Money Box Money Box Live: How to Buy a Home
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Nov 6, 2024 Simon Gammon, Head of Finance at Knight Frank, and Beth Rudolf, Director at the Conveyancing Association, join Felicity Hannah to demystify the home-buying process. They explore the rollercoaster journey of first-time buyers and share tips on enhancing purchase offers in today's competitive market. The duo emphasizes the importance of selecting the right conveyancer, managing emotional stress, and navigating the legal complexities of property buying, especially in England versus Scotland. Their insights aim to ease the burdens on anxious homebuyers.
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Tips for First-Time Buyers
- Secure a mortgage in principle and prioritize a larger deposit when buying a home.
- Consider both the financial and legal aspects of the process.
Digitalization Paradox
- Despite digitalization, home buying takes longer now than 44 years ago.
- Dematerialization of deeds by the Land Registry means recreating titles for every transaction, adding delays.
Lisa's affordability struggles in Oxfordshire
- Lisa, a single person in her early 30s, is struggling to buy in Oxfordshire.
- She has a good deposit, but lenders won't give her enough for a property in her area.