The house buying process can be a complicated and hugely time consuming process. If you’re juggling it with your full time jobs and family commitments, it’s not hard to see why people begin to feel the stress. Whilst we can’t lighten the workload for you, we can give you a helping hand when it comes to understanding the whole process. If the strain of starting the home moving process is starting to feel like a burden, here is our simplification of the home buying process.
House buying is a big life decision, so it’s important that you don’t head into the process without doing a reasonable amount of research. Getting an understanding and background knowledge will be a big aid, and make the process of home buying much more straight forward. As with most things, having a greater understanding will allow you to make a more informed decision further down the line.
Find your mortgage
A crucial factor when buying a home is to ensure you get a mortgage that is well suited to your financial situation. Again, this will involve copious amounts of research and homework. If you’re unsure what types of mortgage are out there, it’s worth looking into, and getting the facts straight in your head before going out into the market.
Place your offer
Once you’ve got your mortgage lined up, viewed homes and are now ready to proceed, it’s time to put in an offer on what you want to be your new home. If you’re a first time buyer, you’ll have less constraints, as you won’t have an existing home up for sale slowing you down. Usually, you’ll put your offer in through your estate agent, as they will help your deal go through as smoothly as possible.
Source your solicitor
Now for the legal aspects, you’ll need to get yourself sorted with a solicitor, in order to handle the paperwork surrounding your impending move. It’s important that the finer details of your move are scrutinised ahead of signing your papers, so having a trusted solicitor on your side is an important addition.
Get it surveyed
Another crucial step is to ensure that you arrange for a survey of your new property to be carried out, to make sure that your new home has been thoroughly checked over and is valued at the price you’re paying. There are a number of different surveys and reports which can be carried out, from the cheaper condition report to the most comprehensive option of a structural survey.
Once your solicitor and surveyor are happy, it’s time to sign the contract and move ahead with the purchase. It’s at this point you’ll have to start the expenditure, as you’ll usually have to lay down 10% of the total price as a deposit. It’s important to know that once you put down the deposit, you’re committed to the sale, meaning that if circumstances change any you need to pull out of the deal, you’ll likely lose your deposit.
Upon completion, the property finally becomes yours. It’s time for you to get your keys and the deed to your first home. The completion of your purchase means you’ll now have bills to pay; the 90% of your home which you’re yet to pay for is transferred from your mortgage lender to your legal representative, and then on to the seller’s representative.Read more