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Why buy with Chadwells

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Property Buying Guide


Buying a property can be a daunting task and, especially for first time buyers, it can seem like a bit of a minefield. Even for those who already own property, there are many things to consider and here at Chadwells we are here to help you to make the process as quick, easy and stress-free as possible. So, to get you started on the right tracks, here is our property buying guide.


Are you buying on Your Own or with someone else?

It can be a huge financial relief to share the costs of buying property with someone else, but there are a few issues to be considered. You should remember that you are jointly responsible for the mortgage and should one person disappear the responsibility for the payments will fall onto the other person.

Relationships often change, so it is worth getting legal advice if you have any doubts about joint ownership. There are currently two options available –

Beneficial Joint Tenants – this means that you jointly own the property, there is no specific divide and if one of you dies, the entire property goes to the other person

Tenants in Common – this means that each person owns a specific share of the property, and is theirs to do what they want with. When they die, they can leave it to someone else or be sold.


Buy First, Sell First, or both at the Same Time?

If you are an existing property owner, you need to decide whether you want to buy your new property first, sell your existing property first, or create a chain by doing them both at the same time.

Buy First – By buying your new property before selling an existing one, you will not be without a home, but you do run the risk of having to pay two mortgages.

Sell First – With no chain and the money already in your pocket from the sale of your existing property you will be in a strong position when it comes to buying. It does mean, however that you may need to rent somewhere in the meantime and possibly pay storage costs.

Same Time – This is the most common, to avoid renting, but it does mean that the purchase of your property may rely on other people along the chain.


Upfront Costs

Remember that you will need to find a deposit of typically between 20% and 30% of the price of the property. Other upfront costs include stamp duty and legal fees.

When you are considering a mortgage, make sure that you shop around and do the sums to ensure that you can really afford what you agree to. Although buying a property may seem a big step and very expensive, it is possible for most people to do. Check your credit rating first so there are no unpleasant surprises and remember that location really is everything in the property market.

Chadwells Properties for Sale

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