The home-buying process can seem complicated! I have broken down into key stages below.
Steps to buying a house:
- How much can you borrow
- Start search – see a more detailed blog on that topic here
- Arrange viewing – see a more detailed blog on that topic here
- Make an offer
- Sale agreed – memorandum of sale issued by estate agents
- Take property off the market – ask if this is possible, lowers risk of other parties gazumping you
- Find your solicitor – this is called a Conveyancing solicitor specialising in property
- Lender valuation – to confirm the cost of the property is to their satisfaction
- Property Survey – advised for the buyer to purchase to ensure no hidden damage/large costs
- Finalising mortgage
- Conveyancing process
Some aspects of the Conveyancing process:
Both yours and the seller’s solicitors will work together to confirm all details of the property and many different points to ensure everything is transparent and written in black and white to avoid any later issues or discrepancies. This includes confirming what is included in the sale, boundaries, previous disputes or alterations, potential local developments, drainage issues and so on
- Secure property insurance – necessary for security and mortgage purposes
- Set exchange/completion dates – once exchanged you cannot back out without forfeiting a fee to the seller.
- Completion – you will have funds transferred via solicitors and are now able to collect the keys – you are now the owner of your new property – congratulations!
Additional stages of buying a house:
- Advise relevant companies of your address change (see blog here for a detailed list)
- Take meter readings of utilities – photographs are the easiest!
Let me know your thoughts! Have you found this helpful? Is there anything you would add to it?
Leave a comment below – Would love to hear from you!
Remember to seek professional advice at all key stages – this is just my opinion!