1. How long does it take to buy a house (estimation)?
There are many different stages of buying a property, which we appreciate may be daunting at first. However, providing each stage is completed efficiently by all parties, it should be a smooth, straightforward process, and we will be on hand for each step. The process can take 12-14 weeks*, from start to finish, and to make it as simple as possible we’ve broken down the main stages for you. Please view our buying process document for further advice. *Please note, this is just an estimation and will differ depending on individual circumstances.
2. What are the fee's that I have to pay?
- Solicitors Fees
- Mortgage fees
- Homebuyers survey – If you wish to instruct a homebuyers survey, there will be an additional cost.
- Removal fees
3. Do I need to pay estate agent fees?
No – As a buyer, you will only be expected to pay the fees mentioned above. Estate agent fees are only applicable to the seller of a property, so you would need to consider this if you decide to sell the property you’re buying at a later date.
4. What is a chain? & what does this mean for me?
5. What is help to buy? & how could it help me?
- Put down a deposit of 5%
- The government lends you up to 20% of the property’s value as an equity loan
- You take out a mortgage on the rest of the property’s value (e.g 75% remaining)
6. What is shared ownership? & how could it help me?
With shared ownership, you buy a percentage of a property and rent the rest. For example: 50% shared ownership = 50% mortgage / 50% rent. The schemes are useful for FTB’s who don’t have enough to buy a home outright. All shared ownership properties are leasehold – You do have the option to purchase a bigger share at a later date (commonly referred to as staircasing).
7. What is the difference between freehold and leasehold?
That’s the end of our First Time Buyer blog series! We hope that you’ve found this useful and invite you to follow us on socials for regular updates and new listings. We really do have something for everyone…