Welcome to Alexander Reid & Frazer Buyers Guide
Congratulations on taking the first step towards buying a house! At Alexander Reid & Frazer, we understand that buying a house can be a daunting experience, but we are here to help you every step of the way. Whether you are a first-time buyer or an experienced mover, we will provide you with a clear overview of the process involved in buying a property in Northern Ireland.
Getting Your Finances in Order
Before you start looking for your dream home, if you need a mortgage, it’s important to get a handle on your finances. This will give you a realistic idea of how much you can afford to borrow and will help you to stay within budget.
Arrange a Mortgage Agreement in Principle
A mortgage agreement in principle, also known as a Mortgage in Principle (MIP), is a conditional offer from a lender that outlines how much they are prepared to lend you. To get a MIP, you will need to provide the lender with some basic information about your financial situation, such as your income, outgoings, and credit score. The lender will then use this information to calculate how much you can afford to borrow.
Getting a MIP is a free, no-obligation process and it is a good way to get a head start on your house search. It will also show sellers that you are a serious buyer.
Consider All Costs Involved in Buying a House
In addition to the mortgage amount, there are other costs to consider when buying a house. These include:
• Deposit - The deposit is a lump sum of money that you will need to pay upfront when you buy a house. The size of the deposit will vary depending on the lender and the type of mortgage you choose, but it is typically between 5% and 25% of the purchase price of the property.
• Conveyancing fees - Your solicitor will handle the legal aspects of buying a house, such as carrying out searches on the property and transferring ownership from the seller to you.
• Surveyor's fees - A surveyor's report will identify any structural problems with the property and will also highlight any potential repair work that may be needed.
• Removal costs - The cost of hiring a removal firm to move your belongings to your new home.
• Stamp Duty Land Tax (SDLT) - This is a tax that is payable on most property purchases in Northern Ireland. The amount of SDLT you will pay will depend on the purchase price of the property.
Find Your Dream Home
Once you have a good understanding of your finances, it is time to start looking for your dream home! Here at Alexander Reid & Frazer, we have a wide range of properties to suit all budgets and tastes.
• Browse our listings online - We have a user-friendly website that allows you to search for properties by location, price range, property type, and other criteria.
• Register with Alexander Reid & Frazer - By registering with us, you will be the first to hear about new properties coming onto the market.
• Tell us what you are looking for - Our experienced team will help you find the perfect property.
Making an Offer
Once you have found a property that you are interested in, you will need to make an offer to the seller. It is always best to start with a realistic offer that is in line with the current market value of the property. Our experienced sales team will put forward your offer on your behalf. Once your offer is accepted you can then move to the next stage:
• Instruct a solicitor - Your solicitor will be able to advise you on the legal aspects of making an offer and will also be able to negotiate the terms of the sale with the seller's solicitor.
• Arrange for a survey - It is always recommended to have a survey carried out on the property before you exchange contracts. This will give you peace of mind.
Exchanging Contracts
Once your offer has been accepted, you will need to exchange contracts with the seller. This is a legally binding agreement that outlines the terms of the sale, such as the purchase price, the completion date, and any special conditions.
Completion
Completion is the final stage of the buying process. This is when you will become the legal owner of the property and you will be able to collect the keys. On the day of completion, you will need to:
• Pay the balance of the purchase price - This is the difference between the mortgage amount and the purchase price of the property. Your conveyancer will do this for you.
• Pay any outstanding solicitor's fees and stamp duty – Your solicitor will advise you about this.
• Sign the transfer deed - This is the legal document that transfers ownership of the property from the seller to you.
Additional Considerations
• Buildings insurance - Once you have bought your house, you will need to take out buildings insurance to cover the cost of repairs to the property in the event of damage from fire, flood, or other unforeseen events.
• Life insurance - It is also a good idea to take out life insurance to protect your mortgage repayments in the event of your death.
Moving House Tips
We understand that moving house can be a stressful time, but there are things you can do to make the process as smooth as possible.
• Start planning early - The sooner you start planning your move, the better. This will give you plenty of time to declutter, pack your belongings, and arrange for removals.
• Get quotes from removal companies - It is always best to get quotes from several removal companies before you make a decision.
• Change your address - You will need to notify all important organizations of your change of address, such as your bank, utility companies, and the electoral register.
We are Here to Help
Buying a house is a big decision, but it can also be a very exciting time. At Alexander Reid & Frazer, we are here to help you every step of the way.
Our experienced sales team has a wealth of knowledge about the local property market and will be able to guide you through the buying process from start to finish.
If you are thinking of moving, buying your first home or considering investing, please contact one of our friendly sales team on 028 4461 9966 or email info@alexanderreidfrazer.com to find out about what to do when buying a home. Speak with us to arrange a free consultation or register with us to receive the latest property listings directly.
We would love to hear from you and look forward to helping you find your dream home!
