Learning Point

This quarter's learning point is provided by Sue Lever, Conveyancing Executive at mosshaselhurst. Sue has some useful tips for first time buyers in the Cheshire market, but first lets meet Sue:

What do you do Sue?

I am a Conveyancing Executive

Likes?

I like people, driving and holidays

Dislikes?

I get irritated by people that don't park pretty!

Favourite Band?

Take That, of course!

Favourite football team?

There's only one Man United

Who do you most respect and why?

My husband for putting up with me for 35 years!

Hobbies?

Pub Quizzes

Greatest extravagance?

Shoes (just call me Amelda Marcos!)

If you could be someone else, who would you be and why?

Victoria Beckham as she's married to David

5 things you'd take on a desert island?

1. Man, 2. Radio, 3. Toothpaste, 4. Perfume, 5. Mobile phone

Sue says: "Working in a busy conveyancing department my heart goes out to the first time buyer. From my view it's tough for first time buyers to get onto the property ladder - here's some little tips I've put together based on what I see in my daily routines.

Without doubt the cost of property is rising steadily and I guess that the average house price now is well on its way towards £150,000 in the local area of Cheshire that we work, the cost of mortgage payments is therefore pretty impactful on most first time buyers monthly pockets.

I've highlighted my views below:

Understand what this will all cost

It is critical that a first time buyer gets to grips with the costs involved in buying a house. We find that many first time buyers get to grips with the need for a deposit, but often we find that they are not aware of all the ugly stuff like stamp duty, solicitors fees (although we at mosshaselhurst provide fantastic value), survey charges etc etc. It all soon mounts up!

£150,000 will unfortunately attract stamp duty of £1,500.

With the other fees associated, you could well be looking at £3,000. With a 10% deposit for the property, you'll need £18,000 just to move in. My advice to first time buyers is simple. Work out the true costs in detail before committing.

Buy in the right place (remember location, location, location)

It's likely to be the biggest financial commitment of your life. Therefore I'd recommend that you buy with all the circumspect that you can muster. Get your finances fixed, know your budget and don't fall in love with the first house you see. Check out transport routes, shopping facilities, schools (if needed) and see the property at 5 or 6 different times of the week and day. Don't move in only to find that the local brass band practice next door 3 times a week from 6pm!

Buy something that will sell

Everyone's an individual but sometimes we can't afford to be. If you're a first time buyer now, when you sell your likely sell to another first time buyer. Therefore, make sure the property ticks all the boxes now for that market and that it will do so still when you come to sell.

Make an offer, don't immediately offer the asking price

Negotiate, negotiate, negotiate.

My first point covers how the costs of buying can soon mount up. A 5% saving on what you're prepared to pay could come in handy.

Follow the market, know your stuff and see what's selling for how much. Operate with authority. By searching google for 'property prices UK' you'll find lots of helpful information about what's sold for how much. Websites like www.houseprices.co.uk and www.nethouseprice.co.uk can help.

Overall I'd say do your homework and put the effort in - it should pay dividends."

northwichoffice

2 Castle Street,
Northwich,
Cheshire
CW8 1AB

Tel: 01606 74301
Fax: 01606 871034

winsfordoffice

Grange House,
5 Grange Lane,
Winsford
Cheshire
CW7 2DH

Tel: 01606 592159
Fax: 01606 861381