Tips for a safe purchase


As a general rule there is no formula to be followed while searching for a property. Some people view houses following a wish list, trying to find the property that ticks all the right boxes. Others are able to recognise the correct property as soon as they walk in, based on their instinct.

So, what is the correct way to follow for a trouble free purchase?

Our suggestion is to use both methods. As long as you have a clear mind on what you are looking for, having a wish list is advisable but don’t base your decision only on it. Try to include only serious requirements in your wish list avoiding small details. At the same time allow your self to wonder around each property no matter if it doesn’t tick all the right boxes and see how comfortable you feel there. Imagine you and your family living there and visualise the property in each season. If the property “speaks” to you then perhaps you should re-consider your requirements.

No matter what is the best method for you to follow there are always some useful pieces of advice you can follow in order to avoid any future troubles.

Purpose of purchase


Have a clear mind why you wish to buy a property. Is it to use it as a permanent home, a holiday place or for investment purposes? Is it perhaps a combination of all three? If yes then have in mind that you might need to compromise a bit with your requirements so that you will be able to satisfy all your needs.

Location


Be very careful with the location of a property, as this is not something that can be changed. Have a look at the area around and see what kind of facilities the area offers. Estimate what is the distance to places of your interest like schools, shopping centres, hospitals, airports etc. Check the view and imagine how the view will change if more developments will occur around the property. Check also for any noise or unpleasant smell in the area. If you have the time also speak with other people living nearby and ask for their comments.

Costs


As nobody wants to be pushed with money, while setting your budget take in consideration the Extra costs you will have to face like Stamp duty, Transfer fee, Solicitors fee as well as the exchange rate while transferring money from abroad.

Mortgage


Make sure that you are able to contribute the 30% down payment in order to secure a mortgage. It can be a very unpleasant experience if you proceed with the down payment and finally you realise you cannot secure a mortgage. Check the mortgage rates and see if the proposed monthly payment is realistic for you.

Title deeds


Make sure that the property has a separate title deed. If not check for the application submitted in the Land registry for a title deed so that your solicitor will investigate the proposed period needed for the title to be issued. Your solicitor will also have to check if there are any liabilities on the title like mortgages or memos.

Contract of sale


Make sure that your solicitor has checked the proposed contract. If you have any questions take the time to discuss them with your solicitor before signing. Note that for new developments a set of the architectural plans and a copy of the Panning and building permission have to be attached unless it is stated differently.