Home Buying Guide
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Contents Buying a House in the UK: A Step by Step Guide.....................................................................................2 The Money ...........................................................................................................................................2 Working Out Your Budget ................................................................................................................2 Arranging a Mortgage ......................................................................................................................3 Stamp Duty Land Tax .......................................................................................................................3 Removal Fees ...................................................................................................................................4 Legal Fees.........................................................................................................................................4 Survey Costs .....................................................................................................................................5 Other Fees........................................................................................................................................5 The House ............................................................................................................................................6 Finding a Property............................................................................................................................6 Making an Offer ...............................................................................................................................7 Arranging the Mortgage ..................................................................................................................8 The Importance of a Survey .............................................................................................................8 The Contracts .......................................................................................................................................9 Appointing a Solicitor.....................................................................................................................10 What is a ‘Chain’ and How does it Impact the Contracts? ............................................................10 Exchange ........................................................................................................................................11 Completion ....................................................................................................................................11 Troubleshooting .................................................................................................................................11 Gazumping & Gazundering ............................................................................................................11 Breaks in the Chain ........................................................................................................................12 Lender’s Value Doesn’t Match the Agreed Sale Price ...................................................................12 Issues with the Survey ...................................................................................................................12 Temporary Accommodation ..........................................................................................................12 Post Completion Problems ............................................................................................................13 Property Assistant: Estate Agents Who See Things Differently ........................................................13
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Buying a House in the UK: A Step by Step Guide Buying a house, for most people, will be the single largest transaction that they ever complete. Whether purchasing a property for investment purposes or as a home or second home, the process isn’t necessarily as simple as you’d hope. From arranging finances to finding the right property, negotiating a price and dealing with the surveys to dealing with potential problems it can take as little as 28 days or many months to see through to completion. A process full of technical terms, complicated processes and one which changes over the years we wanted to put together a simple guide, updated for 2017 with each step carefully explained. So, whether this is your first time ever to the UK property market or the first time in a while. We hope that we’ve covered all of the process and any of the potential pitfalls.
The Money We thought we’d start with the financial side of buying a house as it is the major piece of the puzzle. Without knowing your budget in advance, finding a house is like choosing a train without knowing your destination.
Working Out Your Budget Since the financial crash of 2007-08, the options available for homebuyers in terms of mortgages has diminished. Partially to blame for the economic crisis, mortgage lenders were allowing people to borrow more money against a property than it was actually worth. Causing problems with both affordability and negative equity, the days of the 125% mortgage are gone and, along with them, many of the 100% mortgages. In order to decide what value house you can afford, you will need to calculate what you can afford as a monthly repayment against a mortgage as well as work out what money you have available to cover the costs of buying a home; these include (but are not limited to): • • • • • • •
Deposit Mortgage arrangement fee Stamp duty Legal fees Survey costs Removal fees Solicitors costs
Most lenders apply their own calculations to work out whether a mortgage is affordable for you. As part of a responsible lenders duty of care to their clients, also known as a ‘stress test’, affordability is not only calculated on your current income and the rates at which you are borrowing but will also take into account any potential future rises in interest rates.
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You should take into account any other loan commitments that you have as well as other regular outgoings including living expenses. You can use the services of a financial adviser to help you calculate your budget
Arranging a Mortgage Once you have an idea of the kind of budget you have in terms of disposable income, you will be able to approach mortgage lenders to find a suitable deal. Access to a mortgage will depend on your individual financial circumstances including your regular income, credit rating and current level of debt. Depending on the type of mortgage you are looking for, you may also be required to put together a deposit. There are few options available for 100% mortgages in the UK but most high-street lenders will want to see at least a 5% deposit. Not only does having a deposit provide you with a greater choice of lenders but also allows you to access more competitive interest rates which could result in significant reductions in your monthly outgoings. There are a huge range of mortgages available with some being more suited to buy-to-let investors and others being available only for first-time buyers. Some mortgages offer a fixed rate for a longer period of time which may be attractive as your outgoings won’t change. Others offer a very low interest rate for a short period before reverting to a variable rate. It is recommended that you speak to an independent financial adviser (IFA) to get the best mortgage to suit your needs and individual circumstances. At the same time as arranging a mortgage you may also wish to arrange life insurance cover. If you need help connecting with an IFA then we can provide you with a list of reputable providers.
Stamp Duty Land Tax A tax payable to the UK government when you purchase any residential property over the value of ÂŁ125,000, the format of Stamp Duty Land Tax (SDLT) changed in 2014 with revised rates and a new charging structure. Prior to 2014, buyers would pay a fixed percentage of the cost of their new property based on the whole value. Standard rates would also apply whether the property was your first and only residence or if it were a second home or buy-to-let property. Since 2014, rates are now applied on the proportion of the value of the property that falls into each charging band and vary depending on whether you are purchasing your only residence or if the property is a second home/buy-to-let.
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Current Stamp Duty Tax Rates Property (lease transfer) value First Property Additional Properties Up to £40,000 0% 0% £40,001 to £125,000 0% 3% £125,001 to £250,000 2% 5% £250,001 to £925,000 5% 8% £925,001 to £1.5 million 10% 13% Over £1.5 million 12% 15% For example, if you purchased a house for £350,000 then you would pay zero tax on the first £125,000, 2% tax on the £124,999 that falls into the second bracket with the remainder (£100,000) being charged at 5%. The total stamp duty would therefore be £7,500. Stamp duty is payable within 30 days of completion of contracts and is usually handled by your conveyancing solicitor. There are ways to reduce your stamp duty liability which include (but isn’t limited to) netting the value of removable fixtures and fittings from the sale price. Some properties are also exempt from stamp duty including zero-carbon homes. Right-to-buy homes can also qualify for discounts on stamp duty.
Removal Fees You might be lucky enough to have friends and family who can help you move your belongings for you but for most people, a cost for removals should be included within your budget. A professional removals company can be expensive but do provide full insurance cover for all your personal property. It is also a lot less hard work and watching a team of professionals slip a seemingly impossibly sized sofa around a tight corridor is like witnessing true magic. If you aren’t using professionals then you may still need to include the cost of van hire.
Legal Fees You are usually at liberty to choose your own conveyancing solicitor but some mortgage companies may stipulate that you use a legal representative of their choosing. (see ‘Appointing a Solicitor’). Whoever you appoint to handle the contracts for you, costs can be split into two categories; direct legal fees and disbursements (fees that your solicitor pays out on your behalf and are roughly the same irrespective of which company handles this for you). Disbursements • Obtaining Title Deeds - £6 (freehold) or £25 (leasehold). Additional copies £3 • Land registry ownership transfer fees – approximate cost £200-300 • Searches (local, drainage and environmental) - approximate cost £250-300 • Transfer fees – charged to electronically transfer funds from your lender to the vendors solicitors. Typically around £40-50.
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Survey Costs Most mortgage lenders will insist on a survey to ensure that the money you are borrowing is invested wisely and that their capital is safe. The survey will also report back to them that the value of the house you are buying is in keeping with the money you are securing against it. To satisfy your lenders, a basic valuation survey costs around £150. However, the valuation fee is often charged relative to the purchase price of your home and can be as much as £1000. Some lenders provide valuation for free so do check in advance. Bear in mind that this report does not identify defects or any potential issues. However, it can identify that your offer price is too high and give you an opportunity to renegotiate with the vendors. A basic survey is the RICS Homebuyer Report which costs around £400. For new builds, a condition report is similar but costs around £250.
A Home Condition Survey offers a more in depth inspection of your property and includes a clear 1, 2, 3 rating system of any identified defects. You should also receive information about possible solutions to the problems picked up by the surveyor. A report of this detail costs around £500. For a more comprehensive report you can opt for a full structural survey which is more extensive in its findings. Suitable for properties over 50 years old, a report of this kind will point out likely defects in buildings of this age, identifying any tell-tale signs of potential problems. A report of this kind generally doesn’t include a valuation and doesn’t satisfy most mortgage lenders requirements. However, it does provide a useful negotiation tool for reducing your offer price if significant defects are found. You can expect to pay around £600 for a report of this depth.
Other Fees Depending on the type of property you are buying and how you are arranging the finance, additional fees may be charged. Some of these are up-front, others due on completion of your contracts whilst some can be included in your mortgage fees. These include (but are not limited to): •
• •
Insurance - The cost of insurance is a given with any property but you should remember to check the insurance premiums for any property you are considering. Some areas carry a higher risk of flooding or subsidence and may result in higher than average insurance costs; in some instances, these can be as much as three times higher than comparable properties outside of a problem postcode. Mortgage arrangement fee – Charged to set up your mortgage account, most arrangement fees can be added to the cost of your borrowing. Leasehold fees – if you are purchasing a leasehold property then you may have to pay your annual ground rents and other service charges up front. Your estate agent should be able to advise you of these costs.
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The House Once you have determined the budget you have to spend on a house, have arranged a mortgage in principle and have the funds ready for the associated purchase costs then the exciting part can begin; shopping for your new property.
Finding a Property Most people will have an area in mind of where they want to live and this will largely be determined by factors such as location of jobs, schools and family/friends. Your budget may further affect where you look. A good property agent can offer you potential locations that you may have not considered. Having an open mind when looking for a new property can make a huge difference to maximising the budget that you have. Of course, there are some things that you may not be able, or prepared, to compromise on, such as number of bedrooms, the need for a garden and being within proximity to certain facilities such as a mainline train station. However, property experts who work daily with clients who have varying demands know how to look at a ‘wish list’ and offer alternatives. A creative suggestion could mean getting more for your money or being able to afford in a preferred area of town. Using an independent property agent can save you time as they often have access to new properties and opportunities before the rest of the market. They can also save you money as they are able to negotiate lower asking prices. Here at Property Assistant, we provide a full property search and advice service offering you the facility to outsource this process to the professionals. Not only will we position ourselves to be the first to find out about suitable homes that match your search criteria but we will also provide independent assessments of any property that you find. And our expert support and guidance doesn’t stop there; when you have found the right property we can negotiate an offer on your behalf to secure you the best deal available. Types of Property The UK housing stock falls into one of the following classifications of property: • • • • • • • •
Bungalow Maisonette Flat (apartment) Terraced House (mid or end) Detached house Link detached house Semi-detached house Mobile home
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Properties for sale will either be new build or existing properties. The UK has a wide range of properties of varying ages from period homes such as Victorian and Edwardian era to post-modern 1960’s homes. New build properties come with warranties made available by the builders which can guarantee against costs arising from build defects. Though older homes may have character, they do come with their own issues such as poor insulation, old electrical wiring or building defects which would not meet prevailing building regulations. Leasehold v Freehold Properties The two main types of property that are available to buy in the UK are known as leasehold or freehold. Freehold ownership means that not only do you own the property itself but also the land which the property stands on. Ostensibly, you (and the mortgage company) hold the title ‘absolute’ and is the preferred option for most buyers. As the owner of a freehold property you won’t have to pay any ground rent nor rely on any other party to maintain part or all of the building. However, it does mean that full responsibility for upkeep, maintenance and repairs are 100% your responsibility. Leasehold properties differ insomuch that either the building, part of the building or the land belongs to someone else. As a leaseholder, you will purchase the use of the property for a fixed term (often 90+ years but sometimes as short as 10 years). At the end of the lease, you have no ownership of the property. You can find that properties that have shorter leases are more difficult to find a mortgage on and, though you can extend a lease, and this can be an expensive option. Here at Property Assistant, we can advise you and support you through a lease extension to help reduce this cost. As a leaseholder, you will usually be required to pay annual fees associated with things like ground rent and maintenance fees. You will also not be able to undertake any major renovation or extension works without the landlord’s permission and you may face restrictions such as not being able to own pets or sublet any part of the premises. Failure to stick to the terms of your leasehold can result in forfeiture. On the positive side, leaseholders are not generally responsible for large bills associated with the property such as repairs to external walls, roof and grounds.
Making an Offer Unless you are buying a house at auction the asking price is a guideline of what the estate agent has valued the property to be worth in the region of. There are many reasons why a house won’t achieve the asking price as well as plenty of reasons why it may exceed it. Having the advice of a property professional can help you decide on a suitable offer to make against the asking price or you can make a judgment call of your own. Things that can affect what price you offer against a property include: • •
Researching the value of similar homes in the area reveals that the property is overpriced. The cost of any work that needs completing on a property that hasn’t been reflected in the price. This may not always be obvious and may only come to light after a survey has been completed (see ‘The Importance of a Survey’) but certain things may be obvious. For instance, a house that has no central-heating, needs rewiring or has extensive damp.
However you wish to play it, you should bear in mind a couple of things: •
•
Offering 100% of the asking price is almost certainly guaranteed to secure you the purchase of a property. Unless a property attracts multiple offers, once you agree to pay the price being asked for, it will generally be enough to withdraw the house from the market. Houses that have been on the market for a while with no price reductions may be more amenable to receiving a lower offer.
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•
•
Ask the agent who is selling the property if the vendors have received any previous offers. Though agents aren’t allowed by law to divulge the value of any offers received, it can help inform your offer if you know that no offers have been made yet on the property (or that many offers have been rejected). Being in a strong purchase position is likely to make your offer more attractive. This means that you have your finance in order and that your home (if you have one to sell) is already under offer. Vendors can be prepared to accept lower offers if one party are in a stronger position to move quickly.
Holding Deposits Sometimes a vendor will ask for a holding deposit (typically £500-£1000) to demonstrate that you are serious about your offer. It is usual for this to be refundable if the sale falls through.
Arranging the Mortgage Whilst your initial preparation with a mortgage lender may have resulted in a mortgage ‘in principle’, once you have decided on a property to buy, you can firm up the details. Your lender will need to have the particulars of your chosen new home so that the can satisfy the finances. Your solicitor will handle this for you (see the section on ‘Appointing a Solicitor’). You will also need to arrange appropriate buildings insurance cover as this will be a required condition of your mortgage.
The Importance of a Survey As detailed in the ‘Survey Costs’ section, most mortgage companies require a minimum level of survey to be completed before agreeing the loan against your new property. This is usually a very standard valuation survey and is intended to guarantee that the loan is a safe investment and that there is sufficient equity in the property to repay their money should you default on your mortgage payments. Such a survey does not provide any feedback about any potential defects on a property nor any advice on issues which may require attention. More detailed homebuyer surveys can be arranged and, depending on the age of the property you are purchasing, can be exceptionally useful. With new builds, a snagging survey includes an inspection of any faults which should be rectified by the develop. With properties built before 1984, structural surveys are recommended. As building regulations before this time were not standardised in the same way they are now, a survey report of this nature can determine if there are any major defects that you should be aware of. Certainly, buildings that are over 100 years old should be subject to a thorough inspection. Comprehensive surveys can help identify any major renovation works that will be required that could impact on our choice of investment or help to inform you of your offered purchase price. Typical things to be identified in a building survey include:
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• • • • • • •
Damp. Rotten or damaged timbers in floors and roof structures. Subsidence. Issues with the electrical installation. Issues with the central heating installation. Issues with the drainage installation. Issues with the roof including ingress of water, unsafe chimneys or slipped/damaged tiles.
There is no substitute for having a survey undertaken on your property to help inform you that the property you are buying is not concealing hidden expenses.
The Contracts Once you have agreed a purchase price with the vendor you can get started on the drawing up of the necessary contracts. In order to do this, you will need to appoint a specialist conveyancing solicitor. Solicitors who deal only in the sale and purchase of land and property, conveyancing solicitors handle the legal paperwork relating to the exchange of title deeds, registering the sale with land registry and processing the finances from mortgage companies. They also deal with searches that are needed to help you make an informed purchase. Searches include checks on things which might affect the land you are buying and include: • • • • • •
Identifying any boundary disputes on the land. Identifying any public rights of way over the land. Checking any planning permissions or constraints which affect proposed work or completed work. Confirming the utility providers. Producing evidence of any guarantees on the property still in force. Any restrictive agreements on the house or land.
Additional searches can also be undertaken such as water and drainage searches to identify who maintains what elements of the water supply and sewerage network on the property. Environmental searches can identify any potential risks to the property from landslips, subsidence and flooding. They can also show up any concerns about land being contaminated from historic waste sites or landfills. It is also prudent, in areas that have a history of mining, to have mining searches undertaken.
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Appointing a Solicitor Often, estate agents can help you with appointing a solicitor but you may already have a company that you use for other legal affairs. The processing of contracts in a house purchase and house sale requires a specialist solicitor, known as a conveyancing solicitor. They will effectively handle the financial transaction between your existing property and your new property including the transfer of funds from your lender as well as payment to your estate agent, the government (stamp duty land tax) as well as registering the change of title deeds for the property. You can find a good conveyancing solicitor by asking for recommendations from friends and family or by searching for reviews on Google. Online conveyancing is on the rise and is generally no different to having a local solicitor to do the work for you. Bear in mind that recommendations from financial advisors or estate agents are usually preferred options for them and can result in them getting a commission. Ask if this is the case. It is usually best practice to source a solicitor locally as there can often be quirks unique to some areas that only a local solicitor would be aware of. Out of area (or online) solicitors can usually handle these issues but it can delay the process a little. Whoever you choose to do your conveyancing for you, ensure that they are a registered member of the Council for Licensed Conveyancers and that they are registered by the Law Society of England and Wales (or Scotland) with an up to date membership to the Law Society’s Conveyancing Scheme.
What is a ‘Chain’ and How does it Impact the Contracts? A chain is the term given to the number of people linked together in the transaction of properties. This can usually start with a first time buyer (or cash investor) buying a house. In turn the vendors of that house make an offer on their next home. They will be reliant upon the sale of their property to purchase this next one. And so it goes on until we reach the end of the chain when a property is one where there is no additional property to purchase. The person who starts the chain is referred to as the bottom of the chain with the last party being known as the top of the chain. In an ideal world, we would purchase a home using a new mortgage or existing funds and the party we are buying from has no additional property to purchase. This would give us a chain of two parties and can sometimes happen in investment purchases such as a buy-to-let where the landlord buys at auction. Such a simple chain can take around 4 weeks to complete. However, this is a rarity and a chain can sometimes be as long as six or seven parties. As the number of parties increases, so too does the potential complications with the contracts. If you can imagine that each party has their own solicitor, estate agent and mortgage lender then you can quickly see how many people are involved. If paperwork is held up by any of these individuals or organisations then it can mean delays for everyone. Dealing with a chain is mostly about staying on top of your link in it. Make sure that you return paperwork promptly and that you have fully completed it and signed it as needed. Don’t be afraid to
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chase your estate agent or solicitor to find out why a chain isn’t progressing as sometimes things do need a little push. One of the things that can delay the contract process, particularly completion is insurance. Most mortgage lenders will insist that you have taken out adequate buildings insurance on your property to take effect on the day of completion. Failure to arrange this can result in the completion date being postponed. An overlooked yet essential component of the contract process is having the support of a competent and professional estate agent who can ensure that this element of a house sale and/or purchase is managed efficiently. With almost half of all homes listed for sale not completing within 12 months and almost three in ten sales falling through, you cannot underestimate the importance of how this process is handled.
Exchange In the final build-up to getting the keys, there will be two key moments in the contract process; known as the ‘Exchange’ and the ‘Completion. All of the preparation before the exchange happens is not legally binding and there is no obligation on either party to proceed with the final transfer of ownership until the exchange of contracts. Whilst pulling out could result in the loss of an already agreed holding deposit or other financial penalty, once the exchange of contracts has occurred the sale and purchase is legally binding. The exchange of contracts occurs between the conveyancing solicitors and must be in the form of a written document that has been signed by both parties including all terms and conditions set out in the sale and purchase.
Completion The completion date marks the final transfer window of ownership of the property. It is the date when the keys can be handed over and removals can be organised. Whilst this date can be set a few weeks in advance, it can be common for it to occur with very little notice. A completion date might be a target date but the actual transfer of ownership may happen at any time during the course of the day. This can be a result of the length of chain involved and, if you are near the top of the chain, is more likely to occur late in the day.
Troubleshooting Buying and selling a home can be a compilated process but having the right professional help around you should ensure that any problems are resolved quickly. Your estate agent, solicitor and financial advisor should all be on hand to help with any issues that arise. As a result, most transactions will go smoothly with little or no problems. However, there are occasions when things don’t according to plan. We take a look at a few of those scenarios here and give you some advice on how best you might wish to deal with them.
Gazumping & Gazundering A term that refers to being outbid by another party, gazumping can happen at any point during a house purchase/sale up until the point of contracts being exchanged. It was a common tactic in the 1980s but can still happen when a buyer accepts a higher offer for their property after accepting an offer. It is considered a dishonourable thing to do and can leave buyers out of pocket if they have already paid for surveys or instructed their solicitors to commence searches. Though rare, when it
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does happen you have two options; either accept that you have lost the property you wanted and walk away or you could counter the higher offer. Countering an offer in a situation where you have been gazumped can leave people with a bitter resentment and there are no guarantees that the vendor won’t do a similar thing later down the line. On the other side of the coin is the term gazundering, a phrase used to describe the practice of buyers opting to pay less than originally agreed, usually at a late stage in the contract process. The timing of this practice can lead to a complete breakdown in a chain or result in a vendor (desperate not to lose the purchase of their onward property) accepting less for their home.
Breaks in the Chain When the chain you are in is long, there can sometimes be breaks that occur somewhere below or above you that can mean delays in your house purchase/sale. These can be a result of failed finance or people pulling out of a purchase due to survey findings, personal reasons or even gazumping. Breaks in a chain which are not your fault can be frustrating to deal with and ultimately lead to delays of many more weeks whilst a solution or another buyer is found for the property involved in the break. Recognising that you have no control over this situation is fundamental and, unfortunately, all you can do is to be patient and reassure your own vendors or buyers that you are committed to the sale/purchase.
Lender’s Value Doesn’t Match the Agreed Sale Price Sometimes a survey conducted by a mortgage company can result in a disparity between the agreed sale price and what they believe the true value of the property to be. This can cause a gap between the finances needed to buy a property and what you have agreed to pay. If there is a reason why the lender has valued a home at less than you believe it to be worth then you should ask your estate agent to approach the vendors with a new offer reflecting the information found in the survey. Many vendors will naturally be disappointed with a lower offer as they themselves will have been relying on the sale value of their home to finance their next one. If you cannot agree a revised offer then you are left with a couple of options. Firstly, you could walk away and lose any money you have spent so far on solicitors and surveys or you could renegotiate finances with your lender to match the difference. If you cannot agree a mortgage or new sale price then there are other ways to borrow that could help you make up the difference. We would recommend that you seek assistance from a financial advisor if you are considering this option.
Issues with the Survey In the same way that a lenders survey could cause you to go back to the negotiating table with your vendor, your own survey could throw up some new information that may give you reason to reconsider your original offer. Major defect, such as damp, rot or subsidence, that require additional spending may mean reducing the price you wish to pay for a property. You should issue the estate agent with full details of the defects along with repair estimates to support the reduction in your offer and ask them to negotiate with the vendors. Most of the time, vendors will (reluctantly) agree to a reduced sale price in light of evidence of this kind.
Temporary Accommodation In order to avoid the complications of a lengthy chain and to give themselves more time to find that ideal home, some people choose to move into rented accommodation when they sell their home. Taking on a flexible lease allows them to respond to completion more rapidly and puts them in a strong position when they find the right property for them. Finding a suitable rented accommodation can be undertaken by most estate agents.
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Post Completion Problems After you receive the keys to your new property, there can still be issues left to deal with from the house sale process. Sometimes, vendors do not leave their property in a satisfactory condition. You may even find that items that were agreed on the contract inventory are not complete. If there are any issues such as this, then our advice would be to document what you find in writing and with photographs as evidential backup and provide this information to your solicitors, always copy in the estate agent acting in the sale so they can also make enquiries of the vendors.
Property Assistant: Estate Agents Who See Things Differently At Property Assistant, we provide fully comprehensive support services for all homeowners whether buying your first home or looking to downsize. From tailored and extensive property searching, helping you stage your home ready for market or managing the complications of a long chain, our aim is to get you matched with your perfect house as efficiently as possible. If you have any questions about the home buying process and need some support, general advice or just someone to talk to then you can contact us anytime on 0118 912 2370 or you can visit us online at www.pauk.property. Don’t forget to follow us on Facebook and subscribe to our newsletter so you never miss any important news, information and updates on all things property related.
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