Top tips for buyers

In the last few weeks, the press has focussed on the change by lenders to the stipulations surrounding 100% mortgages and, more particularly, the increase in deposit for first time buyers, from the traditional 10% to circa 25%.

According to Jo Nellies, of International property consultants, Savills Windsor , "As a result of a more cautious approach to high loan to value lending, there are no lenders now offering 100% mortgages.”

Paul Jarman, head of Savills Residential Agency, comments: “We estimate that 20% to 25% of sales are falling through, primarily because funding is being withdrawn.”

Jo Nellies and her team, who specialise in the sale of Windsor town centre property, often deal with individuals or couples, some of whom have little or no previous property experience. We are here to lend the extra support required to guide individuals through the property process. She comments: “In the current climate, time is even more of the essence than it was last year, therefore potential purchasers need to carefully consider the following:

1. Speak to a Independent Financial Advisor like Savills Private Finance as they can start your application and verify your borrowing whilst you begin your search for your property.

2. Talk to your lender about booking a mortgage survey as soon as your offer has been accepted and be sure to keep your agent in the loop. In the current climate, delays with mortgage valuations can lead to a vendor insisting the house be remarketed and potentially being lost to another purchaser.

3. Employ a good solicitor, if your agent is worth their salt, they will be able to recommend one. Do not be tempted to go with a cheap fee, go with experience in the area. Should any problems arise throughout the buying process, you need to have a solicitor with the capacity to deal with the problem effectively.

4. Narrow your search area down as too wide an area can be hard to focus on. Establish what is important for you within the area, e.g. close proximity to transport; schools etc. and base your search around these requirements.

5. Decide what your minimum accommodation requirement is and use this as the basis for your search. Resist the urge to draw up a long list of must have requirements as, realistically, agents will never be able to fully meet the brief and won't take you seriously. At some point, you may have to be flexible and be prepared to compromise.

6. Keep an open mind and view anything your agent recommends you see. Be flexible with timings and it is advisable not to wait for printed particulars, go straight to the web site where more often than not , details of the given property will be posted already. By viewing as many properties as possible, you can see what is available in your price range and you are then in a position to make a more educated decision about whether or not to make an offer.

7. Build a relationship with high profile reputable agents in the area you are looking in. Phone them twice a week, so you remain at the forefront of their minds. They will have a long list of people to call with details of any new instructions and you want them to ring you first.

8. Take advice from your Estate Agent, although they work for the seller, they do have a duty of care to you and are in a position to advise you on your potential purchase.

9. Once the sale has been agreed, be prepared to work quickly for an exchange of contracts ; i.e. put your funds in place with your solicitors for them to apply for the local authority searches etc . This not only shows commitment to the seller but will go some way to avoid gazumping.

10. Remember a property is only worth what someone is prepared to pay.