Published 7th April 2019
Buying a house can be incredibly stressful and confusing, even with the excitement that comes with the thought of owning your own property. While the initial house viewing phase is relatively simple, things typically get more complicated once you put in an offer to purchase. To help make the process of buying a house as stress-free as possible, we have put together a step by step guide on what to expect.
From figuring out your mortgage to signing the final papers, there are numerous steps involved in buying a house. Here are some of the biggest steps that you will need to consider for your upcoming home purchase.
Step 1: Getting your finances in order.
First, you will need to take into account the many costs involved in the purchase, from legal fees all the way to removals and broker costs. It helps to work out exactly what costs you will need to consider, well in advance. You will also need to work out how much you can afford to borrow. It helps to speak to a mortgage specialist before you even begin looking at properties so that you are clear on what is in your price range.
Step 2: Put in your offer.
Once you have found your dream home, with your finances in place, you can put in your offer. A lender would typically be prepared to consider your mortgage applications up to a specified amount – in other words, you will be given a decision in principle. At this point, it is worth speaking to your solicitor. When you put in your offer, don't be put off if the initial offer is rejected. You and the seller are both negotiating, so it can be a bit of a process for you to both settle on a final price.
Step 3: Confirm the sale agreement.
When you eventually reach this negotiation, the seller's estate agent will liaise with solicitors on both sides. The sale agreement will be officially put into writing and agreed upon. It will also be subject to contract and you will receive a Memorandum of Sale that confirms the agreement.
Step 4: Find a good conveyancing specialist.
If you haven't found one yet, now is a good time to speak to a conveyancing specialist who can guide you through the paperwork that lies ahead. This stage can be very confusing and stressful. A good conveyancer will help make the process far easier.
Step 5: Finalise the mortgage application and valuation.
You will now need to speak to your mortgage advisor to work out the best mortgage arrangement. You can then finalise the mortgage application. You can also arrange your valuation at this point. All this means is that you are proving to the lender that the property is worth the amount you have loaned. If you need details on the property's condition, you will need to arrange a house survey.
Step 6: Finalise your moving dates and exchange contracts.
Finally, you're almost ready to take possession of your new home. The final step is to agree on a date where contracts will be exchanged and also decide on the final moving dates for you and the seller. At this point, you should start thinking about removal quotes so that you can have that sorted. Once the final contracts are signed, the property is transferred from the seller's name to your name and you are officially the new owner.
Although this process sounds complicated and certainly can be at times, it helps hugely to have expert advice along the way. Contact Home Legal Direct to assist with your home purchase and make buying a house as simple as possible.