First time Buyers guide to Buying a gh2o home
Buying your first home can seem a daunting experience, however at Dandara, we are here to guide you every step of the way. To help the process of moving into a gh2o home, we’ve put together this brief guide to alert you to some of the things you need to be thinking about.
Purchase Procedure
View our step by step guide to purchasing an apartment at gh2o
View the purchase procedure guide
How do I choose the right property?
One of the golden rules quoted when looking at property is ‘location, location, location’ and it is something that we at Dandara are very conscious of. All of our city centre apartment schemes are in strategic locations, in close proximity to all the amenities you may require including gh2o which is situated within Glasgow's most prominent waterfront address, Glasgow Harbour, on the edge of the bustling West End.
Equally we are very aware that those living in city centres, still require outside space and gh2o offers stunning landscaped gardens on the banks of the River Clyde providing residents with a peaceful sanctuary to appreciate all that waterfront living has to offer.
With a wide range of apartments on offer, Dandara can help you find the perfect home to suit your needs.
How much can I afford?
Your first step should be to talk to a mortgage advisor to work out how much you can borrow and exactly what your repayments will be. We work closely with a selected panel of mortgage advisors who can assist you with this process.
Additional costs such as Legal fees and Stamp Duty should not be underestimated and you also need to consider other items such as council tax and utility bills when working out your monthly outgoings.
Do I need a deposit?
The size of deposit you can afford will influence the type of mortgage available to you. Many mortgage companies limit their lending to 80% of the property value, meaning that you need to put down 20% of the purchase price as a deposit.
Dandara can once again assist you in this area, as we offer a '3.5% deposit paid' incentive on selected plots at gh2o. Please contact a sales consultant for further details of current incentives at gh2o.
Do I need a survey for a new property?
Yes – your mortgage lender will require a survey of the property even if it is a new build. There are three types of survey you can opt for:-
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A Full Building Survey – this is often referred to as a Structural Survey and will give you a comprehensive and detailed report on the current condition of the property. All the visible elements of the property are inspected and any necessary repairs are identified and given a cost estimate. This type of survey will not be necessary for a Dandara newly built property.
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RICS Homebuyers’ Report – This is a pre-printed form prepared by the Royal Institute of Chartered Surveyors. The level of detail of the inspection is slightly less in this report, but it is slightly cheaper.
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Basic Valuation Report – This report will give you guidance as to whether the price you are paying is reasonable and whether you are looking at a good investment. It does not go into nearly as much detail as a Full Building Survey or Homebuyers Report would do. This type of survey should be sufficient for a dandara newly built property.
Appointing a Solicitor
You will need to appoint a registered Solicitor to deal with the legal conveyancing on your behalf. Again dandara works closely with a panel of approved Solicitors who will be able to assist you.
Your Solicitor is responsible for the following:-
Pre-conclusion of Missives
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To agree with you the extent of work to be carried out and associated costs
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To receive contract documents from Dandara's Solicitor and raise any queries if applicable.
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To effect the conclusion of missives and forward deposit to Dandara's Solicitor.
After Conclusion of Missives
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To prepare title deeds and mortgage documents and arrange for them to be signed.
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To carry out necessary searches.
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To prepare final accounts and collect remaining monies due from you.
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To prepare Stamp Duty Land Tax Return.
Completion
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To send the balance of the purchase monies to Dandara's Solicitor.
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To submit the Stamp Duty Land Tax Return.
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To submit an application to the Land Register of Scotland to register your title.
Prior to legal completion, Dandara will arrange for you to have a complete demonstration of your new home’s appliances, heating system and various fittings.
What about Insurance?
Property is a major asset and probably the single most significant investment you will make. Having undertaken to pay back, in most cases, a substantial loan over a number of years, you will need to consider buying various financial products to protect yourself and all concerned parties:-
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Life Assurance – This will protect your dependants from having the responsibility of meeting mortgage payments in the event of your death
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Protection Products – These are available to assist you with meeting your mortgage payments in the event of such things as illness or redundancy
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Buildings Insurance – This protects both you and the mortgage lender should any damage occur to the fabric of the property, caused by unexpected events such as storm or flood damage.
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Contents Insurance – This protects all items of your personal property, such as furniture, fixtures and fittings, clothing etc from damage, loss or theft.
Who do I need to tell when I move?
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Royal Mail (to redirect if applicable)
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Gas
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Electricity
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Water
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Telephone Provider
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Council Tax Office
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TV Licence
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Cable/Satellite
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DVLA
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Bank
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Building Society
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Credit Card Companies
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Store Loyalty Cards
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Personal contact such as doctor, dentist, optician etc.
At Dandara we want to make sure that buying your gh2o home is an is an exciting and hassle-free experience. Our team of experienced Sales Consultants are here to guide you through every step of the process and once you have moved in, our dedicated Customer Care team are there to assist you with any queries that may arise.
Want to know more?
If you have any more questions, please get in touch - Fill out our info request form