Buying a home can be daunting as it is a huge financial commitment. househandlers have created a Buyer’s step by step guide so you know what to expect when purchasing a home.
Why Househandlers? We’re committed to making the buying process as easy for you as possible. We will act in your very best interest and ensure your move is as hassle free as possible. Our aim is to deal with your purchase calmly, efficiently and effectively.
1 | Find out what you can afford
The first step in this process is finding out what you can afford to spend on buying a property. If you are obtaining a mortgage, we suggest using a mortgage calculator to estimate how much loan you will be able to obtain from the lender. When budgeting, it is important to consider monthly payments and how you’ll cope if your financial situation changes, or interest rates rise, and be careful not to overstretch yourself. Once you have calculated rough figures, you can move onto the next step which is applying for finance.
2 | Budgeting
Remember, your savings will not only cover the deposit but the expenses also: mortgage fees, mortgage broker fees, solicitor fees, Stamp Duty on properties costing more than £125,000, removal costs, upfront service chare requests (if you are moving in to a leasehold property with communal areas), new home preparation.
3 | Mortgage agreement in principle
You should ideally have got your finances in place before you start searching for a property. Once you find the property you want to purchase, you want the process to run smoothly without unnecessary delays. Obtaining a mortgage once you find a property is risky as there
is a possibility can you could lose the property to another buyer. househandlers can refer you to you a qualified mortgage broker who can assist you in the search for a good mortgage deal.
Once you have been accepted for a mortgage, the lender will give you a ‘Mortgage in principle’ document, this confirms what the lender is prepared. You are now ready to find a property!
4 | Home Search
Use online major portals to search for a property, most homes are listed on RightMove, Zoopla and PrimeLocation. Be open minded and take notes at viewings, you will be in and out of different properties and may forget things! Househandlers list all of our properties on major portals and our website www.househandlers.co.uk
5 | Offer
Once you’ve found the home you want to buy, you will need to make an offer, usually through the estate agent. The market moves fast so be prepared to make offers within 24 hours, depending on where you are buying you will not be the only person making an offer (i.e London). Do some research on SOLD prices in the area and offer a reasonable realistic sum.
6 | Agree sale & choose your solicitor
Congratulations, at this stage you offer is accepted so you will need a solicitor to begin proceedings on your behalf. Househandlers can refer you to a trusted and well experienced conveyancing solicitor, who will provide you with a no obligations quote from one of our associated panel of respected solicitors.
7 | Surveys
Valuation Survey – This survey is done by the lender to make sure the property is worth the price you’re paying before they approve the mortgage. Please note, it is not an extensive survey and will not identify all the repairs or maintenance that might be needed.
Property Survey – This is an optional step for buyers. There are several types of surveys available, including: RICS condition report, RICS homebuyer report and Building of structural surveys. Surveys identify and major issues the property you are about to purchase. This can help buyers avoid hidden costly problems in the long run.
8 | Exchange
Once surveys have been carried out you can finalise your mortgage by contacting the lender to advise them of the sale. Your solicitor will progress the sale and providing that all is well, the negotiations will move on to Exchange of Contracts. Before signing the contract, go through it with your solicitor to check that all the details are correct.
9 | Completion
Completion is the term used for move out/in day. The seller or representative must present the buyer with the keys on this date (unless alternative plans have been made) prior to exchange. A date for completion is set to suit all parties and timescales. Once contracts are exchanged the deal is now legally binding.
10 | Sold
Congratulations. You are the new owner of the property!