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At Miller Sands we appreciate that buying a home is probably the biggest financial decision you will ever make. You want to get it right. The team at Miller Sands has many years experience and an in-depth knowledge of the Cambridge area that can help you to avoid the pitfalls. They have an excellent reputation of providing a fast, efficient, highly personalized service.
For the first-time purchaser the process can be extremely daunting. The team is always approachable and will provide clarity to the most complex of issues. They will go through the process of purchasing a property; what needs to be done prior to “exchange of contracts”, which is when you become legally committed to buying the property, and “completion” when you are able move in.
Click below for further information:
What costs are likely to be involved?
- an independent survey
- property insurance
- mortgage arrangement fee (if appropriate)
- Miller Sands’ fees quotation plus expenses:
- Land Registry fee
- Stamp Duty
- Search fees
- Funds transmission fee
The team at Miller Sands will provide you with a fixed fee for the work you require; for a quotation click here. They will also provide you with details of the expenses. When buying the property, remember to ensure you have sufficient money, over and above your deposit and mortgage, for these costs.
You also need to take the following costs into consideration:
- mortgage repayments
- mortgage protection insurance in case you fall ill or lose your job
- life assurance to enable your family to pay off the mortgage in the event of your death
- contents insurance against the risk of theft, fire, flood or other accidents
- property insurance
- council tax and water charges
- gas, electricity, telephone, etc
- ground rent and service charges may apply
Mortgage
There are many mortgage lenders, including the high street banks, building societies and mortgage brokers.
If you are a first time buyer, choose a new lender with care. If you have an existing lender, if they have served you well it may be best to stay with them.
Usually the lenders you have heard of are the ones who will deal with you most sensibly. Some lenders dip in and out of the market and do not necessarily treat borrowers kindly if they default. Some lenders will allow repayment holidays if your circumstances change. Other lenders will foreclose on a mortgage if a payment is two weeks late. Once we receive a written offer from your lender we will check to see if it contains any unacceptable terms.
Don’t trust headline interest rates. Different lenders calculate interest in different ways. The important thing is how much you have to pay per month. Ask the lender for this figure.
Shop around, take advice and find the best mortgage to suit you, your lifestyle and circumstances.
Survey
If you have a mortgage the lender will ask a surveyor to do a valuation. However, this is not a survey. It is an assurance to the lender that the house is worth more than it is lending to you. A full structural survey will provide you with peace of mind.
From “exchange of contracts” you will be responsible for insurance of the buildings.
Buying a property in joint names
If you are buying a property with a partner or spouse you will need to decide whether to buy it as "joint tenants" or as tenants in common".
The difference between the two is mainly a difference about what happens if one joint owner dies. If a property is held as "joint tenants", when one of the owners dies the property belongs automatically to the surviving joint owner. The point of a joint tenancy is that the property automatically passes to the surviving owner and overrides any contrary wishes contained in a Will.
If a property is held as "tenants in common" and one of the joint owners dies then his/her share of the property does not automatically pass to the surviving joint owner. The deceased's share forms part of his/her estate and will pass according to the terms of any Will or Intestacy. There can be inheritance tax implications. The team at Miller Sands will be happy to outline the implications to you to enable you to make an informed decision.
Estate Agents
It is difficult to know which agent to approach. Different agents specialise in different markets for different areas. Talk to us about the type of house you want and where you want to buy. We are always happy to help.
If you have any questions about buying your property, please give us a call or email. Over the years, we have dealt with numerous issues and will almost certainly know the answer.
For more information about buying a property
or to obtain a quotation, please contact:
Julian Landy or Sandra Pumfrey
at Miller Sands on 01223 202345 or e-mail info@millersands.com
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