Buying a Property in the Stokesley, Great Ayton, Hutton Rugby Area?

(Source: the RICS website)

1. Choosing your property: Decide on the kind of property and location you want. You should look around several properties and get a feel for the market before you buy

2. Agreeing the sale: Before you sign anything, make sure you have read the Home Information Pack provided by the seller and you know what’s included in the asking price:

• Check you’re keeping all the fixtures and fittings as listed in the property details
• If you like the carpets, see if they’re included too
•You’ll find furniture isn’t usually included, unless it’s specifically listed.

Your accepted offer is still subject to contract – which means the sale is agreed but isn’t binding until you exchange. For the time being, either side can back out without facing legal charges.

3. Financing your property: If you haven’t already got a mortgage in place, your next step is to find one – or make sure you have the money ready.

4. Arranging a survey: Ask an RICS member to conduct a survey of the property – for more information, see the section on surveys in this guide,
or take a look at our leaflet ‘Understanding property surveys’.

5. Instructing your solicitor/conveyancer: Speak to your solicitor or conveyancer who will review the content of the Home Information Pack. Once they’re happy
with the legal aspects of the property, and you have the finance in place, you can exchange contracts.

6. Exchange of contracts: When you exchange, you may have to pay a deposit of 10% of the agreed sale price. You complete when the rest of the money is transferred to the seller – then you can move in. 

7. Completion: Collect keys from the seller’s estate agent and instruct your removal firm.

Buying a Property in the Stokesley area? Check the Ownership Type:

There are four types of ownership or ‘tenure’ for property:

1. Freehold: If you buy a property freehold, it means you have full ownership of the property until you decide to sell it. 
Freehold properties are usually, but not exclusively, houses with gardens.

2. Leasehold: If you buy a leasehold property, it means you have part ownership and the right to live there for a fixed time only – usually, but not exclusively, either 99 or 125 years (999 years or longer in Northern Ireland).

Leasehold properties are generally flats and maisonettes. A landlord owns the freehold of the building, but doesn’t have access to your flat unless invited.

The value of a lease decreases with time, but you can usually extend your lease or buy a new one.

Many building societies and banks may have restrictions on granting mortgages where leases are below 70 years. An RICS member can give you more information about this.

You’ll also probably have to pay ground rent on leasehold property, and if it’s a flat or maisonette, you may have to pay a service charge to cover repairs and cleaning of shared areas.

Before you buy, a leasehold property, get your solicitor to check:

• How much these extra charges are
• Whether you have to pay them in advance
• If a management company is responsible for collecting payment
• Whether building maintenance is managed by the freeholder
• Any future costs, such as re-roofing, exterior redecoration, replacement of lifts or communal heating boilers
• A survey of a leasehold flat or maisonette will tell you who has responsibility for repairs and maintenance. An RICS member will ensure you get all the details from the landlord.

3. Commonhold: Leaseholders have the right to convert from leasehold to commonhold if they buy out the landlord, in both new and existing buildings.
Commonhold provides a different management structure for blocks of flats and other interdependent buildings with shared services and common areas. Please note that commonhold does not exist in Northern Ireland, but leaseholders have a right to buy out their ground rent.

4. Shared ownership: Housing associations offer shared ownership as a part-buy part-rent way to own a property. You pay a mixture of mortgage and subsidised rent, making the homes affordable for those on or below average incomes.

If you start to earn more, you can increase your shares in your home, and have the option of owning the property outright.