|Buying Property Tips#1: Choose the Right Location|
|Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.|
|Buying Property Tips#2: Study the Local Market Dynamics|
|It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.|
Property conveyancing involves legal, administrative and financial tasks to establish marketability of the title. Conventionally, a property conveyancer is appointed by the seller or the buyer to perform the legal activities related to title transfer. The job of a conveyancer is to confirm that no hitches occur during title transfer and all the legal obligations in the contract of sale are met by the vendor and the purchaser.
Property conveyancing requires dealing with volumes of legal documentations, conducting property title search, collating documents and contracts, drafting contract of sale, liaising with the other party's conveyancer, assisting the client understand the legal implications of the various documents, monitoring payment of various legal duties and taxes, preparing documentations for mortgage lending, conducting financial settlement process etc.
Although under the existing laws the property owner or the prospective buyer can act as their conveyancers it is advised to hire services of a professional conveyancer for peace of mind.
Conveyancing process is a complex one and is achieved through two major stages:
The process of exchanging contracts that involves changing hands of title equitableCompletion – the process that involves transfer of legal title
|Buying Property Tips#3: Choose the Right Property|
|Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.|
|Buying Property Tips#4: Do the Math Properly|
|Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.|
|Buying Property Tips#5: Consider Additional Expenses|
|When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.|
Once you have your proposal accepted you must first instruct your property conveyancer. Nowadays, one can find a conveyancer through online searches. UK laws require conveyancing solicitors to be registered with Council of Licensed Conveyancer. You can research on the website for a local licensed solicitor for conveyancing purpose. You can also check conveyancing reviews of a firm online before hiring their services.
Sometimes your real estate agent may try to enforce his choice of conveyancer on you. If you accept their proposal you may end up paying through your nose for the process. However, if you have plans to get mortgage on your property you are advised to hire a conveyancing service in tandem with your lender.
One can now also compare the quotes between conveyancers on internet and find affordable conveyancing services.
The conveyancer would perform the legal background search on the property title to help you with the buying decision. He would obtain the title clearance deed that will ensure the rights of the seller on the property title to sell the property.
Normally, a conveyancing process will take around 8-12 weeks time to get completed. Instructing the conveyancer before making the buying would put you in a better position. The conveyancer will also work closely with the conveyancer appointed by the seller to draft contract of sale.
Getting your property through conveyancing process will be easier if you appoint a professionally qualified conveyancer. Discuss the process and the charges of conveyancing before hiring a conveyancing firm or solicitor.
|Buying Property Tips#6: Inspect the Property|
|To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.|
|Buying Property Tips#7: Pick the Right Financing Option|
|While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.|
|Buying Property Tips#8: Invest through Equity|
|One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.|