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Do you already live in Northern Ireland and are thinking of moving house or buying your first property? Or perhaps you want to relocate to Northern Ireland? Remember, property market rules and regulations differ from country to country and can rapidly change, so it’s worth doing your homework first. Once you’re in you can get extra peace of mind by taking advantage of Direct Line’s new Home Insurance for homeowners in Northern Ireland. Here are a few more tips to help you make the right moves…
Working the market
Whether you’re buying or selling in Northern Ireland, there are several ways in which to market or search for your home: through an estate agent (top agencies include Sawyers and Gerry O’Connor); online, through portals such as www.findaproperty.com, www.advertni.co.uk/property or www.propertynews.com; or through a public auction announced in the local newspaper, an increasingly popular choice for purchase and sale here. Both parties need to be aware of the current housing climate. This has been affected by relatively peaceful times, extensive rural appeal, the relocation of several UK public services and booming inner-city regeneration. At present, reports show this to be a dream sellers market, with a recent study by the National Savings and Investments (NS&I) reporting that the cost of a first home in Northern Ireland has risen almost twice as fast as anywhere else in the UK. Statistics wise, the average first-time buyer home in Northern Ireland now costs £114,436; while average mortgage lending prices for a single purchaser stand at three times the gross salary plus a 10% deposit.
Making or accepting an offer
For buyers who have found a suitable property – in a well-researched location and at a price they can afford – it’s time to put a bid in. An estate agent can help with this process, putting bids – usually of 5-10% lower than the asking price – on several properties at once in case your dream property falls through (not applicable in Scotland where any offer can be legally binding). Beware if you do buy at auction – you may find that the asking price is higher than advertised. This practice is often used to encourage buyers through the door. For sellers, the current market suggests that you should get a good return on your investment either way and can afford to choose the offer that suits you – and hopefully help get someone else on the property ladder too. Once an offer is ‘accepted’ it is still subject to satisfactory survey and contract-exchange. The buyer’s appointed solicitor (who must be registered with the Incorporated Law Society of Ireland), will check the contracts, perform local-authority and title searches, ensure compliance with the Land Registration Act, liase 100% with the seller and their solicitor, and look into leases for leasehold properties. If you're buying a property valued at over £60,000, you will also incur stamp-duty. The survey may reveal hidden structural or location problems, in which case the deal may need to be renegotiated. Remember, a dream home can turn into a nightmare if it comes with a list of costly repairs. However, once parties have come to a final agreement, contracts can be signed and keys handed over or exchanged.
Moving on and in
In theory, moving in should be the fun part! To avoid the further stress of moving house, employ a reputable firm to do any heavy or menial work for you: moving furniture and personal possessions, initial repairs and renovation. Before you move in you should also arrange the transfer of details for bills. These include water, gas, electricity and rates, as well as Northern Ireland’s equivalent of council tax. Last but by no means least, make sure you have adequate home insurance, ensuring Buildings cover is arranged from exchange and Contents cover from completion. After all that hard work finding a house, you want to enjoy your stay once you’re in! Signing up with Direct Line means you no longer have to get this through brokers, mortgage lenders or ‘middle men’; you can talk directly to the experts. With the in-built Home Repair Network, it means Direct Line can process any valid claim you make on repairs between £2,000 and £10,000, find the best tradesman for the job and guarantee the work for 12 months. Direct Line Home Insurance also provides cover on a new-for-old basis, including items in your garden up to £1,000. Direct Line will also pay up to £25 towards the cost of insurance transfers if your current policy requires a cancellation fee. The extra peace of mind guaranteed by Direct Line means you can sit back and enjoy your home sweet home!
Five more sites to help facilitate a smooth move in Northern Ireland:
www.dfpni.gov.uk
www.nihe.gov.uk/housing_advice
www.adviceguide.org.uk/nireland
www.trytobuyni.com
www.ratecollectionagencyni.gov.uk
Find out more about Direct Line Home Insurance for homeowners in Northern Ireland and the discounts available.
*The information in this article was correct as of March 2006.
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