22 Dec Your property questions answered

Buying a property? Whether it’s your first home or you’ve been through the process before it’s likely that you’ve got lots of questions. At Kaytons, we’ve been helping the people of Manchester with everything property-related for the past 15 years. Here, we answer some of the most commonly-asked property questions but don’t forget we’re always on the other side of the phone if you want to know anything else. 

What are the costs when buying a property?

The exact costs will vary depending on your specific situation. However, you need to consider stamp duty (more on that later), conveyancing fees, estate agency fees, search costs, registration and any removal fees. 

How do I make an offer on a property?

When you choose an estate agent like Kaytons, we’ll guide you through the entire process. But, in short, before you make an offer you need to have a mortgage approval in principle that states a mortgage company would be willing to lend you the specified amount of money. With this in place, and once you’ve decided which property to offer on, we can advise on the offer amount. We’ll then liaise with all parties involved until an offer is accepted. 

Can I offer on two properties that I like?

Of course, but you should only ever offer if you intend to purchase the property. So, if you have enough money to be able to buy both properties, then you can offer on two properties. 

What can I afford?

This, again, depends on your own personal circumstances but we are able to put you in touch with a specialist mortgage advisor who will look into your situation. Remember, you need to consider all your financial commitments when purchasing a property including the property deposit and mortgage payments. Our mortgage advisor will be happy to help though. 

How does a property valuation work?

A property valuation is carried out by an estate agent and is an overall assessment of a property’s value. This includes the location, condition and features of the property. It also takes into account the market value of the property as well as what other properties in the nearby area sold for. 

How can I maximise my property viewings? 

Looking at new properties is hugely exciting and it’s easy to get caught up in the moment. That’s why we advise all buyers to have a property checklist. Of course, this is going to be personal to you but it should include a list of things that are non-negotiable and those that are desirable. 

You should also write down a few questions to ask the estate agent or homeowner if they’re present. For example, you might want to know about the local area or nearby transport links. Or, you could ask about the quality of the local schools. Don’t be afraid to ask anything and be sure to use your time at the viewing wisely. 

How much stamp duty will I pay? 

In 2022, a number of changes were made to how much stamp duty home buyers had to pay. Currently, the rate of stamp duty tax depends on where you live and if you’re a first-time buyer. In England, you don’t have to pay any stamp duty if you’re buying a first home and its value doesn’t exceed £425,000. If you’re not a first-time buyer, you have to pay stamp duty on anything over £250,000. The amount of stamp duty you pay is based on the price bracket that your property falls into. Again, at Kaytons, we can advise on your individual stamp duty tax though. 

Want any other property questions answered?

At Kaytons, whether you’re buying, selling, letting or renting, our team is always here. What’s more, we have a range of properties in the Manchester area and more coming onto our database every week. So, if you’re looking to move in the New Year, why not see how we could help? And, if you have any other property questions to be answered, you know where we are!