Posted: 18 February 2015 by Higgins Homes
The house buying process can be something of a mystery to those who are new to it - and even if you've done it before it's often such a rush that you may not be able to remember what's involved. To help you navigate the sometimes choppy waters of buying a home in the UK, here is a quick guide to the process. Finding a property and making an offer. These are the first two steps on your home buyer journey and some of the most important.
Remember to choose a home that will suit in terms of location and area, as well as the building itself, and give you the potential to expand if you need to. You don't have to offer the asking price of a property and it's never worth over-stretching yourself and there's normally room for negotiation, particularly if you're a very attractive buyer (for example chain free and ready to move). Mortgages. You need to apply for a mortgage a short time before you start making offers as if your offer is accepted you'll need to move quite fast. You can always agree a mortgage in principle, which is basically a statement from the lender that you're guaranteed the loan depending on property valuation and your financial status at the time. Already having finance in place can be an incentive to a seller to accept your offer.
Surveys. When you find a property you need to get it surveyed to see if there's anything wrong with it. There are a number of different types, such as the mortgage survey (which will demonstrate to the lender whether they will be able to sell the property and get their money back if you default), a Homebuyer's Survey (which will show major faults and could save you money as you can reflect these in the purchase price, and a Full Building survey, which goes into significant detail about all aspects of the property and might be a wise choice if the property is older or in visible disrepair. Exchange and completion. The moment of exchange marks the payment of a deposit by the buyer and contracts being exchanged â€“ after this both parties are legally committed to the purchase.
Completion is basically the moment that the money moves and the keys are handed over. Completion is normally with four weeks of exchange. You will need a conveyancing solicitor to guide you through this part of the process, including exchanging the contracts. Moving. Most people choose to move on the date of completion (especially if you're part of a chain and someone else is moving into your old property on the same day). Make sure you book the movers in advance, have all the money ready to move, know exactly how to get the keys and are packed up and ready the day before.
Then all you need to do is shut the door, sit down and make a cup of tea in your new home (as long as you can find the kettle..).