Essential Steps to Buying a House
- Decide you want to take the leap from renting to owning
- Visit a Financial Advisor to find out what you can borrow and understand the mortgages available. Agree a mortgage in principle
- Register with estate agents in the area where you want to buy
- Visit as many houses as possible - ask all of the right questions when you are visiting the houses/ take a check list with you
- Once you have found a house you want to buy you need to make an offer
- Offer is accepted
- Go back to financial advisor,file mortgage application and wait for this to be accepted
- At the same time find and instruct a solicitor. This is very important Estate Agents normally give you 1 week to give them details of your solicitor. This also indicates how serious you are in the purchase.
- Once your mortgage has been instructed, they will send some one to survey the house to check it is worth what you are paying. You should also get a private survey to ensure that the house is structurally sound.
- You should also arrange for the gas and electrics in the house to be checked out because if any work needs to be done, the cost of this should come off of the price of the house.
- If the survey shows any problems e.g. damp, you will need to get a quote for the work of repairing this. The cost of this should also come off of the price of the house.
- Your solicitor will carry out searches and various other legal bits and pieces and check that everything is in order, If your are a first time buyer the process should be smoother than if you are in a long chain
- Once the legal work is in place , it is time to exchange housing contracts, this means that the purchase is now legally binding and that you can't back out! You also pay your deposit over to your solicitor at this point.
- Now you need to set a completion date
- This is a good time to arrange all of your life assurance and insurances so that they are ready to start on completion date
- Arrange removal van or rope in your friends to help you move all of your stuff
- On the date of completion , your solicitor will arrange for the transfer of money from your mortgage company to the vendor's solicitor. On this day you will also pay the stamp duty and will a receive a large solicitors bill for all of the searches and legal fees
- Get your keys - see rough price guide for all of the essential items you will need in a new home!
- Now you are a home owner you should also consider writing a will -After all you now have a rather large asset!
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"thank you so much for this info and taking the time out to help and assist others. i'm a first time buyer and this has helped me a great deal and pursuing my dream home. "
"This was very very useful, as a FTb, and a single parent, there is lots of information to help me with the process. By my questions, the agents and solicitors think that I have done this before! "
"Thank you thank you thank you!! All I wanted was a list of how the process works and I couldn't find it anywhere until I came across your website. A victory for plain speaking!"
"Was very help with a list to follow but none of the blue hightlighted links work and that would have made it more useful"
"if only it was that easy"