Are you looking to buy a property in Collier Row, Romford? You must have a few questions! We are here to make the process smooth, slick and simple!
When should I arrange a mortgage?
Our advice would be to arrange a mortgage before you start viewing. This way you will know how much you can afford and therefore be clear and concise about what type of property to look for.
Your lender will be able to provide you with a mortgage in principle (AIP), this will let you know what you can borrow in the specified timeframe.
Most estate agents will not entertain a viewing without you having this in place.
Are you a regulated company?
Here at Keystones Property we are a member of the Property Ombudsman, which are our governing body.
What should I do about solicitors?
Here at Keystones Property, we can recommend you a solicitor. We always advise you go on recommendation from someone who has had experience with a chosen solicitor. A bad solicitor can make you do all of the hard work and be detrimental to a purchase, and can even make a sale fall through – they don’t work on commission!
Our advice is to get your quotes in early and do not necessarily go with the cheapest solicitor.
What do I need to make an offer?
We require all of our offers in writing. We require you to show us proof of your mortgage decision in principle and a proof of deposit. We would also need to know your position, whether you are a first time buyer, no chain or have somewhere to sell to fund your purchase. In some case you may have to be screened by our financial advisor.
Will you take the property off of the market for me?
We generally place the property as “under offer” for 7-10 days, this gives you enough time to get your survey paid for and booked in. We will place the property as SSTC once your survey is booked. Every case is slightly different but we will not be pressured to take a property off of the market, the decision will always lie with our vendor. We will always advise our vendor what is the best thing to do.
How long does a sale take?
Every sale is different and there are many variables in a sale, so it is hard to predict. We estimate an average sale to take between 4-12 weeks. Many factors such as the mortgage, legal’s and individual situations can be hold ups in a sale. Our advice is to get your mortgage and solicitors tied up at the earliest convenience to give you the best chance of a smooth sale.
Should I find a property before I put mine on the market?
This is the chicken/egg scenario. The number one debate we hear. Our advice is simple, put your property on the market first, we can always explain to buyers that they must be willing to wait until you have found. You may miss the home of your dreams due to not having your property on the market in the first place. Alternatively, you can market your property with us via our Discreet Marketing option – see our marketing page or give us a call on 0203 697 7788 for a chat.
How much Stamp Duty will I have to pay?
When you purchase a property, you will have to pay Stamp Duty Land Tax; this is law in the UK.
Purchase price of property (£) New rates paid on the part of the property price within each band
£0 – £125,000 0%
£125,001 – £250,000 2%
£250,001 – £925,000 5%
£925,001 – £1.5 million 10%
Over £1.5 million 12%
I don’t understand the difference between Leasehold and Freehold?
Leasehold is when you own a property on a fixed term lease, but you do not own the land that it is built on.
Freehold is that you own the property including the land.
Share of Freehold is the ability to own your flat outright, this essentially works when the owners of the leasehold flats buy the freehold outright, divide it up as directors of their leasehold companies and own a share of the land.
Generally with flats including Share of Freehold there will be maintenance and ground rent to pay.
When should I increase my lease?
You should enquire into increasing the lease when it is at 80 years remaining. The longer you leave it the more expensive it will be resulting in the value of the property diminishing with it.