Here is our step by step guide to the process of buying a home and what you can expect. It is sometimes said that moving house will be one of the most stressful experiences of your life! However, the procedure can be made straightforward if you break it down into several steps.
How much can you spend?
Before starting it is important to gain financial advice in order to best understand what you can realistically afford. You might want to speak to your bank and building society as they will have your history and statements. It is also wise to speak to a mortgage broker as they will have access to many more products available and may well be able to save you money. We provide free mortgage advice through our mortgage specialist.
Once you have the budget you can start your search in earnest. Agree on what the five most important points in your search are. ie: School Locations, Style of the Property, Away from the Main Road, Number of Bedrooms, Access to Station
Making an offer
When putting forward an offer, it is very important that your position is made clear. This means that you, a first-time buyer, have sold subject to contract, have a chain, have nothing to sell or are a cash buyer. If you require a mortgage you should know who the bank or broker are and also provide a certificate mortgage approval (AIP). This information enables us to put the offer forward to our client in the best possible light. Once this is sorted your offer will be acceptable and we will instruct a conveyancer.
Finding a Solicitor
We will help you obtain quotes from reputable firms if you have not yet appointed one. Be aware that there are conventional and online solicitors. They will offer a range of prices. If you are working to deadlines, or the sale is fixed, the cheapest is not necessarily the best option. We Recommend a local practice who have knowledge of the area and good working relations with excellent communication.
When you have successfully negotiated to buy your home, and have instructed a solicitor, a number of forms need to be provided and completed. Documents include a formal instruction letter to sign and request for proof of identification (passports, driving license, bank statements and utility bills are best). The solicitors will provide a duty of care letter from them to you. They will also require proof of deposit, savings from bank or gift from parents. You will also need to fill out mortgage application forms so that your chosen lender can process the application in order to instruct a mortgage valuation survey.
Solicitor's Property Searches
Your solicitor will apply for a number of searches which apply to the title, planning and building controls, environmental, water and drainage records within proximity of the property. These can take two or three weeks to arrive following application.
Survey and mortgage offer
Once processed and paid for the mortgage valuation will be booked. If you are buying an older property it can be advisable to also have a homebuyers report or even a full structural survey to be done
The solicitor will raise enquiries with the seller’s solicitor once there has had the searches back and has received a questions and answers response from the seller’s solicitors that have been provided to them by the sellers.
Exchange of Contracts
Once the solicitor is satisfied with the contract you will be asked to sign it, provide cleared deposit funds to the solicitors account, have a copy of your mortgage offer and agree a mutually convenient completion date. Once all this is in place throughout the claim the solicitors will exchange contracts by phone, you will also need to have a place buildings insurance for your new home.
On the day of completion, the money will be bank transferred to the seller’s solicitors from your solicitors holding account and your lender. Prior to this you will receive a statement of accounts from your solicitor showing your disbursement costs. Now you have completed. Congratulations!
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