Housing Options in Dundee - Buying a Home

If getting onto the property ladder is your preferred option there are a number of steps that you will have to follow to buy a home.

Think about your finances

The first thing you need to do is work out how much you can afford to borrow for a mortgage
Be honest, add up all the costs involved in buying a home and how much you think it will cost to live there
- Remember, your home may be repossessed if you do not keep up your payments on your mortgage

Choose and arrange a mortgage

There are lots of different types of mortgage on offer e.g. fixed rate, variable rate, repayment, endowment
Make time and do your research to find one that meets your needs
There are step by step guides and mortgage calculators on the internet and all the banks and building societies have information leaflets in their local branches
- A good place to start is the Financial Services Authority (FSA) website

Appoint a solicitor

You should appoint a solicitor to be your legal advisor and act on your behalf
One of the best ways to choose is ask family, friends or colleagues if they can recommend a solicitor. If you know someone who was happy with a solicitors services throughout the process this is a very good indication of their quality.
You can find details of solicitors in the Dundee area in the Yellow Pages or local newspapers and the following websites; www.yell.com, www.thomsonlocal.com, www.lawscot.org.uk.
There is no set scale of fees for buying a house, so contact more than one solicitor and ask for an estimate
Usually the same solicitor cannot act for both the buyer and seller of a property, but two solicitors of the same firm may do so as long as there is no clash of interests between buyer and seller

Find and view properties

There are a number of ways you can find a property to buy:

Once you have found properties you are interested in you can make arrangements to view them.

Make up a list of questions you want to ask the seller, including the date of entry
If you really like a property, visit it two or three times before deciding to make an offer

Getting a survey and making and offer

Before making an offer, you should arrange to have a survey carried out to see if there are any defects
- There are different levels of survey and you will have to pay the cost of the survey and report
- You mortgage lender will insist on a survey before releasing any funds
In December 2008, all sellers of properties will have to provide a 'Home Report'.
- The report will be made up of; a Single Survey, an Energy Report and a Property Questionnaire
- For more information visit the Home Report website
If your offer is accepted, you will be in a legally-binding contract
Your solicitor will then carry out the legal work and you can move into your new home

The following booklets contain information and advice about buying property in Scotland.