While the process of buying a house can seem daunting and complicated, in a nutshell it involves:
Get a mortgage in principle – This will give you an indication of what you can borrow before you start the house-hunting process.
Find your dream home – When you’ve found your perfect property, make an offer!
Apply for a mortgage – Once your offer has been accepted you can begin the process of applying for a mortgage with your chosen lender.
Find and instruct a residential conveyancer or property solicitor – They will be able to get the ball rolling with all the legal paperwork and property searches.
Get a house survey – Although your lender will perform a basic valuation survey to establish the value of the property, you may wish to consider undertaking a more comprehensive building survey to check the overall condition of the property.
Research removal companies – Although it’s unlikely you’ll know a move date at this stage, it’s useful to contact a few removals companies (if using) to obtain quotes in advance and check availability/lead-times.
Transfer the deposit – When you’re happy with the results from the searches and surveys, you’ll need to transfer the deposit into your residential conveyancer’s account in preparation for exchanging contracts.
Exchange contracts – Once everything is in place and both parties are happy to proceed, contracts will be exchanged between the buyer and seller. This means you’ll now have entered a legally binding contract. You may agree a moving date (or completion date) at this stage.
Complete and move in – Your conveyancer will arrange for the transfer of the rest of the money to your seller’s solicitors, pay any stamp duty land tax on your behalf, and inform the Land Registry. And now the house is all yours and you can pick up the keys to hour new home!