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As most people don’t generally buy a new home on a regular basis, it’s no wonder the home-buying process can seem a little confusing at times. However, it’s not as complicated as it can seem and we’ve laid out some steps we hope will help (home-buying process in England).
The first step to buying a new home is to check how much you can borrow if you require a mortgage, see how much your deposit will need to be and get a mortgage agreed in principle.
There are plenty of options to consider when it comes to a mortgage. Once you’ve done your research, or spoken to a mortgage adviser, you can select the option that’s best for you.
When you've got your finances in order and found a solicitor, it's time to reserve your dream home. Once your home is reserved with a deposit it will be secure for an agreed period of times whilst you obtain a formal mortgage offer and contracts are issued via solicitors.
Solicitors take care of all the legal aspects of the home-buying process. Shop around for best rates and make sure you find one that deals in conveyancing (preparing the property transfer documents). Someone that knows the local area can be preferable.
Your mortgage lender will want confirmation the home is worth what you’re paying for it. They’ll organise the valuation for you – this will involve a fee. The survey checks the condition of your new home that the money is being lent against.
Once the legal work is complete, your solicitor will exchange contracts with us. This is when you pay your deposit (usually 10% of the house price) and commit to the deal taking place.
On the date of completion, balance of the monies is transferred though the solicitors and you become the legal owner of your new home. We will meet you at your new home, explain how everything works and then our After Sales Department will be available to you for any concerns you may have whilst settling in.
Then the keys are yours and you can move in!
