What Delays Are Involved in Conveyancing and How They Can Be Avoided

When buying or selling a property, the legal aspect of transferring the ownership generally takes 6 to 8 weeks on the average, given that there are no complicated circumstances surrounding the transaction. Conveyancers see to it though that when problems arise anytime in the process, they advise their clients properly and come up with solutions.

While there is no definite date that conveyancing an be completed, conveyancers can give an estimated date based on the usual processes involved. They are also expected to inform their clients of what is needed and how potential delays can be sorted.

Besides the paperwork and the general tasks, there are other things that could cause delays in the process. Here are some of them:

mortgage1. Mortgage Offers

Depending on who the mortgage provider is, mortgage approvals can take a few days to sometimes a couple of weeks as lenders will need to verify a few details and oversee the valuation of the property involved. This is often overlooked by buyers and until such time that the mortgage is approved; buyers are not advised yet to instruct their conveyancers to negotiate offers, conduct searches, and arrange the exchange of contracts.

home inspection2. Access to the property when surveys are requested can take time, too.

While mortgage lenders work on the valuation of the property, buyers also need to make sure that it doesn’t have any structural issues that could break the deal; hence a survey might be necessary. While professional surveyors oversee that this is completed promptly, access to the property may be delayed if the sellers are not properly informed. It is important that proper access and permission to conduct surveys are coordinated between parties to avoid having to wait too long.

survey3. Survey results often cause a lot of discussions – which could make or break the deal.

A few issues on the structure affect the value of the property and sometimes the willingness of the buyer to push through with the purchase. This also prompts the mortgage lender to offer a lower mortgage amount to the buyer. The seller may also have to arrange maintenance and repair work if they are keen to have the property sold to their ideal buyer. This may delay the transaction for a few days to a few weeks.

planning search4. Property searches can also take days or weeks.

Part of the conveyancing process is a property search. While surveys are designed to check the property itself for structural issues, searches are conducted to make sure that all aspects surrounding the property, including but not limited to water and drainage, local authority, and environmental, are good and would not affect the dwelling of the property’s new owners. There are times when a Local Authority search request alone can take days to be approved and the search result may take a few more days.

buy and sell a property5. The chain of interlinked transactions involving other parties will bring the transaction to a longer wait.

Sellers having to find a new property to move into and buyers having to sell their property to have enough funds can take a while. This is not unusual in the housing market – having more people involved in an interlinked series of buying and selling. Proper scheduling and coordination is needed at this point, otherwise, it could take weeks (even months) before it moves towards completion.

conveyancing6. There may also be issues with the property title.

There are times when the sellers are not necessarily the registered owners of the property; they could be executors of a dead person’s estate where the probate is yet to be granted. This could mean more waiting time for the buyer. The same delay is also probably when the property is not registered yet at the Land Registry and thee deeds happen to be missing.

But How Can These Delays Be Avoided and Sorted

Proper planning and coordination, together with mapping an action plan, will always do the trick. Of course a lot of patience has to be involved, too. Conveyancers of both the buyer and the seller need to work together for their clients and give an assurance to the best of their abilities to get everything sorted. They should be able to anticipate a few issues here and there and advise their clients accordingly. Proper discussions and laying out of what they will do to resolve the issues should always come first.

If the seller thinks there are issues that could be a challenge to selling their property, they should discuss this beforehand with their conveyancing solicitors perhaps even before they put the property on the market. Doing it will prompt the conveyancer to have the documents together and come up with solutions to address whatever issues may come ahead of time.

And while proper coordination and setting the right expectations can help prevent the delays in a transaction, sometimes there are situations that are hard to anticipate – leaving the involved parties to just cringe in frustration. For instance, if the seller passes away in the middle of the transaction, a legal consultation regarding how to proceed is needed. Cancelling the whole deal may also be imminent.

These issues are the reason conveyancers are around – to prevent sour fallout of a possibly good transaction. This is also why a buyer and/or a property seller should be able to wisely choose which conveyancing solicitor or firm to instruct. It assures them that all the circumstances involving the transaction will be sorted seamlessly and get it all completed at a given turnaround time. Most solicitors are very diligent in doing this. It only takes buyers and sellers a matter of choosing the right one. Shopping around for a good one and asking for conveyancing quotes online, which will also suit their budget, is always the best option. They also have to make sure that the conveyancers they instruct are accredited by the Law Society’s Conveyancing Quality Scheme, so that the processes are carried out with a certain standard of excellence.

 

 

 

 

 

 

Can Buyers and Sellers Instruct The Same Conveyancer?

There are times when you can’t just avoid using the same conveyancer that your transaction partner has hired. For instance, as a buyer, you may have had a direct negotiation with the seller regarding the contract of sale. This may help you save money but you might want to look at this situation carefully. You may not know it yet but there are risks in instructing the same conveyancer – both for you and the seller, as well the solicitor.

Conflict of Interest

There are several reasons buyers and sellers are better off choosing a different conveyancer each for a transaction. To start with, the conveyancer may end up in a conflict of interest. It might be tricky for them to look after both you and your seller’s best interest should a dispute or difference happen during the process. And even without a dispute, conflict of interest is still very likely to happen. For instance, if the buyer wants to move in before or at the same time that the transaction is completed, the conveyancer may not be able to advise the seller that it’s going to be unfavourable for them, because the buyer’s favour/interest is also on the table here.

A lot of conveyancers may also not agree to represent both the buyer and the seller in the same transaction. The ones that agree to this will often require both parties to sign release forms should a conflict of interest arise somewhere in the process. You should consider this before you even think about how much money you’re about to save when agreeing to use the same conveyancer that your seller hired.

Conveyancers Looking After Everyone’s Best Interest

Another reason you might not want to hire the same conveyancer is that it makes it harder for the expert to meet both parties’ interest. Buyers and sellers using the same conveyancer often find it that their best interests are often overlooked, and worse, neglected. This is because the conveyancing solicitor is likely unable to provide sound advice that will favour both parties. They’re apprehensive that whatever advice they give to one may negatively affect the other. It is important that buyers and sellers, at any given point in the transaction, are provided sound advice by their conveyancers to ensure a seamless transaction over time.

If both buyers and sellers will use the same conveyancing solicitor, they services they’ll likely get will be limited to the basic processes. They may not be able to get a personal level of service and extensive advice, compared to when they hire a different conveyancer.

Given these reasons, you should consider instructing a different conveyancer to work on your transaction. This will help ensure that you and your seller will have high quality advice and excellent services as your respective conveyancers work with each other. Your best interest will be given utmost consideration and your rights are absolutely protected. You can also expect a much straightforward conveyancing process while all the challenges in the process are looked after and taken care of. If you’re still in doubt or clueless as to which conveyancer to hire, it is always best to shop around. You might want to request for a conveyancing quote from different firms to compare, especially if you have a budget set to the process alone.

The Five Crucial Things To Heed Before Buying Your Own Home

A lot of people have been in the know of how to prepare oneself emotionally and financially when buying a property. They provide proper advice and best tips on how to save, take care of credit ratings, find an estate agent, conduct surveys and home inspections, find an ideal location, and a lot more. But what about the rest of the things that one needs to consider when stepping onto the property ladder? Some of them may just miss out on other bits that could affect one’s home buying decision.

1. Not everyone is meant to own a home.

Some may just not want it that much or may not have enough time or a stable and consistent financial status to actually want to buy their own home. While so many of us have been told since we were young that we will eventually own a property for ourselves and/or for our family, there are still the rest out there who doubt if home ownership is right for them. At the moment, it doesn’t seem likely for them as they need to move from one job location to another; or they’re not really cracking about home maintenance and repairs. While you may reckon at the moment that it isn’t right for you just yet, you might want to still prepare yourself for something like it in the future.

2. Plan ahead and give it time.

An average person generally moves places every seven years and it also takes roughly 3 to 5 years before they can keep up with the costs of their moving expenses. If you want to make your purchase worth it, consider planning ahead of time and checking every expense against how much you can actually afford. This helps you determine if you can move homes without hurting your finances in the process.

3. Determine the needs against what you just want.

Always focus on what you need instead of “what would be nice to have”. For instance, you might find a larger property better and nicer but always consider that a bigger home is more expensive than a modestly-sized one. And this isn’t just about the purchase price but that tax that comes with owning a property. The bigger property you own, too, the more likely you are to get worried about maintaining it. Always be on the lookout for a property that suits your needs and would keep you away from troublesome financial repercussions.

4. Feel free to negotiate.

A seller’s asking price is generally not final. There should always be a reasonable room for negotiation. If you feel that there are a few bits in the property that you could leverage on to ask for a lower selling price, do it without insulting the owner/seller. Remember that you are in control of your budget and that you should be honest to the seller, too, about how much you can afford and see if you can both come to a compromise.

5. When in serious doubt, consider backing out of the transaction.

If you have not made an offer yet, and you see deal-breaking issues on the house, feel free to decline and look for another property that you could buy. Always remember that home buying is a huge financial commitment – what with the purchase price, surveys, mortgage, and conveyancing costs lined up, you could be in for some trouble if you do not think carefully of your decisions. Try not to wear your heart out on your sleeves when checking out a property and don’t get overexcited that you forget to negotiate before committing yourself to buying. You should be in control of what you think is an ideal and affordable home for you.

Conveyancing and The Advent of Technology

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How The Internet Helped In The Progress Of Conveyancing

From verifying their clients’ legal capability to sell and purchase properties to ensuring that there are no issues that could affect the transaction, a conveyancing solicitor needs to see to it that everything is sorted in the agreement before the transaction gets completed. Such can be time consuming and a complex process that an efficient solicitor has to be diligent to carry them out and ensure their clients of a stress free process.

While sellers and buyers expect that their conveyancing solicitors will represent them properly throughout the transaction, it is just as important that conveyancers meet this expectation – and even really walk an extra mile to exceed it. Otherwise, we’re going to see a really frustrated property buyer/seller. In fact, we have seen so much in reports that conveyancing is one of the most complained about legal processes in the Legal Ombudsman’s office.

Today, we see the thriving of the UK Housing Market and the government, together with select private building societies and financial institutions, have each been working on schemes to help property investors (particularly buyers) afford new home through an equity loan. It gives almost everyone a chance to buy a property with deposits going as low as 5% of the actual selling price. And even though the population still seems divided about these programmes, it cannot be denied that it lifted the property investment game. We have seen an increase in the number of first-time buyers, and a huge growth in demand for properties to buy.

But as the Housing Market sees a favourable present, people have an increasing concern to find reputable conveyancers to help them through their transactions. They now expect to instruct solicitors to act on their behalf very effectively and diligently throughout the legal transfer process. This is the reason conveyancing solicitors ought to show their prospective clients what they have done in their practice, and assure them of how efficiently they carry out their tasks. They also need to be quite brilliant in terms of communicating with buyers, sellers, estate agents, and fellow conveyancers to oversee a smooth and seamless transaction.

How does the advent of the Internet help conveyancer in meeting their clients’ expectations?

While your friendly neighbourhood conveyancing firm still works fine in their traditional ways within and around their offices, using the local post to receive and deliver the paperwork and communicate with their clients, the Internet has paved the way for faster and more convenient way to do such. Conveyancers can now have a faster turnaround time in terms of working on the documents while talking to their counterparts and their clients through various available channels – primarily via email, SMS, phone calls, and instant messaging.

This then requires the conveyancing process to be more efficient and less stressful. Faster communication and document exchange through the Internet has made conveyancers able to address questions and resolve issues more diligently.

As technology gets more advance, and conveyancing keeping up with the dynamics, regulations and compliance restrictions are also expected to be at par with it. Compliance updates and legal guidelines are out there to protect everyone – buyers, sellers, estate agents, and even conveyancers, themselves making sure that no transaction ends up in a disaster.

Having said that, buyers and sellers can now expect a trouble-free transaction and a more effective way to talk about things concerning the sale/purchase with their conveyancers.

However, clients are still inclined to instruct someone whom they can talk to and meet with in person. While nothing beats the convenience brought by the advent of technology to the conveyancing process, a personal approach is always still very good to have. This then, raises the bar of expectations amongst conveyancers higher. Apart from being easily accessible through modern communication channels, the traditional “meet and advice” way is still desired by many.

This, however, can work to conveyancers’ advantage. They can see a better opportunity here to build stronger relationships with buyers and sellers and improve their reputation.

Even though conveyancing is still a bit unpopular and a quite complicated process, the combination of personal approach and technology can bring a whole new level of convenience in the property market. While clients expect a faster and more seamless want to complete their transactions, conveyancers can leverage on this to create and maintain a good reputation in the market. It will help them attract more potential buyers and sellers that they can represent.

Your Simple But Utterly Helpful First-Time Home Buying Checklist

conveyancingOne of the most important things that an individual or a family will ever decide on is buying a new home. Without a doubt, it is also the biggest financial commitment they’ll ever get into. But doing things properly will make sure that no money goes down the drain and that the processes are completed with the least amount of stress possible.

If this isn’t your first time buying a home, you’re likely to be acquainted with what needs to be done. But it you’re just about to take your first step onto the property ladder, you might want to consider these tips and see to it that moving homes does not frustrate you.

The Budget

You’re likely to borrow money for this purchase unless you’ve saved hundreds of thousands of pounds for your first property. You might want to talk to a mortgage lender and see what deal they’ve got for you. Once sorted, see to it that you’ve got a firm mortgage offer.

Where To Buy

If you don’t have children, choose an area close to work or your family. If you’re buying a home in anticipation of having children, or you already have them, find somewhere near schools and parks, plus consider how close it is as well to your (and your partner’s) place of work. A good location will be somewhere where shops are also close by, just in case they’re not around the neighbourhood – at least it’s just going to be a short drive.

Sort Your List

Find out what you want and check it against what you need in a home – number of bedrooms and bathrooms, kitchen space, garage, garden, downstairs toilet, a cellar, an attic that you can convert in the future, etc. Consider whether you want to buy a property that you need to renovate first or a ready-for-occupancy home.

The Viewing

At least a day before the viewing, come up with questions you can ask the estate agent/seller about the property. Don’t just fall in love with and make an offer. It’s important to learn everything you could about your potential new home, and list down what you like and dislike about it. That’s going to help you negotiate your offer as you move along.

When In Doubt, Ask

If there’s anything unclear or you’re worried about the property, feel free to politely ask your estate agent/seller. For instance, access to a driveway may be an issue, so make sure everyone sharing it will have enough access. If there’s no garage in the area, ask if it’s easy to park along the streets.

Be Real, Stay Real

Once you found an ideal property, make an offer and be real. Don’t just make an absurdly low offer because you’re on a budget. If you happen to like a house in an in-demand area, you’re likely to have other people making higher offers than yours.

Land Registry

As soon as an offer to purchase/sell is agreed, you’re going to need a diligent solicitor to help with conveyancing. They’ll carry out all the processes needed to make sure that the property is legally registered in your name as the new owner, among others. Get quotes from various conveyancing firms ahead of time so you won’t have to rush instructing one.

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If everything is sorted and you encounter no problems with the transaction, you can expect to have everything completed in 6 to 12 weeks. On completion day, your mortgage lender will forward the funds to your conveyancer and they’ll transfer it on to the seller. You’re ready to move as soon as it’s all ironed out.

Should you encounter issues with the transaction, your conveyancing solicitor will do everything in their abilities to have it resolved. Although they could cause delays, you can rest assured that you’ve got an expert doing the work with you, not to mention making you understand things and giving you sound advice as to how things will move forward.

If you happen to be selling your home alongside your purchase, you might want to have a temporary place to stay in and/or store your stuff, especially the big furniture. Weeks or days before the moving date, make sure you’ve made arrangements with a removal company and give them a tentative date so you don’t have to cram.

Why You Should Choose Your Own Conveyancer

While it is the general responsibility of a conveyancing solicitor to oversee the successful completion of your property sale and/or purchase, you need to know that conveyancers and estate agents should work really well with each other. This ensures that the processes and tasks are carried out and coordinated with the least amount of stress until your moving day.

But it’s not a secret that many estate agents are pressured by their companies to push their [pool of] conveyancers rather than allowing buyers/sellers to instruct their own.

Why?

There are a couple of possible reasons to this:

  • The estate agent’s company may also own the “suggested” conveyancing firm, which in turn allows them more profit.
  • They may have a deal with conveyancing firms, giving the agent some form of commission for the referral.

There have been a number of complaints amongst property investors in the past, and even at present, that they are being pressured to hire the estate agent’s conveyancer rather than choosing their own. They were subjected to pressure tactics – some even felt threatened that the transaction was likely to encounter delays if the conveyancer is not associated with the estate agent.

Would you prefer the legal work of your investment be carried out in a conveyancing factory?

While there are a number of large conveyancing firms who can carry out the process quite diligently, your case is also likely to be referred to a call centre operation. Whether it’s an “on-shore” conveyancing contact centre or one located outside the UK, you might not want to risk being placed in disorganised and uncoordinated system of case handling. The last thing you need in the middle of this daunting process is having to repeat yourself from the beginning of giving your instructions when asking for an update.

Generally, if your estate agent should refer a conveyancing solicitor for your transaction, they should inform you diligently if they’re going to receive a referral fee from it. However, a large number of rather dodgy ones out there may not take honesty into consideration.

On the contrary, there are rather transparent agents who would recommend a conveyancer based on who they know and what these conveyancers can do to help to complete the transaction. Most independent agencies refer their clients to locally known solicitors and may rarely benefit from a commission. There are usually the ones who manage small estate agent firms and have worked with a local competent conveyancer over time. You won’t even have to worry about paying them for the recommendation as they’re just willing and happy to refer a local conveyancing solicitor for you.

Can you choose your own solicitor even if your estate agent insists that you instruct their in-house conveyancer?

Absolutely. There is no law that requires a property investor to hire an estate agent’s in-house expert for the conveyancing process. What you pay the conveyancer is your money and you would want to get your money’s worth. You do not necessarily have to give in to the estate agent’s recommendation – especially if it seems dodgy to you. If they insist, you can just ask them what’s in it for them by referring this conveyancing solicitor to you. If they say they’re getting a referral fee, think twice. You might not want to risk being in the hands of incompetent and unqualified people carrying out complex tasks and processes for you.

Instead, you can actually just choose your own conveyancer. Anywhere you are in the UK, there is absolute a right fit to oversee the legal process of your property transaction. You can ask your friends and family members if they ever worked with a “rock star” conveyancer who made it all seem a breeze, without boring a hole in their pockets. Or, you can ask for quotes online to compare and see which one suits your budget and seems to be able to carry out the tasks for you with utmost diligence. You might want to have at least five different conveyancing quotes to choose from before you make a decision.

But if upon considering your estate agent’s recommendation and calling the firm they urged you to instruct just gets you in a queue that seems like forever before you talk to someone, you should let your agent know right away you’re hiring a different conveyancer.

You’re best to instruct someone you trust and can rely on to help you through the entire conveyancing process without having to worry and being stressed over time.

There’s A Reason Conveyancers Are Around

And Ripping You Off Your Hard-Earned Money Is Definitely Not Part Of It

Are you looking to sell or purchase a property but in doubt of how the whole process works? If that’s the case, you’ll need a reputable conveyancer to help you through it – or more likely act on your behalf to get your transaction completed with the least amount of stress possible.

Simply put, conveyancing is the legal process where the ownership of the property will be transferred from the current owner to the buyer, upon completion of the purchase. While some people will decide on going through the process on their own, it’s not very ideal and they might be in for quite frustrating situations over time.

Property conveyancing is never known to be easy.. The entire process involves tasks and terminologies that only an expert can understand and translate so their clients can catch up. There are a number of legal obligations that need to be carried out, that’s why it is important to instruct a conveyancing solicitor t when you’re buying or selling a property, rather than doing it on your own.

What would you need a conveyancer for?

Hiring an efficient conveyancer will help get rid of your worries about transferring the ownership of the property. They generally work diligently to oversee the process seamlessly – and with the least amount of stress as possible.

  • Conveyancing solicitors can work to complete the deal quicker than expected.
  • Their training and knowledge of the process helps avoid mistakes along the way.
  • They make sure that the process is in accordance with the law
  • The agreements between buyers and sellers are efficiently and completely stated with accuracy.

Conveyancers are generally working to protect you.

Conveyancers are around to look after your best interest. They work diligently to protect you throughout the transfer of ownership. As they are extensively trained and well versed in the process, they cannot just solve your property transaction issues, but also give you sound and professional advice about some challenges that may come along the way.

Not only that, they’re out there to look after you against financial crimes and ambiguities throughout the transaction. They carry out a complete observation of the property plan before they talk to you about it and offer a solution – including the best and most efficient tips to make the whole sale/purchase work on your favour.

What services do conveyancers offer?

These are the basic services that conveyancing solicitors offer:

  • Check the legal registration of the property
  • Investigate if there any suspicious or illegal issues surrounding the property
  • Verify the buyer’s financial capacity before the deal starts
  • Check for the best prices and suggestions for property deals

What do conveyancers check throughout the transaction?

Throughout the property transaction and during the title transfers, conveyancing solicitors carry out these verifications:

  • Legal registration of the property
  • Verifying whether the property is leasehold or freehold
  • Documentation and time scales for the transfer process
  • Any issues or mistakes that happened in the transaction

These are the things that are important for the conveyancer to check before the transactions starts. The terms and conditions of the deal should also be checked and must be included in the legal documents.

How do you find and hire a conveyancer?

Well, this is where the good news continues. Aside from referrals and recommendations from friends, relatives, and even estate agents working to sell the property, you can hire conveyancers according to your preference through the Internet. Conveyancers can now be sought and hired online. You must take note though not to hire the first one that comes up on your search. To be sure you’re not instructing an overpriced firm, ask for quotes first and carefully look at their fees and the disbursements. This will help you make up your mind, especially if you’re on a tight budget. Ideally you may want to have a look at and compare at least five quotes from different conveyancers before you hire one.

And even after looking at the cost of their services, you might also want to verify how good they are. Ask around – send email enquiries and make phone calls to thoroughly check how they can help you. Make some sort of background check as well to know if they’re diligent and competent enough to act on your behalf.

What First Time Buyers Can Expect About Conveyancing

For the unfamiliar, conveyancing is the legal process of transferring property ownership from the current owner/seller to the one who purchased it.

Residential conveyancing is consisted of a lot of agreement, paperwork, discussion, and funds transfer from one party to another. When you’re looking to buy a new home, you are definitely going to have to go through it all.

Who does the conveyancing?

Experts who act on your behalf throughout the process are conveyancers. They are lawyers who specialise in property transactions and are generally not taking in any other form of legal practice. Conveyancers (or conveyancing solicitors) make everything easy for you to understand, and they carry out the complex processes for you, so you won’t feel the stress of the entire transaction. They take care of the paperwork involved in conveyancing and the legal tasks required to guarantee that the property ownership will be transferred to you appropriately.

They oversee quite a number of tasks that although you can do them on your own, you may find it very challenging and troublesome. That’s why you need a conveyancing solicitor to go act on your behalf. You can also expect them to offer sound advice when it comes to issues about the property that you are getting confused about. Their tasks also include facilitating the request for searches to be conducted on the property and the area where it is located – to find out of there are issues that could affect your purchase or your future stay in it.

They also take the responsibility of arranging the payment of the Stamp Duty Land Tax, which is required of you once you assume ownership of the property. Besides that, registering the property in your name at the Land Registry office will also require a fee – conveyancers will arrange them for you, too. More often than not, they will cover these charges for the meantime and include them in your final bill. Generally, everything that they will pay for in your behalf while working on the transaction should be included as disbursements in a conveyancing price quote that you may ask for anytime.

How long will this process take?

There is no absolute length of time that conveyancing gets completed. For most simple transactions, purchasing a property can take up to 12 weeks. Most of these days are spent on conveyancing. The completion will depend on how long the searches and chain of interlinked transactions are sorted.

If you’re buying a property for the first time, and both you and the seller are not involved in other sale-purchase chain, you can expect to get the keys to your new home in about 3 months.

At this point, remind yourself to always set a reasonable target completion date. Also, find an ideal conveyancer who will diligently carry out the tasks for you and give you appropriate advice when needed. You can begin your search for an ideal conveyancing solicitor here by requesting for a quote.

Is Buying A Home An Ideal Choice?

Majority of the people in the UK are keen on living in their own homes. However, there are still a lot of who think that renting is better – especially in given times of their lives. Before making that decision to buy a home, you still have to think carefully if it’s actually a wise decision for you.

Will I be able to buy a home at this time?

If you’re single and you’re not earning enough to cover the expenses, like most people still are, perhaps renting will be a better choice. But even if you believe you’ve got a good credit standing and enough savings to fund your purchase of an ideal home, you may still want to think it over.

What’s in buying and owning a home for you?

1. Buying a home makes you feel free and secure.

  • This means that no one will be able to make you do things against your will.
  • You can modify the look of your home anytime you want, as you want.
  • You can renovate at any given time if you wish to.
    There are no landlords to deal with all the time. No one to keep reminding you that you’re not allowed to bring your dog within the property.
  • No one can force you to move out within such short notice.

2. Buying a home saves you a lot of money

  • If you happen to put in a big deposit upon purchasing your home, and the interest rates drop, home ownership can really be cheaper.
  • If you’re on a Fixed Rate Mortgage, you are in control of how much you spend on your payments.
  • However, there are still other expenses that await you when you buy a home for yourself and/or your family.

3. It’s a good source of income.

  • At present, the property market is booming. This means, your property’s value may increase at any given time. For a lot of people, most if their income comes from the increasing value of their home.
  • Instead of paying rent to your landlord, which they use for their own mortgage, your monthly payments go to your own property.
  • If you need to live somewhere else for some time, you can rent your property out.
  • It could also be a good source of money when you get older. Upon retirement, you can sell it off, buy a more modest property, and use the rest of the sale proceeds.

What challenges await you when buying a home for yourself?

1. It’s a commitment, and a really big one.

  • For a lot of people, buying a home can be the biggest financial commitment they have ever done.
  • Mortgages can be a pain in your backside. Something that you cannot run away from at your whim.
  • The expenses that await you are massive. There’s the staggering amount of money for the purchase alone, plus the other costs and fees, including your cost of living and maintenance of the house itself.
  • If you are not ready, and your job’s not secure enough, you may be looking at a disaster in the end.
  • If you don’t have enough savings, and the property market takes a downfall for a certain period, you may not be able to sustain your cost of living. Plus, there’s no chance you’ll be able to sell your property for a favourable price.
  • Also, when house prices fall, your property’s value can become less that your actual mortgage. It is likely to be very hard for you to sell or move without declaring bankruptcy.

2. Everything is your responsibility.

  • There will be no landlord anymore to call and ask to have the boiler fixed.
  • You’ll have to foot the bill for the maintenance or repair work – and it may cost you thousands of pounds.

3. You cannot just decide to move somewhere else.

  • If you wish to live elsewhere, you can rent out your money, which requires you to have someone manage it for you if you can’t do it.
  • And if you decide to sell, it’s going to take weeks, or even months, to get everything sorted. Something that you have to be prepared to do.

So, if you are unsure of yourself, and you think you are not prepared to face what is ahead of buying a home for yourself, perhaps it is not something for you to commit to just yet.