Choosing expert help

Surveys

Unless you are putting down a large deposit on the property, your mortgage company or lender will probably carry out a survey for their own purposes.

For your own peace of mind, and perhaps as a bargaining tool, you could have your own survey carried out. You can go to the expense of a full structural survey, or a cheaper survey that is less informative.

Having a survey carried out will give you some peace of mind, or alternatively it could highlight remedial work that needs doing, or even save you from buying an unsuitable property.


Solicitors

You will need to appoint a solicitor to deal with the conveyancing (legal formalities) of the property transfer.

Some solicitors charge their fee as a percentage of the value of the property and other as a fixed fee. Ask for quotes and seek personal recommendations. Some solicitors that specialise in conveyancing offer an online service.

Following the acceptance of a formal offer, the solicitor will make any pre-sale enquiries between you and the vendor and take you through the exchange and completion of the sale.

The solicitor will carry out one or more 'searches'. You may want to supplement this search by researching what's going on in the surrounding area yourself. You can ask the local planning department if any applications have been made to build new adjacent or relevant properties. You can also ask other people in the neighbourhood what it's like to live there and what's going on in the area.

Your solicitor will deal with the Land Registry to transfer the property to your name. This happens after the completion of the sale.

Prior to the day you move in, normally known as the 'completion date', you will exchange contracts with the vendor. You will need the mortgage offer to be in place by the time you exchange contracts. Following completion, your name will be registered with the Land Registry and you will have to pay Stamp Duty Land Tax. The solicitor will arrange this for you. At this stage, you will also pay any telegraphic transfer fees for transferring money from one account to another.

You will be aiming to move into the house on a date convenient for yourself, the vendor and any other parties in the chain above him.

A deposit of up to a maximum of 10 per cent of the purchase price is payable by you to the vendor on the date of exchange of contracts. The solicitor will handle this.


Buying with friends or family

These days buying a property on your own is less common. Property prices can be quite daunting and difficult for first time buyers. Many people are now teaming up with friends and family to buy their first home.

Buying with a friend means that you will be able to share the deposit, mortgage payments, bills and the burden of any interest rate rises.

As joint owners you will become either tenants in common or joint tenants. It is important that you take good legal advice as it is best to be tenants in common unless you are a married couple and draw up wills to ensure that in the event of a joint owner’s death, the share is not passed onto the other co-owner.

You will need to have a declaration of trust or trust deed which sets out your ownership shares at the outset.

So that you know what path you have agreed to take in the event of any changes in personal circumstances, a co-habitation agreement should be drawn up. This can be very simple or complicated but should always set out how the equity and costs should be split when you come to sell – hopefully to buy a place of your own.