Freehold: You own the building and the land it stands on indefinitely. Leasehold: You own the property but not the land, and only for the length of time remaining on your lease agreement with the freeholder.

Calculate your budget – if you require a mortgage seek independent mortgage advice and if you are purchasing with cash research all costs involved in the purchase.

Buying a property requires the services of third parites, such as solicitors, surveyors, mortgage brokers / lenders etc., as well as some mandatory taxes e.g. Stamp Duty Land Tax (SDLT)

Offers are often made to the estate agent marketing the property. We’d recommend following up a verbal offer in writing to the agent, including any terms, conditions or requirements clearly.

Yes, it is advisable as a survey identifies potential issues with a property, such as structural problems, which could impact the property’s value and your decision to purchase.

(If you are buying a new build property or one still covered by NHBC Insurance a survey may not be required.)

Exchange refers to the point where the buyer and seller legally commit to the transaction by signing and, metorphorically ‘exchanging’ contracts. The buyer transfers their deposit monies to their solicitor’s bank account and the solicitor requests the mortgage lender forward the balance to them. Completion dates are then agreed.

Timing can be difficult and there’s often a short overlap between a rental agreement ending and Completion on the purchase. You will need to know your notice period and it is advisable to inform the estate agent you are buying through of the timeline you require, in advance. No one likes a surprise at the last minute.

The Consumer Rights Act 2015 protects buyers from estate agents who misrepresent properties or offer unfair contracts. In addition there is a property ombudsman and agents are required to be a member of a property redress scheme.

Period properties often have a great deal of charm with historic, architectual features and a story to tell. However, they are old and if they haven’t been well maintained can be expensive to upkeep. New-build properties tend to be more efficient with new wiring and heating but potentially have less character.

If less than 10 years old it should have a new-build guarantee still in place.

Ultimately, it boils down to taste and preferrence – we can’t help you there!!

A property chain is a series of buyers and sellers who are connected because their transactions depend on each other. One buyer uses the money from their sale, adds to it and purchases a more expensvie property.

This happens over and over creating a line of people all dependant on each other. If any of the sales fall apart the whole chain is effected.

On moving day the contracts Complete. The buyer receives the keys to their new home and the seller receives the money for the property.  

It’s the final step in the conveyancing process and the day when ownership is transferred. 

Yes, you can!! MyPIPS has decades of experience in negotiation and renegotiation. Get in touch if you need some help.

You should arrange for building’s insurance to be in place when you exchange contracts. Contents insurance should be in place for when you move your possessions into the property.

Get an agreement in princple first. You’ll know how much you can borrow and therfore how much you have to spend on the property, as there are other associated costs when buying a property that need to be accounted for.

Gather as much information as you can about the property and surrounding area. Check out the general condition of the property; is there any obvious damage, large cracks, damp patches etc? (A surveyor can carry out a more detailed and professional inspection at a later date if you want to buy it.) Do the property details accurately portray the property? Ask about access to the garden, outbuildings and garages. Look in the loft if possible for signs of leaks or daylight through the tiles. Signs of bats or squirrels too. Run a tap to check water pressure. Is the boiler / heating system / fuse board ancient? The more information you get the better.

How much interest has there been in the property? Why are they selling? What are the neighbours like; quiet, nice, students? How long have they owned it? Have they carried out any work to the property since owing it? Ask the person conducting the viewing about the cost of utility bills, council tax, building maintenance and lease if an apartment. What are the parking arrangements if unclear and have there been any recent issues in or around the property.

Common issues with older homes include electrical and heating systems, damp, structural problems, roof and guttering issues and pests such as wood beetle etc.

The Local Authority website will have a Planning & Building Control page available to the public which documents all planning and building control applications, the plans and the Council’s decision. You can usually search using an address, a postcode or a map.