Buying a property directly from the owner offers many advantages over buying through an estate agent.

• You are in control of the buying process
• Any questions you have about the property can be answered immediately and more fully & accurately by the seller
• You can get an immediate decision on any offers that you make
• You can negotiate there and then without to-ing and fro-ing through an estate agent
• By dealing directly with the vendor you will be able to get quick and accurate updates of the sales process, so minimising stress

Buying privately doesn’t have to be complicated, in fact, in many ways it is much easier than buying through an estate agent. Before you get carried away however there are a few points that we feel you should consider.

How Much Can You Afford? Before you start house hunting, you should work out how much you can afford. Most people buy property with the aid of a mortgage and we recommend that you discuss your finances with an Independent Financial Advisor. They will be able to calculate how much you can borrow and recommend various mortgage products based on you personal circumstances and attitude to risk and investment. Remember you will need money for conveyancing fees and probably stamp duty. It’s worth considering leaving some funds in reserve for unforeseen expenses. If you have a house to sell you won’t really know how much you have to spend until you have agreed a price for it, so its a good idea to get it on the market as soon as possible. Remember that you too can sell privately via a PPSA member.

Research the Market. The Internet is changing the way that people buy and sell property. The significant majority of estate agents already use the Internet to publicise the properties they have for sale. These days, you will only need to visit two or three websites to find just about every property that is for sale in the UK. Sites such as www.fish4homes.co.uk, www.propertiesdirect.co.uk and www.hotproperty.co.uk display the houses that are for sale with numerous estate agents and For Sale by Owner websites, making it easy to search thousands of properties for sale in UK by location, price and type

The viewing. Once you have found a property for sale privately that you are interested in, contact the vendor directly. Remember that you are going to be a complete stranger to them so be prepared to give some details about yourself such as your name, address and contact information as well as your current situation regarding purchasing a property. For example, do you have a house to sell? Are your finances arranged? Do you have any timescales or deadlines to meet? These are all important considerations should you make an offer to purchase as it is not always the best price that can influence someone to sell to you. Having already sold your home, or being a first time or cash buyer can put you in a strong negotiating position.
You might feel strongly enough about a property to make an offer after a single viewing, however you should consider viewing the property during the day and at night if possible to give you a more rounded view of the property and area.
If the house requires any work or improvements don’t be afraid to take professional tradesmen with you to get a realistic idea of the costs involved and the amount of work required.

Make notes! Don’t be put off by the vendor’s style of decoration or furniture. It’s the house you are buying. Try to imagine yourself living there – with your possessions.

Be aware of any obvious signs of damp or decay but always get professional advice on the condition of a property. This is especially important for older properties.

From April 2008, it is proposed that all vendors will need to provide purchasers with a Home Information Pack so you will get a lot of useful information about the property you are purchasing to speed up the buying process. Initially when you are viewing properties, take a checklist of questions to ask so you don't forget anything.

Make an Offer. The art of good negotiation is for both parties to feel that they have reached an acceptable deal. It is natural to try and get the best price possible however if you think that the asking price of a property is reasonable, so will others. There are a number of websites that can give you the prices that houses have sold for anywhere in the UK. You can use this information to help draw comparisons.

As already discussed whether or not your offer is accepted may depend upon other factors and your own personal circumstances. Be sure to include this information when you make an offer, particularly if it is in your favour.

Once your offer has been accepted you should expect the property to be taken off the market unless your offer is accepted with conditions eg. Subject to you getting a mortgage or selling your own home.

You will also need to exchange solicitor or conveyancer details with the vendor so that contracts can be issued. It’s a good idea to distribute a memorandum of sale to all parties, including solicitors, that gives all necessary details including the agreed price. However the sale at this stage will be subject to contract, which means that neither party is yet legally bound even though you have reached an agreement in principle.

Apply for a mortgage & instruct a conveyancer/solicitor. Now you know which particular property you want to buy you can apply for a mortgage if required and instruct a conveyancer/solicitor to act on your behalf. The earlier you can do this the better.

Exchange Contracts. Once your mortgage application and conveyancing work have been completed, you will be able to sign and exchange contracts. Your solicitor will manage this for you.

Set a Completion Date. On exchange of contacts you will normally set a completion date, the date you actually buy the property and become the legal owner, and make arrangements to move.

Move In! Move in and start planning that house warming party!

Go Shopping! Spend the money you saved selling your house privately via a PPSA member on something special!