As reported by the Office for National Statistics, in 2018 the number of residential property sales fell by 4.7%, seeing 855,879 houses sold across the UK.
In addition, the number of flats sold also fell, with a large decrease of 10.5% in sales. However, with the prices of monthly mortgages lower than renting, in 2018 Statista predicted that the number of house sales is expected to rise between 2019 and 2022.
From securing a mortgage to finding the right property and making an offer to selecting your loan, purchasing a house requires a great deal of time and patience.
Prior to starting the home-buying process, it is imperative to ensure that you not only have savings for a deposit, but are also able to pay expenses including mortgage fees. Typically, it is recommended that those looking to purchase a home have a deposit of 5% – 20% of the home cost. Not only does this reduce your overall monthly mortgage, but it also provides greater access to the mortgages offered by banks including Barclays, HSBC and Santander.
Having saved a deposit, selecting a scheme or mortgage deal is the next step on the home-buying ladder. From the Help to Buy equity loan to Shared Equity, there are a number of Government schemes available to support both first-time home buyers and existing homeowners. The Help to Buy Equity loan offers a loan of up to 20%, leaving you only needing to fund the remaining 5% deposit in order to quality for a mortgage. The Government also offer the Help to Buy ISA, which sees savings boosted by 25%. For many, this helps relieve the pressure and struggles that saving for a large deposit incurs.
Upon saving a deposit and finding a property you can afford, prior to finalising your mortgage you’ll be required to make an offer and arrange for a solicitor to handle any legal work and searches that needs fulfilling. This typically includes a valuation survey, coal and environmental search, a water and drainage search and a local authority search.
Whether you are purchasing your first or third property, moving home, whilst extremely exciting, can also be a stressful process. Here at BWL, our residential property lawyers are on hand to help ensure that your home purchasing process is smooth and under control at all times. From financial advice to legal and technical details until the transaction is complete, we will work with you to ensure that you are aware of everything you need to know at every stage. Due to being on the panels of a majority of banks and building societies, we have the ability to provide a speedy, yet expert service.
If you believe you could benefit from legal support, contact our team via phone, email or our contact us page today to find out how we can assist you.
Phone: 01792 655 178