When buying a home, it’s imperative that you have the right team of professionals behind you. After all, failure to do so many end up costing you time and money in the long run. From how to source the best solicitor, to reputable housebuilders and tips on how to protect your investment, we talk you through our top tips on how to find the right people when buying a home.
- Don’t underestimate the importance of finding a good solicitor
Good solicitors can be difficult to come by, so we’d advise you start by asking friends and family for their recommendations, before committing. Once you have a handful of recommendations, take the time to look into each of their credentials, as well as online reviews, gathering as much information as possible to inform your final decision.
When it comes to solicitors, you do tend to get what you pay for, so we’d recommend sourcing written quotes from two or three different firms before making your final decision. If the price you’re quoted appears to be too good to be true, it probably is. Solicitors that quote cheap rates tend to be inundated with business, meaning they’ll be unlikely to provide you with a quality level of service. This may not be a problem for you, but it’s certainly something worth considering.
2. Ensure the law firm you employ is accredited
If you’re in need of a mortgage, you’ll need to ensure that the law firm you employ is accredited by the Law Society’s Conveyancing Quality Scheme. In most instances, this is a necessity for lenders, so you’ll save time and money ensuring that this box is ticked from the outset.
3. Source a reputable home builder
One of Britain’s biggest housebuilders, Persimmon, has faced criticism of late regarding the quality of its homes, emphasising the importance of negotiating your terms before signing any contracts with a housebuilder. Company executives were reported to have made an annual profit of £1.1bn off the back of help to buy scheme, drawing attention to the importance of healthy skepticism before committing to such schemes.
4. When working with estate agents, who do the professionals work with?
If you’re looking to make an investment in property, you want to make sure that the estate agent you choose to work alongside has your best interests in mind and can provide unique and valuable insight into the market and properties available to you at that time. One such example is Wetherell, whose knowledge of the Mayfair property market is unrivalled. The firm, headed up by Managing Director, Peter Wetherell, not only boast an impressive selection of properties, but have market leading knowledge of the area and are the “go to” for journalists looking for insight into this area.
5. Remember that you’re entitled to withhold 1.5% of the value of your property
In order to counteract this criticism, Persimmon has said that it will offer a house buyer’s retention scheme as part of future contracts. In real terms, this means homeowners get to keep hold of 1.5 per cent – that’s an average of £3600 per home – until any identified faults are reserved. Given the relevance of this case, don’t underestimate your own ability to negotiate the terms of your contract to work in your own favour. After all, it’s important that you protect your assets as best you can.
While this agreement has triggered some criticism – namely a comparison to the Netherlands, where 5% of home value and deposit can be with-held – it’s certainly a step in the right direction.