Buying your first home can seem a daunting experience, however at Dandara, we are here to guide you every step of the way. To help the process, we’ve put together this brief guide to alert you to some of the things you need to be thinking about.
First Time Buyers
We have recently launched a shared equity scheme to help First Time Buyers - Learn More about the scheme
How do I choose the right property?
One of the golden rules quoted when looking at property is ‘location, location, location’ and it is something that we at dandara are very conscious of. All of our city centre apartment schemes are in strategic locations, in close proximity to all the amenities you may require.
Equally we are very aware that those living in city centres, still require outside space and many of our developments include communal gardens and generous balcony areas.
With a wide range of apartments on offer, Dandara can help you find the perfect home to suit your needs.
How much can I afford?
Your first step should be to talk to a mortgage advisor to work out how much you can borrow and exactly what your repayments will be. We work closely with a selected panel of mortgage advisors who can assist you with this process.
Additional costs such as Legal fees and Stamp Duty should not be underestimated and you also need to consider other items such as council tax and utility bills when working out your monthly outgoings.
Do I need a deposit?
The size of deposit you can afford will influence the type of mortgage available to you. Many mortgage companies limit their lending, meaning that you may need to put down a deposit of around 10% of the purchase price.
Dandara can once again assist you in this area, as we offer a ‘deposit paid’ incentive on selected schemes. Please contact us to find out about our current offers, including assistance with Legal fees and Stamp Duty.
Do I need a survey for a new property?
Yes – your mortgage lender will require a survey of the property even if it is a new build. There are three types of survey you can opt for:-
1. A Full Building Survey – This is often referred to as a Structural Survey and will give you a comprehensive and detailed report on the current condition of the property. All the visible elements of the property are inspected and any necessary repairs are identified and given a cost estimate. This type of survey will not be necessary for a dandara newly built property
2. RICS Homebuyers’ Report – This is a pre-printed form prepared by the Royal Institute of Chartered Surveyors. The level of detail of the inspection is slightly less in this report, but it is slightly cheaper.
3. Basic Valuation Report – This report will give you guidance as to whether the price you are paying is reasonable and whether you are looking at a good investment. It does not go into nearly as much detail as a Full Building Survey or Homebuyers Report would do. This type of survey should be sufficient for a dandara newly built property.
Appointing a Solicitor
You will need to appoint a registered Solicitor to deal with the legal conveyancing on your behalf. Again dandara works closely with a panel of approved Solicitors who will be able to assist you.
Your Solicitor is responsible for the following:-
Pre-Contract
- To agree with you the extent of work to be carried out and associated costs
- To carry out necessary searches
- To receive contract documents from Dandara’s Solicitor and raise any queries if applicable
- To submit a local authority and water authority search
Exchange of Contracts
- To agree a completion date with Dandara’s solicitor
- To effect the exchange of contract and forward contract and deposit to Dandara’s solicitor
- To prepare transfer and mortgage documents (deeds) and arrange for you to sign them
- To submit the Land Registry and Land Charges search
- To prepare final accounts and collect remaining monies due from you
Completion
- To send the balance of the purchase monies to Dandara’s Solicitor and receive any pre-registration deeds
- To prepare and submit a Stamp Duty Land Tax Return
- To submit an application to the Land Registry to register your title
- To receive completed form from Land Registry and send title confirmation form to Dandara and pre-registration deeds to you
Prior to legal completion, Dandara will arrange for you to have a complete demonstration of your new home’s appliances, heating system and various fittings.
What about Insurance?
Property is a major asset and probably the single most significant investment you will make. Having undertaken to pay back, in most cases, a substantial loan over a number of years, you will need to consider buying various financial products to protect yourself and all concerned parties:-
- Life Assurance – This will protect your dependants from having the responsibility of meeting mortgage payments in the event of your death
- Protection Products – These are available to assist you with meeting your mortgage payments in the event of such things as illness or redundancy
- Buildings Insurance – This protects both you and the mortgage lender should any damage occur to the fabric of the property, caused by unexpected events such as storm or flood damage.
- Contents Insurance – This protects all items of your personal property, such as furniture, fixtures and fittings, clothing etc from damage, loss or theft.
Who do I need to tell when I move?
- Royal Mail (to redirect if applicable)
- Gas
- Electricity
- Water
- Telephone Provider
- Council Tax Office
- TV Licence
- Cable/Satellite
- DVLA
- Bank
- Building Society
- Credit Card Companies
- Store Loyalty Cards
- Personal contact such as doctor, dentist, optician etc.
At Dandara we want to make sure that buying your first home is an exciting and hassle-free experience. Our team of experienced Sales Consultants are here to guide you through every step of the process and once you have moved in, our dedicated Customer Care team are there to assist you with any queries that may arise
Want to know more?
If you have any more questions, please get in touch - Fill out our info request form
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