Preparing to buy a property
Firstly, work out what you can comfortably afford, speak to a mortgage adviser if you will need finance or if you prefer not to do that, take a look at our Mortgage Calculator to get an idea of loan amounts and repayments.
The next step is to decide which locations and property features matter most to you.
Your budget is not simply the maximum a lender will offer. Consider your deposit, mortgage repayments, Stamp Duty, legal and survey costs, moving expenses and the amount you want left as a financial buffer. Our Central Services Team can provide you with a detailed and personalised cost of move document if you'd like to speak to them.
This depends on the mortgage products available to you and your circumstances. Some mortgages are available with relatively small deposits, but a larger deposit can improve the choice of products, and you may well be able to achieve a lower interest rate.
Ideally, yes. You do not need a full mortgage offer before viewing. If you speak to a lender or our mortgage advisor, they can provide you with an in-principle certificate or decision in principle, which will be super helpful to you when you make an offer for a property.
An Agreement in Principle, sometimes called a Decision in Principle, is an indication from a lender of how much it may be prepared to lend based on initial information and checks. It is useful evidence that you have started arranging finances, but it is not a guaranteed mortgage offer.
A proceedable buyer is in a position to move forward with a purchase. You might be a first-time buyer, a cash buyer, or have already agreed a sale on your existing home. Sellers often consider how proceedable you are alongside the amount you offer.
It's surprisingly simple really - be financially prepared, have a solicitor ready to act and, if you are selling, get your own property under offer. A reliable buyer with a strong position can sometimes be more attractive than someone offering slightly more.
Allow for Stamp Duty where applicable, legal fees, searches, a survey, mortgage costs, removals and insurance. There may also be immediate repair or furnishing costs. Your solicitor and mortgage adviser can help you build a realistic budget before you commit to a purchase.
This is likely to be your most substantial item of expenditure when buying. Stamp Duty Land Tax in England is calculated in bands and depends on the purchase price and your circumstances. First-time buyers may qualify for relief, while additional property purchases usually attract higher rates. Here's a handy link to our online Stamp Duty Calculator so you can see exactly how much you might need to budget for.
The entire process can take several months. Government guidance currently puts the average at around five months, although the period from offer accepted to completion can be much shorter in a straightforward transaction.
At Ashtons, some of our sellers choose to use our Assured Move product. This will help you enormously, often, halving the time between sale agreed and being exchange-ready, we will ask you for £395 for your pack (this isn't an additional cost, though. It's money you would normally pay to your solicitor to start the process, and you won't need to do that). The difference is we've done all the work in advance, and you’ll have the opportunity to sign a lockout agreement with the seller so that you are both committed to one another.
