Buying
Whether you’re buying your first home, want to move up the property ladder or are looking to downsize, we’ll use our local knowledge and passion for property to find your perfect home. Our ever-changing property portfolio includes houses, bungalows, apartments, flats and studios, land, cosy cottages and new housing developments.
Financing your house move
To have the best chance of securing your dream home, you’ll want to get your finances in order before you start your property search.
Setting a realistic budget for your property purchase is so important, especially if you need a mortgage. If you’re a first-time buyer, understanding the financial implications of buying a home is critical. Your lender will be able to advise how much you are able to borrow and what the repayments will be.
Do you have enough money set aside for your deposit? You’ll probably need at least 5% of the property purchase price for your deposit. If you can save more towards your deposit, you may be able to secure a lower interest rate on your mortgage.
Do you know how much you could borrow? All the main lenders have online calculators so it’s worth checking with your particular lender. You’ll also get a good idea from the mortgage calculator on the MoneySavingExpert Opens in new window website. Once your lender has given you an agreement or mortgage decision in principle, you’ll be able to make an offer on a property. Once your offer has been accepted, you’ll need to make a full mortgage application.
Your credit score could affect your mortgage borrowing ability so it’s important to know your score before you start your property search. You can check your credit score on websites such as Experian Opens in new window . Improve your credit score by registering to vote, not missing payments or making late repayments and by closing down unused credit cards, store cards, direct debits and mobile contracts.
This will depend on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website Opens in new window or if the property is located in Wales by using the Welsh Revenue Authority's website here. Opens in new window
Searching for a property
Do you know what your budget is? What about the type of property you want? New-build or pre-owned? Attached or detached? Single storey or split level? What about a garden and parking space? How many bedrooms would you like?
Start your search with our online match facility.
Do you know the difference between freehold and leasehold? Freehold means you own the building and the land it stands on, leasehold means you lease the property from the freeholder in order to use the property for a specified period.
What about location? Do you need to live near work, a school, your friends and family, local transport links or local amenities such as a supermarket, doctor’s surgery or gym?
If you’re looking for a property in Calderdale, start your search with our online property portfolio or widen your search by visiting Rightmove, Opens in new window Zoopla Opens in new window and OntheMarket Opens in new window .
Viewing a property
Before you begin viewing properties, make a list of ‘must-haves’ and ‘nice-but-not-essentials’. This will help you to assess potential properties against your own specific requirements. You should also consider the following:
- Running costs: Ask to see current household bills, including council tax Opens in new window and utility bills.
- State of repair: Does the property need any work? If so, is it minor cosmetic improvements or more significant structural repairs? Ask a trusted local builder to accompany you on a second viewing, to identify any repairs and estimate the costs – this could be useful when you come to negotiate the price when you make an offer.
- Space: Are rooms big enough? Do you need more than one bathroom? How much storage space is there? Could extra space be added in future?
- Does the property ‘feels right’? Can you imagine yourself living there?
Making an Offer
Here are a few terms you'll need to know:
- Initial offer: the price you initially put forward to the seller’s estate agent. He or she will then put your offer to the seller.
- Revised offer: If your initial offer is rejected, you can make a second, higher offer (assuming your budget permits).
- Offer accepted: When your offer is accepted, your estate agent will need sight of the following documents:
- Identification such as a passport, photo driving licence or copy of a utility bill
- Proof of funds e.g. your ‘Mortgage in Principle’ statement
- Proof of deposit
You’ll then be able to proceed with the purchase and apply for a mortgage. At this stage, the property is usually taken off the market and is regarded as ‘Sold Subject to Contract’.
The Legal Stuff
The key legal aspects of buying a property are:
Conveyancing
The legal work required to buy a property. This can include local searches to check there is no major work due nearby, ensuring the property and land are legally owned by the current owner and that property boundaries are as they are claimed to be. Our partners at Wilkinson Woodward Solicitors Opens in new window are right next door to our Halifax property showroom and can take care of all the legal aspects of buying a property.
Exchange and Completion
Once you’ve exchanged contracts, you are legally bound to buy the property and at this stage, you will probably need to pay the deposit and arrange buildings insurance. Ownership only passes to the buyer on completion, when funds covering the agreed purchase price are transferred to the seller’s solicitor and the deeds are transferred either to the buyer or their mortgage lender.
Insurance
Buildings insurance is generally required as a condition of your mortgage lender. Contents insurance is rarely a requirement; however, it’s strongly advised in order to protect your belongings against accidental damage, loss or theft.