The Buying Process
The Buying Process
We know and understand purchasing a home is a big deal. As with any significant financial commitment, it can be daunting, especially if you are a first-time buyer.
With this in mind, we have compiled a step by step guide to the buying process to help you see the big picture. However, remember that your solicitor and your estate agent are always there to talk the process through with you and answer any questions or concerns you may have.
As a prospective buyer:
- Start by determining your budget
You need to be realistic about the budget you can afford to spend on your dream home. Consider monthly mortgage payments, deposit, fees and stamp duty. You should even consider what would happen in the event of interest rates rising or a change in your financial situation.
- Seek mortgage and financial advice
When it comes to getting a mortgage sorted, there’s no such thing as too early. Find out your options at the start of the process – before you’ve even looked at properties. That way you will be equipped with more knowledge of your price range and will have begun a time-consuming process in good time. You can get mortgage advice from an Independent Financial Adviser (IFA), mortgage broker or lender.
- Find your new dream home
This is the fun bit. Enjoy browsing and remember to keep us informed of any properties you like and give us an idea of the kind of home you’re looking for.
- Make an offer
When you see your dream home, you’ll just know. It’s time to make an offer through the estate agent. The buyer doesn’t pay for this service, the seller does.
- Once your offer is accepted, inform your solicitor
Your solicitor will be the one to manage the legal side of the purchase. This includes handling enquiries 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 needs to be arranged as soon as your offer is accepted.
- Arrange a survey
This is an important step that should be arranged asap, either independently or through your mortgage provider. Through the survey you will learn all about the condition of the property and can plan for any possible repair costs.
- Liaise regularly with your solicitor and estate agent
Communication is important key at this sometimes stressful stage in the buying process. Keeping everyone regularly informed will ensure a smooth transaction.
- Exchange contracts and pay your deposit
Upon completion of the legal work and the mortgage offer has been made (if applicable) then the purchase is underway. You will need to sign the contract and pay a deposit. A date for completion is fixed when the balance of the purchase price is paid.
CONGRATULATIONS! The sale is complete, and you own your dream home!