Buying a House

A step by step guide to owning your new home

Requirements

We get asked a lot about the steps involved in buying a property. If this is your first time or even if you have done it before, you may find the process more than a little daunting.

 

It can take a lot of paperwork, various procedures and even more patience to buy a home. You may find yourself managing a number of people, all performing different duties and it can get confusing keeping track of the timelines and requests made of you.

 With this in mind, we have prepared the following guide, explaining who does what, why and when, to help make this process less stressful for you.

Knowing and understanding the process will ensure it unfolds as smoothly as possible, whilst being on Move Tracker will mean you have access to expertise and resources that will save you both time and money.

Every house purchase varies, but here are some of fundamental steps you need to be aware of if you wish to become a homeowner in England, Northern Ireland or Wales. 

 

Find a House you can afford!

You may have already found your dream home before beginning the process of securing a mortgage, but in case you haven’t there are a few common ways to find a house.

The most popular way is through property search sites such as Rightmove, Zoopla or OnTheMarket. These sites let you browse homes marketed by all the major estate agents with some helpful smart tools such as custom search areas, recently sold prices, distances to train stations and the relevant school catchment areas.

The estate agents acting for the seller will get in contact with you to arrange viewings, once you have submitted your interest.

 

Arrange a Surveyor

The surveyor will survey the property to check for problems, which might affect the cost of the home.

The surveyor will view the house to determine the value and ensure that is structurally sound and will then report back to the bank.

You’ve got a Mortgage Offer!

It’s another celebration point. You now have a formal offer that says the lender is willing to lend you the money to buy that property. Get the bubbly on ice and then carefully check it:

Go & find your mortgage illustration

The mortgage offer must be accurate

Check the mortgage conditions

Release your Deposit

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Conveyancy Process

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Bank Loan

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Moving in!

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Things to note

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Do not change the job

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Do not make a big purchases with your credit cards

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Get your in-principle-approval for your home loan

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Understand all costs involved in property transaction

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Budget for extra expenses

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Consider an older and less renovated property if it’s cheaper

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Do not overpay for a property

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Do your research on the area before purchasing

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FAQ's

How long will it take to complete my purchase?

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How much will conveyancing cost?

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How much will stamp duty cost?

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When will my mortgage lender release the funds?

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When is the buyer or seller bound to the sale or purchase?

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What will the seller leave in the property?

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Are you ready to buy a new home?