Buying a home can be stressful enough without making a mistake. But knowing how to avoid the most common pitfalls can reduce the hassle.
Many things can hold up a house purchase and cause problems after you have moved in. Here are some of the main mistakes which buyers make – make sure you bear them in mind!
Buying an unusual property
It is easy to fall in love with an unusual home. However, some lenders may be skeptical about a property which is a little out of the ordinary – mainly because of the added risk factor. For example, properties that lenders don’t tend to like include:
- Homes not built using brick and mortar
- High-rise flats (e.g. ex-council tower blocks)
- Flats over commercial properties (e.g. pubs and restaurants where there is an added fire risk)
- Properties built on former industrial land
- Homes that are too close to the sea (due to the risk of coastal erosion)
- Converted homes (e.g. lighthouses, houseboats, churches, schools etc.)
- Grade 1 listed properties and thatched houses
- Properties in a flooding zone
Some high street lenders will deal with atypical purchases and there are specialist lenders available; although you might need a larger deposit and insurance costs are likely to be much higher.
Buying a home with a short lease
When you buy a leasehold property, you have an agreement to use the property for a set number of years. Depending on the length of the lease remaining, you might struggle to get a mortgage. Most lenders will only provide a 25-year mortgage if the agreement has at least 50 years left.
Buying a new build property
Mortgage lenders sometimes value new build properties lower than the asking price, so you might have to find a larger deposit. However, there might be government schemes and developer deals to help with this.
Not getting a proper survey done
Surveys tell you about the condition of a building. But, all too often buyers mistakenly think that a mortgage lender’s valuation survey will let them know if there is anything wrong with a home. It won’t, and once you move in, you could find issues that lead to hefty repair bills and hidden problems.
Not taking a detailed look around
No matter how much you love a home, you should also check the surrounding area. Look at the state of the streets, pubs, shops, parking, etc. Be sure to visit at different times of the day (and night) to see if there is any change in noise/traffic levels.
Not asking about the neighbours
Noisy and problem neighbours can make living anywhere difficult. Ask the sellers if there have been any problems and what potential noise there might be.
If you are thinking about purchasing a home, contact LPL today. You can get in touch by calling one of our expert team on 0333 305 5249 or by visiting our website at ww.lpropertylawyers.co.uk for more information.
