Buying a home is an exciting experience.

However, many home buyers are unaware of several things that can derail their purchase. Here is my list of seven things you definitely should not do if you are trying to buy a property.

Underestimating costs

In addition to the purchase price of your home, you need to consider the cost of conveyancing, surveys, and moving expenses. Remember, you will also need to pay for buildings and contents insurance and council tax.

Failure to check your credit score

Your credit score is your financial resume, and lenders analyse it to determine if you are capable of making regular payments. Before applying for a mortgage, check your credit score and have any problems corrected to reduce the likelihood of your application being refused.

Choosing the Wrong Solicitor

Check that your solicitor is on your mortgage lender’s list of authorised solicitors to avoid extra fees or having to change solicitors. Most mortgage lenders have a list of approved solicitors with whom they will engage. During the conveyancing process, your solicitor will be required to carry out the legal work for your lender. However, if your solicitor is not on their approved list, they will be unable to act for your mortgage lender, necessitating the hiring of a second solicitors firm from that list to operate on their behalf.

Not being on the electoral roll

Checking the electoral roll is one of the easiest ways for lenders to verify your identity. If you are not registered, your application may take longer to process. Your credit score can also be negatively affected if you’re not on the electoral roll.

Not getting an agreement in principle

The housing market is fiercely competitive. Instead of waiting for you to contact a mortgage firm, sellers may choose to accept an offer from someone who already has an agreement in principle.

Accumulating a lot of debt

Taking on new debt may affect your credit score, which can prevent you from being approved for a mortgage.

Changing career

Never change jobs in the middle of a property purchase. It can make your employment look unstable, making you a weaker candidate to lenders.

If you are looking to purchase a property in Sheffield and Rotherham please give me a call on 07920 097 175 or send an email to linda.stringer@exp.uk.com and I will add you to my early bird list so you can be one of the first people to hear about my new listings.