Step-By-Step Guide to Buying
At Space Estate Agents we appreciate that buying a property is a huge milestone. Not sure where to live? We want to make that stressful house-hunting journey a little easier by offering potential homes in some of the best locations Liverpool has to offer. From the prominent residential areas of West Derby and Old Swan to the popular suburb of Halewood, you can be sure to find a property that is right for you.
Winning the prestigious title of European Capital of Culture in 2008 generated £753.8 million for the city. Thanks to this recognition, Liverpool persists as a vibrant metropolis which boasts various cultural and historical landmarks. Belonging to Liverpool is two of England’s largest (and rival) professional clubs, Everton and Liverpool F.C. With Goodison Park residing in Walton and Liverpool’s Anfield Stadium less than a mile away, it is no wonder the two teams lock horns – especially when there is a derby! If football isn’t for you, Liverpool is also home to Crosby Beach which stretches across two miles of beautiful coastline where you will see Sir Anthony Gormley’s modern art sculpture Another Place; 100 cast iron figures which look out poignantly to the sea. The city is not shy of impressive architecture either, arguably the most famous building in Liverpool is the grade 1 listed Royal Liver Building at the Pier Head; the two mythical liver birds who are said to guard the city. Liverpool is also characterized by the city’s cathedrals: the Anglican Cathedral (the 8th largest church in the world) and the Liverpool Metropolitan Cathedral situated approximately half a mile to the north.
Of course, the city is mostly celebrated for being the birthplace of The Beatles. Everywhere you go in Liverpool you can be sure to come across a famous Beatles location. At the Royal Albert Dock, superfans can visit The Beatles Story the largest permanent Beatles exhibition in the world. Even better, hop on board the magical mystery tour bus and visit iconic Beatles landmarks such as Penny Lane, a popular area of the city home to several lively restaurants and bars and St Peter’s Church in Woolton Village where you can find the grave of Eleanor Rigby. In Liverpool there are plenty of nostalgic spots to go back in time and visit the city through the lens of John, Paul, George and Ringo.
We hope that you decide that Liverpool is the place for you, and if so, here is a step-by-step guide on what to do next:
1. Save for a mortgage deposit
The first step of the buying process is to save money up for a deposit. Typically, you will need at least 5% of the price of the property you want to buy. For example, if the property you want to buy is £150,000, you will want to fund £7500 yourself and borrow the remainder.
If you’re a first-time buyer, it is worth looking into a Lifetime ISA where you can save up to £4000 a year and the government will add a bonus of 25% (£1000).
2. Find out how much you can borrow
Get a mortgage in principle or an Agreement in Principle (AIP); provide a mortgage broker or a lender with information about your finances and they will provide you with a statement of how much money you can lend from them.
3. Start searching for a house
When looking for a property, there’s a lot more to it than just liking the actual house itself. You must take into consideration your priorities: is the property well-connected? What are the schools like nearby? There are lots of factors to think about, so don’t rush into anything. Taking the time to research a particular area is crucial.
4. Arrange a viewing
Once you have decided on the location, it’s time to have a look at specific properties which have piqued your interest during the search.
5. Make an offer and have it accepted
When you are confident that you have your finances in order, it’s time to make an offer. Sellers will be more likely to accept your offer if you are in a good financial position.
6. Arrange mortgage
After being accepted and you have your finances in check, contact your mortgage company and start the process of becoming a homeowner.
7. Property survey
Your instructed conveyancer will do a survey of the property to check for any structural issues. If issues do arise, now is a good time to renegotiate your offer.
8. Instruct a conveyancer / solicitor
A conveyancer/ solicitor is now needed to handle the legal paperwork to transfer the ownership of the property from one party to the next.
9. Negotiate a completion date
If you’re happy with the checks done by the conveyancer, you need to negotiate a completion date (the day the keys are handed over) which is usually about four weeks after the exchange.
10. Transfer deposit to conveyancer
Before you exchange contracts, you must hand over the 10% deposit to your conveyancer.
11. Exchange contracts
Once contracts have been exchanged with the seller, you are legally bound to the property. Remember, you will lose your 10% deposit if you pull out after this stage. You can only exchange contracts after the conveyancer is happy with the searches, a mortgage offer has been received, and have provided the conveyancer with your 10% deposit. From the date of exchange, you are responsible for the property so you must take out building’s insurance.