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By: Ikedi Ani-okoye.

Looking to purchase your own home?

The amount that you can afford to spend on a home will be a combination of the f unds that you can raise yourself and the amount you can borrow from a mortgage lender.

Points to consider: buying a new home

Do you want to borrow as much as you can, or buy a cheaper home and have more flexibility in your finances? As tempting as it may be to borrow the maximum amount, remember that you coull lose your home if you can't keep up with the repayments.

Buying a house includes other costs besides the property itself: lluation fee _ Home-h~ fluor's report or building survey - Legal expenses Stamp duty Regatta fees ar Registry fees Removal expenses Once you become a homeowner the following expenses should also be factored into your budget as they will have a bearing on the mortgage repayments you can afford:

Monthly Living costs, General home maintenance costs, Council Tax, Household bills, Once you know your budget, you are ready to see what type of property your money will buy you... ifs time to go shopping!

Points to consider: buying a new home

Write a 'wish list' of what you want in your ideal property, but be realistic - you may need to compromise on some things. Number of bedrooms? Parking: garage Vs off-street? Proximity to good transport links, work, shops, schools? Noise: busy city centre Vs quiet residential, Other important features: style and age of property, running costs, security?

fake someone with you when viewing properties - they might see things that you may have missed, or not thought about. When you have found a property that you like. it's time to make an offer. When the offer is accepted. you will then need to arrange your mortgage to Purchase

Points to consider :buying a new home

Do not be afraid to make an offer below Knute - the seller might be prepared to accept it. Curb your enthusiasm and consider how much you can really afford including all involved in buying)ut buying your home

Even though your offer has been accepted, the sale of the property is not legally binding until contracts have been exchanged. The mortgage process requires that you provide financial documents for the lender to assess your mortgage application and - if you are successful establish how much to lend and on what terms.

The lender's decision will be based on your income, credit history and credit score. Proof of identity, Proof of salary Lif you are employed), Credit history (such as how you have kept up any previous mortgage payments, or regular rent payments)

Points to consider: buying a new home

It is worth organising your mortgage early on in the house hunting process in order to move quickly once you've found your ideal property. To find the best mortgage for your needs, it's important to shop around for the best deal.

Before approving your mortgage application. the lender will require that a survey be carried out by a surveyor to establish the property's value. The valuation is not an extensive survey and will not necessarily identify all the repairs or maintenance that the property may require.

Points to consider: buying a new home

It is worth having your own survey carried out to identify any structural problems that may exist. At this stage all negotiations remain subject to contract so you can renegotiate the price of the house if the survey highlights any issues.

Normally the valuation is at your expense.

When the lender has completed all the necessary checks, assessed the property, your identity. proof of income and is satisfied that you will be able to repay the mortgage. a formal mortgage offer will be issued. The formal offer contains all the terms and conditions specified by your lender. Once it is signed and returned you will be ready to exchange contracts.

Points to consider: buying a new home

Make sure that you have all the relevant paperwork and documents in order original or certified copies of P60s, pay slips, passport or driving license, bank statements, non-mobile phone utility bills.

The legal procedure of transferring ownership of the property from the seller to the buyer is known as 'conveyancing'. Although it can be a straight forward process. it is worth using a specialist solicitor or licensed conveyancer.

Your conveyancer is acting on your behalf to ensure that:

the title deeds of the property are accurate and that there are no problems; you will obtain proper ownership of the property; there are no hidden problems with the property e.g. planning conditions or strict rules of ownership;

there are no hidden problems with the property e.g. planning conditions or strict rules of ownership; the seller has all the paperwork for the property in order, e.g. planning permission and completion certificates for any alterations or extensions to the property the negotiations of the draft contract correctly set out the terms of the sale; the change of title to the property and the mortgage deed are registered with the Land Registry.

Points to consider: buying a new home

Conveyancing fees vary, so shop around for several quotes and ask for a breakdown accept their services. Once the conveyancing work has been completed, and the contracts have been signed both you and the seller are legally to the deal. At this point, you will need to pay a deposit o~ about 10%o of the purchase price.

You become the legal owner of the property on an agreed date (the ,completion' date) after contracts have been exchanged and the balance owed is transferred from your mortgage lender to the seller. Once this is done. you can take possession of the property and officially move in.

CONCLUSION

Moving into a new house can be very stressful. so organisation is key: fry to prepare the actual move as far in advance as possible. If you are using a removal company, get several quotes to make sure that you are getting a good deal. Before you move in, make sure that you have: Organised buildings insurance cover; Arranged for the connection of gas, electricity, water and telephone; Redirected your mail and change of address; Informed everyone who needs to know, that you have moved to a new address e.g. bank, doctor, dentist your employer, schools, DVLA. children's schools.