The Buying Process
We recognise that buying a home is a huge financial commitment and can be daunting, especially if you’re a first time buyer. We’ve put together the key steps of the buying process but remember your estate agent and solicitor are always available to chat through any queries or concerns you may have along the way.
Steps to take for prospective buyers:
Determine your budget including deposit, stamp duty and fees.
Work out what you can afford to spend on buying your dream home including your monthly mortgage payments. Consider how you will cope if your financial situation changes, or interest rates rise, and be careful not to overstretch yourself.
Seek mortgage and financial advice
It is never too early for you to start thinking about arranging a mortgage and this can be time-consuming so plan ahead. You can obtain mortgage advice from an Independent Financial Adviser (IFA), mortgage broker or lender.
Find your new home
This is the exciting part of the process – remember to keep in contact with us on properties you’ve seen or the type of property you are looking for.
Make an offer
Once you’ve found your dream home, the next step is to make an offer via the estate agent. You only pay for an estate agent if you’re selling property.
Once accepted, instruct your solicitor
Your solicitor will handle the legal work in connection with your purchase, including dealing with searches to the local authority to check whether there are any planning or local issues that might affect the property’s value.
Apply for your mortgage
This should be arranged as soon as your offer is accepted.
Arrange a survey
A survey can often be arranged through the mortgage provider or independently. A survey will provide important information relating to the condition of the property and the likely costs of dealing with any repairs.
Liaise regularly with your solicitor and estate agent
Communication is important and sometimes this time can be the most stressful part of the purchasing process. Keeping everyone informed on a regular basis will ensure that the transaction proceeds smoothly.
Exchange contracts and pay your deposit
Once all the legal work has been completed and a mortgage offer made [if applicable], you are ready to commit to the purchase. You will be required to sign the contract and pay a deposit. A date for completion is fixed when the balance of the purchase price is paid.
CONGRATULATIONS: your sale is complete!
For further information on buying a home and many other useful topics, go to the RICS website http://www.rics.org/uk/knowledge/consumer-guides/