1.Seek Mortgage Advice

 

Before considering buying a house, it is important to see a financial advisor who can advise you on what amount of money you can lend, how much you monthly payments may be and so on. By doing this you can save any unnecessary time looking at houses out of your price bracket.

 

2. Find A Home

 

There can be a mixture of opinions on this matter, some say this is easy some say this is difficult. The key factors to consider where you are purchasing a home can include: price, area, access to local links and so on. All houses that are now on the market legally have to have a home information pack so please make sure you have a read of this when viewing any houses and ask as many questions as you need.

 

3. Making An Offer

 

The basis of any offer can depend on the position you are in to proceed. If you are a first time buyer and have a mortgage in principle, you are in a position to offer as you are obviously not in a chain. If you have a property for sale, unless you have a formal offer on your property or alternative funds you are in no position to offer on another property. However, what you can do is register your interest with the owner direct. As with all offers, please consider being realistic and at the same time what you can afford. On a general note you normally find owners have room to negotiate on the sale price, especially when you are buying direct from them, as they are saving thousands in estate agents fees to start of with.

 

4. Instruct A Solicitor

 

Try to obtain at least three quotes from reputable solicitors. Once you have done this appoint one to deal with the legal side of transferring ownership from one person to another on a property. You will not normally pay any upfront costs, except for the search fees the rest will be paid on completion.

 

5.Instruct Financial Advisor To Go Ahead With Offer

 

Once you have agreed on the sale price you are purchasing the property at advise you financial adviser. At this point they will invite you to discuss the options you have, the best deals on the market and once all agreed they will submit your mortgage offer to the lender. Once this is done you will receive a final mortgage offer once the property has been surveyed.

 

6. Have A Survey

 

A survey will need to be done on the property you intend to purchase to ensure that the amount you are paying for the house is reasonable and also to ensure the house is in a saleable condition, i.e. there are no defects. The level of survey can vary depending on the age and condition of the property, it is therefore best to seek advice from your financial adviser on this matter.

 

7.Survey Report

 

You should except to receive a copy of the survey report back to you within 7 to 10 working days. This will highlight any conditions of work to be done for mortgage purposes or none and therefore the sale can proceed.

 

8.Recieve Mortgage Offer

 

You will now receive a final mortgage offer from you lender, stating the purchase price for the property, any conditions of the sale and also the mortgage plan you have opted for. As long as you are happy with everything on this, the final part of the sale will be for the solicitor to arrange completion and exchange on the property.

 

9.Protect Your New Home

 

All mortgage companies will advise you to get contents and building insurance on your new home in case of anything happening that shouldn’t. Please note that your mortgage will be void if you property is not fully insured. Buildings insurance is mandatory, however contents is optional.

 

10. Exchange and Completion

 

At this point the solicitor has done all the necessary searches and is satisfied with sale and now what takes place is a draft contract is prepared for both parties to sign with reference to transferring ownership of property from one person to another. You need to make sure you read through this very carefully and that you are happy with it before signing, remember you can not pull out of the sale once this is signed as this is legally binding document. Once an exchange takes place completion takes place either on the same day or the week after and you have a new home.