What Is The Process Of Buying A House?

Whether you’re a first-time buyer, a second stepper or someone looking to build a property portfolio, there’s truly nothing quite as exciting as buying a house. 

Exciting, of course, but also potentially challenging and stressful, so it’s important to know exactly what the process involves and what you can expect to happen along the way.

Stage 1: Work out borrowing capacity

Firstly, you need to know whether you can afford to buy your dream house. Before you start househunting, assess your finances to make sure that you have all the upfront funds required and whether you’re able to borrow enough via a mortgage.

Once you’re armed with the relevant information, you can get an agreement in principle, which you’ll need when you start looking for houses. Estate agents are often reluctant to even show people around properties if they don’t have this in place – so get it sorted early on.

Stage 2: Househunt!

Househunting can be both fun and exhausting, so make sure you take your time and don’t overface yourself with trying to cram in too many properties in one day. If you’re selling a house at the same time as buying, you’ll likely have to get an offer on your current house before the seller of the home you’re interested in will take you seriously.

Stage 3: Put an offer in

Once you’ve found somewhere to move to, it’s time to put an offer in. Work out what your most affordable final offer is and then go in below it, as it’s likely that you’ll be talked up by the seller. However, the seller’s personal circumstances can also be a factor and they may need a quick sale, so it’s something of a balancing act to get the offer right.

Stage 4: Arrange a mortgage

Check the mortgage market to see what deals are available. A mortgage broker can help ensure you get the most appropriate deal for your specific circumstances. Once you’ve found a mortgage you like you can apply – and you’ll need proof of income and outgoings, as well as a valid form of  ID and proof of address.

It can take anything from a few weeks to over a month to get a mortgage offer, so be as patient as you can.

Stage 5: Start the conveyancing process

Conveyancing involves the transfer of a property from one owner to another and you’ll need a solicitor or conveyancer to act on your behalf. This part of the process involves legal paperwork, searches and the drafting of the contracts.

Stage 6: Arrange a property survey

You need to know that the property you want to buy is in good condition and a survey will reveal any issues before you exchange contracts. There are different levels of survey and the right one will depend on the size of the property, its location and its value.

Stage 7: Contract exchange!

All the hard work has now been done and the excitement can really kick in, with the exchanging of contracts just around the corner.

Talk through the searches and surveys with your solicitor and make sure you ask any questions about any matters you don’t understand or need clarification on. There can be a bit of back and forth, so expect it to take a few weeks.

Stage 8: Completion & moving day

Before you complete, you’ll need a completion statement from your solicitor and to sign the transfer deed. Final checks also need to be made and the funds drawn by your solicitor to pay for your new home.

Stamp duty will need to be paid, your details will be registered with the Land Registry and you’ll then receive the new title deeds. 

Congratulations! You did it! 

Now all you have to do is move…