Mundys Guide for First Time Buyers

Buying Your First Home Buying your first home is a very special but sometimes daunting time. The initial experience can naturally be one of worry, but we can help you avoid the pitfalls and maximize the benefits of owning your own home. The Mundys first time buyer guide aims to give you the knowledge needed to make the right decisions along the way and achieve your goal of a new and exciting independent lifestyle. How do we afford it? Where do we start? What costs are involved? Where do we find a house? How do we offer? How long does it take? Think of buying your first home like a journey. At Mundys we are happy to answer these questions and you can trust us to be your guide on this journey. Just pop into the showroom or contact us by text, e-mail or telephone. All of our advice is free.

How Do We Afford It? For most buyers the first step involves how much they can afford. At Mundys we have access to independent mortgage consultants who can offer initial general advice, explain the different types of mortgages available and then try to find you the best deal. It makes sense for you to obtain as many quotes as possible. When you have sorted out figures you are comfortable with you can start your search. Most lenders will give you what's known as an 'offer in principle', or the amount they'd be prepared to lend and it's useful to get this before you start looking for a home.

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Deposit normally 5-10% of the property value Mortgage repayments and lender charges Valuation / Survey fees Solicitor's fees, including searches, Land Registry and stamp duty, if applicable Removal costs Possible reconnection costs for telephone, gas, electricity and water

See our fee cost estimates as the end of this guide

Where Do We Start? Come into the office and see our negotiators. They can offer a wealth of FREE advice on types of properties, locations, services and facilities and all aspects of buying a home (three of them have just done it, so they will be happy to give first hand experience). Register on our buyer's hotline (mailing list) and you will receive regular contacts showing all properties which match your details. We can do this via instant text messaging, telephone, e-mail or post, just let us know your preference. Access our website www.mundys-uk.com which is updated daily. Full brochures can be downloaded straight from this site, which also has lots of other information. Access other general websites such as Rightmove and Fish4Homes or look in the Property Echo which is out every Friday. When you have found properties to your liking, arrange viewings for those that you want to see. If one doesn't stand out, make a short list and have second viewings if you are not totally sure after the first viewing.

Choosing Your Property Decide on the kind of property you want, such as semi-detached, terrace, or flat then ask yourself a few questions each time you view somewhere:

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Can you really afford it? Is it near the transport links, or schools, or facilities you need? Do you like the area? How old is it? Does it have enough outdoor space, such as gardens and garages? Is it freehold or leasehold? How easy will it be to sell? We will be pleased to help with any of your queries

You Found One! What Happens Next? Make an offer. How? Ask for our help. We are happy to give general advice. If we are selling the home you want, we cannot advise you what to offer as we are acting for the seller, who is paying us to look after their interests. If you are buying from another estate agent, we can help you with negotiation strategy, free of charge. Once your offer is accepted you will need to: 1. 2. 3.

Apply for your mortgage. Arrange your own survey if you require. Find and instruct solicitors.

Once again we can offer free initial advice on all these matters. You can see our mortgage adviser by appointment and fill in the necessary forms. Mundys are Chartered Surveyors, so we can advise on the different types of surveys and costs and, if necessary, recommend suitable firms. If you prefer, we can obtain solicitors' costs and find you a solicitor, or you can use your own. You then need to instruct them to proceed to act on your behalf in the purchase. They will explain the legal side, but we can give a general guide to the process (special guides through the solicitors process are available in our offices, free of charge).

The Final Hurdle Once your solicitors are happy they have carried out all the necessary legal checks and your funds are in place, you will be able to sign contracts. Once these contracts are exchanged the transaction is legally binding and you can agree a completion date, which is the time you can move into your new home. In most cases the estate agent will hold a key. You need to verify with the estate agent that everything is ready before you call in, as keys cannot be released until the funds have cleared and the agent has been advised. The RICS also have a useful extensive general buyers guide, which is available via their website, www.rics.org/buyingyourhome.

Our Clients Mr and Mrs McMorran “Our main concern was our lack of knowledge and understanding of the property market and its fluctuations, but Mundys helped explain all this to us. We used to be in rented accommodation and we are delighted, after paying our landlord £16,000 in rent, we now have our own home and an investment for the future”

Overview Check finances & costs

Register on buyers' lists. Check the Internet

Make viewings then offer

Exchange contracts and agree completion date. Arrange removals

Fill in mortgage forms and arrange survey

Instruct solicitors

MOVE IN

Cost Estimates Property in South Lincoln, value £90,000 5% Deposit Mortgage Valuation Home Buyers Survey (Optional) Solicitors Costs (Approximate)

£4,500 £150 +VAT £325 +VAT £690

Property in North Hykeham, value £120,000 5% Deposit Mortgage Valuation Home Buyers Survey (Optional) Solicitors Costs (Approximate)

£6,000 £150 +VAT £395 +VAT £770

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Many lenders will offer special deals for first time buyers, including 100% mortgages, and may include valuation costs. You need to check with your financial adviser.

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The above are just for your information, you should ensure you obtain detailed individual costs for your own use, which you can make a note of on the following form.

Your Cost Estimates Property Address Property valued at £ 5% deposit £ Mortgage Valuation £ Home Buyers Survey (Optional) £ Solicitors Costs (Approximate) £

Property Address Property valued at £ 5% deposit £ Mortgage Valuation £ Home Buyers Survey (Optional) £ Solicitors Costs (Approximate) £

Property Address Property valued at £ 5% deposit £ Mortgage Valuation £ Home Buyers Survey (Optional) £ Solicitors Costs (Approximate) £