Buying Advice
The biggest financial decision anybody takes in a lifetime is purchasing a home. That is why is it is so important to seek the best advice available. Norman Morrow & Co have built up a reputation over the years as the Estate Agents you can trust.
Why not make arrangements to come to our office to discuss what is best for you? In a fast moving market you may need to move fast so these useful tips will help you have the ground work covered to avoid disappointment and delay.
Preparation
Get best advice from a reputable Independent Financial Advisor or Money Lender who can advise on the maximum amount which can be borrowed based on your earnings, savings and monthly outgoings. It is important to have this information prior to looking at what is available and so avoiding the disappointment of looking at unaffordable properties. If you like, we can arrange a meeting with an Independent Financial Avisor for you!
Location
Decide where you want to live: In the town or suburbs or maybe in the country. Think about commuting times, local amenities, schools etc. Make a checklist of "must have" and "nice to have" features which will narrow your search and avoid time wasting.
You are now ready to look at www.normanmorrow.co.uk and www.propertynews.com to see what is available. Have a look in our window or pick up a free copy of the Property News monthly magazine. Come into our office and add your name to our extensive mailing list which will fast track information to you of properties, within your budget, just coming on to the market.
Viewings
Having found a suitable property contact us to make the necessary arrangements to view at a time that is most convenient to you. This might be in the evening after work or at weekends and it will usually be the vendors who will show you around.
Offers
When you decide to put an offer on a property it should be done by contacting the agents. We will note any conditions you may want to add to an offer ie subject to the sale of your present home, first time buyer with nothing to sell or subject to a mortgage or loan. We will forward your offer to the vendors by telephone with a follow up letter confirming both offer and conditions, if any.
Should higher offers be made we will inform you and negotiate with all interested parties until the bidding stops. We will then inform the Vendors and take their instructions. When a sale is agreed to you we will require details of the Solicitors who will act on your behalf.
Stamp Duty
Stamp duty is a government tax which is paid by the purchaser on all properties purchased over £125,000 as follows:
- £125,000 plus to £250,000 = 1% of the total purchase price
- £250,000 plus to £500,000 = 3% of the total purchase price
- £500,000 plus = 4% of the total purchase price
There is no stamp duty to pay on properties sold under £125,000. The purchaser's solicitors shall collect the amount of duty when the sale is completing.