Go-To Guide To The House Buying Process In The UK

Buying a house can be a rather scary part of life. Whether it’s your first home or you are relocating, moving up the property ladder, or downsizing, the decision is a crucial one. Understanding the house buying process in the UK before you start can help you to feel more in control of your decision and prepare you for any obstacles that may come up along the way.

We hope that the below guide to understanding the house buying process will be of use to you.

Identify All Of Your Moving Costs

When you are buying a house, it’s not just the property itself that you need to concern yourself with, there are plenty of other costs that you are going to incur before you get those keys! Fees that you will need to take into account include legal fees, removals, broker fees, and any other costs that are related to your unique circumstances.

Understanding these fees before you start can help you to avoid any nasty surprises down the line.

Understand How Much Your Financial Situation Allows You To Borrow

Different banks will vary on this one so you may find it more useful to visit a mortgage advisor or broker, they have systems that can utilize your information to scan all offers available from banks and determine what your budget needs to be. It is a good idea at this point to get a ‘decision in principle’ from the lender you plan to use.

Start House Hunting

Now the fun begins! Once you understand your budget for a property and have confirmed that you are in a position to pay the fees related to buying a house, you are ready to enjoy plenty of house viewings. Contact estate agents in the area and advise them of your budget and house requirements, they may be able to tell you about properties before they hit the market.

Make Your Offer

Once you have fallen in love with a property it is time to make an offer. Remember, because you already have your ‘decision in principle’ from your lender, you will be viewed as an attractive buyer, this may give you some room for negotiation. You can also visit sellpropertyfastcash.co.uk to give you more tips and suggestions.

Celebrate Getting a Sale Agreed

Once negotiations are over and the seller has accepted your offer you will reach a ‘sale agreed’ status and will receive a Memorandum of Sale.

Decide On a Solicitor

Choose a solicitor that has a good reputation and is experienced in house sales. Asking the estate agent for a recommendation can be worthwhile.

Complete The Mortgage Application

Let the mortgage company know that you are proceeding with the lending arrangement and consider taking out mortgage protection. The lender will arrange for a property valuation at this point.

Keep In Touch With Your Solicitor

Now things are in the hands of your solicitor so keep in touch as they begin the conveyancing process. They will receive a drafted contract from the seller’s solicitor, confirm all details and perform searches. This can take some time.

Get Your Mortgage Confirmation

You will likely receive your mortgage confirmation at this point, as will your solicitor.

Contract Signing

The exciting day will next arrive of signing the contracts and setting a move date.

Deposit Payment And Exchange Of Contracts

You will send your deposit to the solicitor who will send it to the seller’s solicitor with your signed contract. At this point, you are legally bound.

Enjoy Your New Home!

Now all that’s left to do is arrange your moving affairs and enjoy your new home! Please visit https://www.sellpropertyfastcash.co.uk/ for more information about properties in UK.