Things you should know BEFORE you get the keys to your new home

Introduction

Hello, welcome back to our channel and podcast. My name is Gemma, and here at WSI, we talk about all things related to money, mortgages, and positive money mindset. If that interests you, be sure to subscribe and hit the thumbs up — it really helps with our YouTube algorithms.
On today’s episode of Let’s Talk Money and Mortgages, we have Izzy joining us once again. Izzy is a trained accountant and mortgage advisor with over 10 years of experience. He’s also one of the founding directors here at WSI.

Q&A

Q: What is the first thing people should do when they get the keys?

Before moving in, at the point of exchange (when you agree to buy the property), I recommend visiting the property to check its condition. You may have seen it months ago, and things could have changed.
For example, one of my clients found that the back wall had been knocked over by a container after he had initially seen the house. Sorting this out with the seller before moving in helped avoid complications with insurance and the move.
When you get the keys, check the property again for any damages or issues. If anything is wrong, you can address it immediately with the seller.

Q: What questions should you ask the seller about utilities?

Ask about the gas, water, and electricity providers before moving in. This ensures that you can quickly contact them, update records, and take over accounts.
Tip: Take meter readings immediately when you arrive, and take photos with your phone as proof in case of disputes. This avoids paying for energy used by the previous owner.

Q: How should you handle water taps and emergency switches?

It’s crucial to know where your main water shut-off tap is. Leaks can happen, and taps can be anywhere: under sinks, in airing cupboards, in the loft, or even outside. Locate it early to prevent emergencies.

Q: What should be done about keys?

Make sure you receive all keys for doors and windows.
Try them to ensure they work.
Get spare copies to avoid lockouts.
Consider changing locks to improve security. Previous owners, cleaners, or tradespeople may have copies.

Q: What about appliances and manuals?

Check for instruction booklets, warranties, and manuals for built-in appliances before exchange.
This prevents issues like not knowing how to operate the heating system or other appliances once you move in.

Q: What items might sellers take accidentally or intentionally?

Always review the list of items the seller is supposed to leave behind.
Some items like curtain poles or chandeliers may be taken if not explicitly listed in the contract.
Take the checklist to the property and tick off everything to ensure nothing is missing.

Q: Are there any fees or extra costs to be aware of after moving in?

Yes, there are a few things to plan for:
Address redirection with the post office (to prevent missed bills or legal notices).
Any immediate repairs or maintenance, especially in older properties.
These costs are often overlooked but should be factored into your budget.

Conclusion

Thank you, Ifthi, for sharing such practical advice. Remember, these points may not apply to everyone, so check with an advisor if necessary.

Disclaimer:
A mortgage is secured against your home or property. It may be repossessed if you do not keep up with mortgage repayments.

Thanks again for joining us today. We’ll be back next week with another episode of Let’s Talk Money and Mortgages. Have a great day, stay safe, and see you again soon!