A step-by-step guide to buying a property
1. Work out your budget
This is mostly dependent on how much cash deposit you are able to put down but there are other additional costs to take into account such as solicitor fees, stamp duty calculator, survey costs, mortgage fees, broker fees, removals, building/redecoration work, insurance, furniture and white goods.
It’s also worth looking at the ongoing costs of owning a home such as council tax, utilities, contents/buildings insurance, maintenance, service charges and ground rent.
At this stage, it’s helpful to speak with a reputable mortgage broker and get a ‘mortgage agreement in principle’. If you would like an introduction to trusted brokers that have access to the entire mortgage market then we would be happy to help.
2. Do you need to sell?
If your move will involve selling your property then it is advisable to market this property before looking for a new home. See our sellers guide for further detail on this.
3. Research your chosen area
If you’re exploring new locations then start by making a list of things that are important to you such as property features, transport links, schools, shops, restaurants and amenities.
You can do some preliminary research online but there is no substitute for beating the streets to get to know a new area.
If you don’t currently live nearby then it is often worth booking a hotel and spending a few days familiarising yourself with your potential new neighbourhood.
4. Start your property search
Now it’s time to start registering with agents and viewing potential properties. Most reputable agents will advertise their listings on Rightmove, Zoopla and OnTheMarket.
It is worth creating property alerts on these sites so that you are notified whenever new properties come onto the market.
Take a look at the floor plan, photos, location and virtual tours online before you head out to view.
Never buy a property without seeing it in person.
On the viewing take photos/videos to reference back to later and remember to ask the right questions!
5. Find a solicitor
There are thousands of solicitors available at varying prices but it’s best to go on recommendations from people who have used a firm before and avoid the cheapest offering as you really do get what you pay for when it comes to your legal representation on a purchase of this size.
If you would like a recommendation, then please contact us.
6. Make an offer
Now comes the exciting bit - you’ve found that dream home and you’re ready to make an offer.
It’s common to make an offer below the asking price but if there is a lot of demand for the property you may end up bidding against other buyers.
Always do your research on what similar properties have sold nearby.
Make sure to pass this information onto the selling agent along with your offer as a vendor is more likely to accept your offer if they understand how you came to that price.
7. Sale agreed!
This is where the real work starts. The first things to do are 1) submit your mortgage application and 2) formally instruct and pay your solicitor to start work.
The selling agent will send out a ‘Memorandum of Sale’ confirming the details of the property sale to the buyer, seller and both solicitors.
The seller’s solicitor will then put together the initial paperwork and send it to the buyer’s solicitor to start work.
8. Exchange
Once both sides have done their due diligence and are happy with everything it is time to exchange contracts – this is where the sale becomes legally binding for both parties and the buyer pays a deposit (usually 10%) and a completion date is set.
Prior to exchange both buyer and seller are able to pull out of the sale for any reason.
9. Completion
Your solicitor will send the balance of funds (usually 90%) to the seller’s solicitor and transfer the deeds to the property. The agent will then release keys to you.
Congratulations, you are now a homeowner!