Want to buy
In 2014 the average cost of a 1 bed property in Dartford was £130,000 and a 3 bed was £270,000.
Help to Buy
The Government created a range of Help to Buy products to assist those who otherwise wouldn't be able to get a foot on or up the housing ladder.
Whether you are looking to get onto the housing ladder or move up it, there are a number of Help to Buy products designed to make buying a home more affordable, including:
Shared ownership - New build and Re-sales
Shared Ownership is designed for those who cannot afford to purchase a property on the open market. This scheme allows you to purchase a percentage share of a property whilst renting the remaining share from the housing association selling the property. You can then choose to purchase further shares to increase your ownership of the property.
This scheme can be available on New Build and also second hand properties, which are referred to as re-sale shared ownership. These are homes previously purchased through the scheme and now looking to be sold.
The Help to Buy equity loan is designed to help you purchase specific new-build properties priced up to £600,000 from participating registered developers with as little as a 5% deposit.
The Government lends you up to 20% of the cost of your new-build home, so you'll only need to provide a 5% cash deposit and a 75% mortgage to make up the rest. You also won't be charged loan fees on the 20% loan for the first five years of owning your home.
Want to find out more?
For more information contact Help to Buy East and South East by visiting www.helptobuyese.org.uk or call 03333 214044.
If you interested in buying in another area please visit www.helptobuy.org.uk to find details of the local Help to Buy agent for that region.
Kent's Help to Buy New Homes Show
Help to Buy East and South East are the appointed Help to Buy agents for Kent and they are bringing their New Homes Show 2016 to Dartford Football Club, Princes Park, Grassbanks, Darenth Road, Dartford, Kent, DA1 1RT on Sunday 24 April between 10.30am and 3.30pm. FREE ENTRY! No need to book, just drop in!
Find out more about the different schemes, existing and upcoming developments in and around Kent, as well as get advice from our specialist team, Independent Financial Advisors and solicitors.
Already a tenant of a local authority?
If you are already a tenant of a local authority then you may be able to buy your own home under the Right to Buy. Check with your landlord for more information. If you are a tenant of Dartford Borough Council you can find out more information on the Right to Buy web page.
Key steps to buying a home:
If you are able to raise a full mortgage yourself then your first step should be to visit the local banks and building societies of Dartford.
Try www.yell.com for listings of local establishments who will assess your finances and give you an indication of how much you will be able to borrow. Most prospective buyers will at this stage have at least a minimum deposit of 10% to put towards the house purchase.
Once you have this information you are ready for the fun part of viewing available properties.
To be kept abreast of all available properties, it would be prudent to register with all estate agents based in Dartford. They are all very keen to make a sale and will keep you informed of properties matching your requirements as they arise.
- Their details can be found on the website of The National Association of Estate Agents (www.naea.co.uk)
- Check the local newspapers property section and websites like www.rightmove.co.uk which have most estate agents properties available to view online
Once you have found a property that you wish to purchase, you will need to instruct a solicitor to proceed with a sale. The solicitor will instruct local land searches, check planning applications, environmental reports and issues with deeds relevant to the property.
Local solicitors can be found on www.yell.com or as recommended by your estate agent.
View more information on local land charges and searches.
The mortgage lender will also instruct a surveyor to carry out an inspection of the property to ensure that the money that is being lent is going towards a good investment.
The surveyors report (depending on the depth) will highlight any areas of concern and make suggestions for improvement. Some suggestions the mortgage lender may insist are carried out before purchase as they may affect the value of the property.
The cost of these improvements are normally negotiated between the seller and the buyer to achieve a satisfactory arrangement.
Unfortunately, not all house purchases proceed as hoped and there are many reasons why a potential purchase may fail. You may be refused a mortgage due to insufficient borrowing capacity, the survey carried out on the house may reveal unsatisfactory defects, a buyer/seller may 'pull out' of the sale....the list is endless.
It pays to be aware of the pitfalls concerning house purchase to avoid potential disappointment further down the line.
Between your lender and your solicitor, the sale will then progress to 'exchange' where all the contracts concerning the sale/s are passed to all parties involved, checked for accuracy and signed for acceptance.
Normally around a week separates the 'exchange' from the 'completion', where you pack up your belongings, pick up your keys and move into your new house!
If you have any questions please do not hesitate to call a member of our Housing Options and Advice Team on 01322 343838.