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Pointing you in the right direction.
At Turning Point, we understand that buying your first home can be an exciting new experience and also a big financial commitment. We plan on making your new adventure as smooth and as simple as possible by guiding and supporting you each and every step of the way to find your perfect home.
Seeking expert financial advice can be very beneficial, in order to tailor your requirements and offer you the best deals. If you wish to speak with someone regarding a mortgage please contact our office and we will me more than happy to direct you to our financial advisor.
Finding a property is one thing but finding a property which you can afford is another. Seeking financial advice can help you way up your options and arrange a mortgage that best suits you.
Searching for your new home is all about compromising. Location usually determinates a lot for new time buyers however there are other aspects worth taking into consideration such as house type, number of bedrooms, local amenities, road networks, parking, private garden and so much more. Decide the pros and cons of each of the properties you are interested and weigh up which one suits you best.
Once you have found a property which is of interest, we suggest you do a drive-by viewing first. If you are happy with the properties location and overall appearance and are interested in seeing what the interior looks like, one of our team members would be more than happy to show you around.
If you feel that the property in which you have viewed meets your overall needs, you need to make an offer. Give us a call or why not call into our office to place your offer. It's worth noting that every vendor is different. Depending on the vendor, they may only be prepared to accept an offer of the asking price or they may be flexible in the price they accept.
If the vendor accepts your offer, we will inform you right away.
You will need to speak with your financial advisor and notify them that the particular house you placed an offer on has been accepted. You will need to clarify that the original information and documents you supplied remain the same and if any information has changed then then your mortgage advisor needs to be notified.
It is a requirement by all mortgage lenders that a full valuation of the property which you intend to purchase is carried out. Once the valuation survey is complete the report will be sent to your financial advisor and also to your solicitor.
This is a very important stage of the process. You are required alongside with your solicitor to check that all the information disclosed is correct. Any questions that have not been asked need to be asked now so that you have a clear understanding of the agreement. Once contracts have been exchanged you will need to arrange building insurance to ensure the structure of your property.
You will be happy to know you are at the final stages of completion. Your solicitor will arrange for funds to be transferred to the vendor and they will also need to register your new home with Land and Property Services. Additional costs which may occur during the process are those such as a mortgage account fee and solicitors bills. If your property costs over £125,000 you will be eligible to pay 3% stamp duty which is to be paid 30 days from completion.
It is compulsory you pay Stamp Duty Land Tax (SDLT) if you buy property or land over a certain price in Northern Ireland. The current threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.
Residential and non-residential property are calculated in separate ways.
Turning Point Properties have provided pricing guides and examples to illustrate the process in a simple way.
Residential property includes:
| Purchase price of property | Rate of Stamp Duty | Buy to Let Investment / Additional Home Rate |
|---|---|---|
| £0 - £125,000 | 0% | 3% |
| £125,001 - £250,000 | 2% | 5% |
| £250,001 - £925,000 | 5% | 8% |
| £925,001 - £1.5 million | 10% | 13% |
If you were to purchase a house for £285,000, the SDLT you would owe is calculated as follows:
Non-residential property includes:
| Purchase price of property | Rate of Stamp Duty |
|---|---|
| Up to £150,000 | 0% |
| £150,001 - £250,000 | 2% |
| £250,000+ | 5% |
If you were to purchase Agricultural Land for £285,000, the SDLT you would owe is calculated as follows:
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