Buying a property can be a stressful process for anyone, especially if it is your first time. Here is a guide to the stages of buying so that you know what to expect, which will help to make the move less stressful.
- Find Out How Much You Can Afford
The first thing you will have to do is work out how much you can afford. You may have money saved away, but if this is your first home, you will probably have to take out a mortgage as well. It does not make sense to look for a property unless you already know how much you can afford.
- Find the Right Property
Once you know how much you can spend on your property, it’s time to start searching. This can often be a long process, or sometimes you may come across your dream property immediately. Visit a few estate agencies, check online, look in the classifieds and anywhere else you can, until you find a property you want to buy.
- Put In Your Offer
Once you’ve found that dream property, it’s time to put in an offer. This usually goes through the estate agent, and it may be accepted or turned down. The seller may come back with another figure, and then a game of haggling to get to the right price.
- Get the Property Surveyed
Once your offer has been accepted, this is not legally binding. However, you’re one step closer to getting your hands on the keys. Now is the time to hire a surveyor. A full survey can cost up to about £700, but it can be well worth it and help to give you peace of mind that there is nothing wrong with the property.
Your mortgage provider will also survey the property to make sure it is worth the value that you are paying, and they will do this before approving the mortgage.
- Hire a Solicitor
Hiring a solicitor is an essential part of the process. It’s actually a good idea to start researching one as early as possible, even before you start looking for a property, and this will save you time once you have had your offer accepted.
Find one locally or search online, and look for one with a good reputation like Slater and Gordon. They will find out whether there are any issues affecting the property, and they will also change the details in the Land Registry.
- Finalise the Deal
After the survey, you may need to do some more negotiation if you have found something wrong with the property. Be prepared for some stress during this stage – because nothing is official, the seller could change their mind. They may be tempted by a better offer, or you could have your mortgage application rejected. Always keep the seller informed through your estate agent or solicitor. But if everything goes well, you will then need to finalise your mortgage.
- Exchange the Contracts
This is where it becomes official. Only exchange contracts if you are absolutely sure you want to go ahead with it, and go through the contract with your solicitor. Your seller may want you to provide a holding deposit to show that you are serious.
- The Final Stages
Once all this has been done, you are ready to finalise. The rest of the money is transferred to the seller’s solicitor, and you then pay any other fees you may have to, such as the mortgage account fee and your solicitor’s fee. Your solicitor will then register the sale with the Land Registry.
Move In!
Once everything has been finalised, all you have to do is move in. You will be given the keys to the property on an agreed date, and then it’s all yours. So now you can start planning moving all of your belongings, and you can start enjoying your new home.
Katie Robertson works in the property market and has extensive experience in selling and buying property in England. She shares her advice online.