Press Article
METRO - 1 June, 2011
Understanding the buying process
By Jo Eccles
Despite most national and regional newspapers in the UK featuring a property section or supplement and an abundance of property TV shows filling our screens every week, it’s amazing how little the general public actually knows about the intricacies of buying a property. As with all these things, until you come to actually do it, you don’t pay much attention to it. If you’re a first time buyer, you won’t have ever been through the process before and even if you have bought a property in the past, it’s likely you’ve forgotten as it may have been several years ago.
We find a lot of our buying clients come to us as their lack of knowledge holds them back. For example, it’s surprising how many clients don’t have the confidence to speak to a mortgage broker as they’re worried they won’t understand the options or that they’ll be charged for information upfront. According to Money Supermarket, there are 1,581 mortgage products available to first time buyers, and whilst that’s only a fraction of the 14,940 products which were available pre credit crunch, it’s still a lot to take in and understand. In fact, mortgage brokers are there to help you work out the sums and explain your options to you. They only get paid when you complete on the property i.e. when you actually get the keys, so it’s ok to call a mortgage broker and ask them questions.
Once you’ve waded through the jargon (or spoken to a mortgage broker who can translate it for you) and once you’ve found the right property, knowledge of the buying process can be a real advantage. A lot of buyers can get fobbed off with unnecessary delays because they just don’t know what is, or should, be happening behind the scenes, and how long these things should take. The longer between your offer being accepted and you exchanging contracts - when the purchase becomes legally binding - the more risk you run of being gazumped, so the more you know and the quicker you can get the purchase done, the better. If your purchase drags its heels and falls through, you will have incurred and consequently lost the fees you’ve already paid. Your solicitor will be able to explain everything to you, but will usually only go into detail if you ask. Knowledge is key, so don’t be afraid to ask those in the know!