Buying a home can be stressful - let us help you

July 2014

Stress

 

According to a poll in the Daily Mail, buying or selling your property is more stressful than bankruptcy, divorce or the death of a loved one. Fears that the deal would collapse or slow lawyers apparently cause the most stress. Well that needn’t be the case if you follow a few simple tips. 

1. I am bound to say this but the fact is that it helps enormously if you get a good lawyer. Word of mouth recommendation is the best way to find a good lawyer. Don’t simply go for the cheapest or the one recommended by the estate agent you have just spoken to. This is the most important and valuable purchase or sale you are likely to make during your lifetime so it is important to make sure that you feel comfortable with your lawyer, they are good at what they do and will be around when you need to speak with them. This will make all the difference when things get tough and you need someone to guide you through the process. 

2. Make sure you instruct your lawyer early in the transaction, even before your estate agent if you are selling. There is a lot of paperwork to complete before you can exchange contracts. It makes sense to deal with this as soon as possible so there are no delays later in the transaction when you are desperate to move into your dream home. 

3. If you are selling, then choose a good reliable estate agent you feel comfortable with. Again, word of mouth recommendations can make all the difference. Going for the cheapest commission rate will not necessarily lead to the best outcome for you in the long run. 

4. Make sure you prepare your property for sale. The house should be clean and tidy to attract potential buyers and achieve the highest possible price.  It needs to look good in the estate agent’s window or their brochure if you are to achieve that quick sale that everyone wants. The longer the house is on the market, the longer you must make sure that the property is in a presentable state. It can be so stressful being neat and tidy all of the time! 

5. Don’t set your heart on a property that you want to buy until you have sold your own house. If you struggle to sell your house then this will only lead to disappointment and more stress. Make sure that you are realistic about the value of your property. If not, you may find that your house is stuck on the market festering while everyone else is moving on. 

6. When buying, make sure you organise a survey of the property and your mortgage finance as soon as possible. If there is a structural problem with the house then it makes sense to find out now rather than later when you have wasted time and money in the conveyancing process. With the Mortgage Market Review now requiring lenders to look more closely at a borrower’s ability to repay their mortgage, offers are taking longer to be issued. Delays in a chain are frequently the reason why one party in the chain will withdraw. Make sure you organise your survey and mortgage offer at an early stage. 

7. Be aware and realistic of your financial position. There are lots of additional costs that you may not have considered so make sure you check with your lawyer, mortgage broker and estate agent what costs will be incurred. There are always little extras that are incurred for one reason or another so make sure you have some additional funds to cover unforeseen extras. 

For a friendly, no obligation chat about your move, why not call one of our residential property lawyers to see if they can make your move less stressful.