Getting on the property ladder can be hard for a number of reasons. Put aside house prices, lots of potential buyers are also worried about the technicalities of obtaining a property. There are several things that need to be in place in order to own a home, such as seeking an estate agent and viewing homes, and to knowing where to start can be extremely stressful or result in missing out on vital information. Head of Mortgages at TSB Nick Smith says buyers could avoid wasting money by making sure they have these two things in place.
Speaking to Express.co.uk, he explained: “Buying a home can sometimes seem to be a daunting prospect with so much to consider and take in. Doing your homework before you start to look for that home of your dreams can make a lot of sense.
“There are lots of great deals around at the moment so speak to your lender and find out how much they will lend you. If you are in any doubt about anything to do with buying your home, then don’t be frightened to ask as there is lots of help out there to guide you through the mortgage maze.”
So what should potential buyers do?
When purchasing a new property, Nick advises buyers to get a solicitor, who will be able to make expert decisions homeowners may not necessarily be clued up on.
Speaking to Express.co.uk, he explained: “It is always best to put the legal work in the hands of the experts, a solicitor. Buying a house is probably the biggest financial commitment you will ever make, so making sure that everything is legally watertight makes total sense.”
As well as securing a solicitor, it’s also important for homeowners to get a survey done on their property.
A property survey is a detailed inspection of a property’s condition. The surveyor inspects the property and tells the buyer if there are structural problems like unstable walls or subsidence.
He continued: “There are different types of surveys – these range from a ‘basic valuation’, a more in-depth ‘Homebuyers Report’ right through to a ‘full structural survey’.
“Your mortgage lender will be able to advise you on which is the most appropriate one for you and the type and the age of property you are buying. In Scotland, the situation is different and it is the seller who has to have the survey done.”
Express.co.uk recently revealed how converting a house into a flat could add up to £70,000 value to a home.
According to propertypriceadvice.co.uk, splitting a house into two flats could add a potential value of 30 per cent.
As of May 2019, the average price for a house in the UK was £229,431 (land registry.data.gov.uk) therefore 30 per cent of the value would be £68,000.