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Buying Guide

Here at Star Estates you will have a devoted property consultant to assist you during your property search. Our consultants will be there for every viewing, and always be on hand to answer any questions you have throughout the buying process.

Here’s a quick guide to the steps involved in the purchasing of property. Working with Star Estates will ensure you’ll always have an industry expert on hand to guide you through the process.

  1. Budget

    Buying a property involves a considerable, long-­‐term financial investment, so it is important that buyers take into consideration what they can reasonably can afford. Make sure you evaluate all of all the assets you have access to -­‐ such as savings and investments -­‐ as well as your income and expenditure. Our consultants will then help you to work within your budget to find the best property to suit your needs.”  

  2. Mortgage

    Unless you’re a cash buyer, taking out a mortgage is invariably the biggest cost when purchasing a property. We strongly advise our clients to speak to a number of lenders in the market, and have an agreement in place  -­  subject to finding the right property – before the  begin their search in earnest. This will give you an accurate budget to work towards, and will save lots of time once the ideal property is found.

  3. Finding the perfect property

    In order to find the ideal property you will need to consider what aspects of a property are most important to you: How many bedrooms and bathrooms do you need? Would you like a separate kitchen and dining room? How big would you like the garden to be? You should also carefully consider how much you are willing to spend on the property to bring it up to your standards.

    Let us know exactly what type of property you are looking for and the elements that you could possibly compromise on. Please be sure to mention any deal breakers or particular dislikes!

    You can use our website to access photographs, floor plans, virtual tours, online brochures, and local information, to find out as much as you can about a property you like.

  4. Costs

    There are other costs to consider when purchasing a property, and our dedicated consultants will ensure you understands the expenses involved.

    Stamp duty in England and Wales is payable on properties valued at over £125,000 (stamp duty payable varies between 1% -­‐ 7% of the property value). However, there are different rules if you are  buying  a second  residential  property  and  buyers  should look  at  the  government  website.  Other costs include: Agency Fees, Solicitor Fees and Conveyancing Costs.

  5. Exchange of contracts

    Once  you’ve  found  the  ideal  property,  and  you  are  ready  to  make  an  offer,  our  property  consultant will then negotiate with the vendor on your behalf to ensure a swift process.  

    In  England and Wales, Exchange of Contracts is the last stage of the legal process. After this point you cannot withdraw from the sale without losing your deposit and any legal costs you may have incurred. Once everything is signed off you’ll be asked to pay a deposit -­‐ usually 10% (but sometimes  5%) -­ of  the  purchase  price  agreed,  before  contracts  can  be  exchanged.  It is essential to have Buildings Insurance cover in place at this stage, and buyers should also consider other protections such as Life Insurance.

    Our highly experienced property consultants will then guide you through the conveyancing process, and provide you with regular updates up until completion.

  6. Completion

    Completion refers to the final stages in the buying process, when the residual monies are transferred from your solicitor to the seller’s solicitor’s account. A date for completion is usually set for at least one week after contracts are exchanged, giving you enough time to arrange moving in. Your conveyancer will call to tell you when your money has arrived so you can collect the keys and move in.  

Congratulations! You are now the legal owner of your new home!