buyers), we recommend you check out these 8 simple steps:
Sell your home first (if you need to)
Of course, selling your property first puts you in a great position to find and secure the ideal house. It will mean you're less likely to sell under pressure, you will achieve the best possible price and be in a much stronger position to negotiate on the property you want.
Focus on your needs and not what you want from the property
Yes! You can find almost anything on the internet, but when searching for your next home, you need to do more than just browse On the Market or Zoopla.
At Pink Property, we believe building a relationship with our clients is of the utmost importance. Give us a call or meet with us face to face (we're available 7 days a week) and we can have an informal chat initially so that we can get to know you better, as well as what you think you need from your next property.
For example, you may need a minimum number of bedrooms, a spacious garden, a large driveway, a ground floor bathroom etc.
At Pink Property, we like to collate a list that looks at WHY you feel you need certain house features, for instance:
- A large garden because we have a young/active family and family pets
- First choice school catchment area
- Open plan living space for entertaining
- Ground floor bathroom for disabled relative
- We value our privacy
- Large driveway and double garage to store cars and bikes
Working alongside your agent may also broaden your search radius (particularly if you do not know the area well). Naturally, a smaller geographical area will give you a much smaller choice of property. It is really worth considering other locations because you might find a property that meets your needs just a short journey away.
At Pink Property, we have a vast knowledge of East Yorkshire and would be thrilled to help you in your search.
Get your finances agreed in principle
We would strongly advise that you get your financial arrangements agreed before you start viewing properties. If you require a mortgage, start the arrangements imminently. Work closely with a trusted financial advisor, who if you are accepted, will arrange a ‘mortgage agreement in principle certificate’ which supports you as a credible buyer!
If you have cash, prepare a letter from your bank/accountant or solicitor to show the estate agent when you offer. The agent has to check this and it will remain confidential.
Use recommended Solicitors or Conveyancers
Pink Property are happy to make recommendations or assist in your own search for recommended local solicitors. It is important that they have the relevant experience, the personal communication service and the desire to help you to reach your goal of buying your new home. A good rapport between your appointed legal representatives and your agent are vital for a speedy sale and for any problem solving which may arise.
Get out there and VIEW!
At Pink Property, we fully understand that life can be extremely hectic and we want to alleviate any additional stress in your day. We will always do our best to accommodate viewing appointments at a time that suits both yourself and the vendor. We are the only agent in the area who can confidently say that we're available 7 days a week, 7am-7pm. Saying that, we would happily work beyond those hours if it would help our clients.
Making an offer
Once an offer is made, it is important to have regular communication between all parties to avoid disappointment and to reduce the risk of assumptions. Be very clear with your offer, your reasoning behind the offer and your final/walkaway price! Be ready to answer any important questions as this will help you establish a greater position when buyers are being considered. If you have everything prepared beforehand, you could potentially get started on negotiations straight away!
So you've found a property you're sure you want to buy – fantastic news. Now the nerve racking part of getting it secure begins. You should Establish the seller’s circumstances and timeframes, to ensure expectations are set from the start.
Who are the buyers?
We’ll need everyone’s names, their current addresses, telephone numbers (and email addresses) plus a copy of photographic ID for everyone.
What is your exact purchase position?
Are you a first-time buyer? Do you have nothing to sell? Are you buying with the proceeds from a property? Is that property sold or still on the market? These are just some of the questions you may be asked, but whatever your position, Pink Property will talk you through what needs to happen next and the information you will need readily available to progress.
How are you funding it?
Cash buyer has to be the most misunderstood term in Estate Agency. Be clear on your position. Are you paying the whole purchase amount 100% in cash or is it cash from sale, perhaps you have a cash deposit but are getting a mortgage? Make sure you know the difference and are prepared to provide proof of funds (the source of those funds) and any written agreement of lender. This is a must to ensure affordability.
Have you got a solicitor?
Just as in any industry, solicitor's expertise and overall quality can vary. Of course, Pink Property can recommend who we deem to be the very best (through working in the Estate Agent industry daily) and we highly recommend you talk to us about who is reputable and reliable (and who is not). A quality solicitor can make all the difference, guaranteeing you feel at ease and ensuring a sale runs seamlessly. We will require the solicitor's name, the name of the firm and all of their contact details.
Money laundering regulations!
Having a large amount of cash may lead you to believe you're the seller's dream, however, do not get too ahead of yourself as it's crucial that we adhere to strict anti-money laundering regulations. When you make an offer on a property, we will provide an 'anti-money laundering' form and we will need to know the following: do you have the money, what is the source of that money and is this a legitimate proposal to purchase.
It is your responsibility to evidence the above and we will need to feel confident and satisfied to be able to go ahead with the sale and remove the property under offer from the market.
Establish a clear plan when your offer is accepted
Congratulations! You’re buying a house!
Nearly there ...
There are a couple of things we ask our buyers to do as soon as the sale is agreed. Firstly, you must instruct your solicitor immediately, fill out their forms and return them in the first week. Get them working on your purchase as soon as your offer is accepted and ensure that you pay them the fee for ‘searches’ right away. Searches are obtained from third parties (either councils or third-party search providers) so don’t be delayed by their timeframe, get these underway as soon as you can!
Secondly, if you are requiring a mortgage, you must formalise your mortgage application on the home you are buying. Get this done early on and make sure the lender is instructed as soon as possible to carry out their valuation survey. If you’re a cash buyer and you are not dependent on a mortgage, you will need to make the arrangements yourself. You’ll either want a homebuyer's report or a full buildings surveyor.
So close! You can start to get (a little) excited now!
Be patient though, in general a sale takes about 12 weeks to complete. This can be faster (say for instance if there is no chain). On the other hand, you can come up against unforeseen delays. This makes completion dates very unpredictable and difficult to 'set in stone' in the early stages.
You might be someone who needs the 'round about' date because you're coming towards the end of your tenancy, for example. If you're not fixed to such a rigid timeframe then initially focus on exchanging contracts and when you're sorted, then that’s the time to start providing some potential dates when you can move. During the later stages of the purchase, it is much easier to discuss potential moving dates to everyone else that is involved in your purchase/sale as people have a better idea of what is done/left to complete.
If there are some specific dates you know you CANNOT do then please let everyone involved know well in advance, for example, if you have a holiday, wedding, business trip booked.