Your step-by-step guide to buying a house
Buying a house is an exciting milestone but can feel confusing and stressful. Fortunately, there are ways to make the process smoother. Once you've decided you're ready to buy, understanding each stage and what to expect will help you feel more confident and prepared. Having a trusted and experienced estate agent by your side will ease the pressure and simplify the entire process.
At Charters, our knowledgeable team is here to guide you every step of the way. To help you get off to the best possible start, we've created this simple step-by-step guide to buying a property.
The House Buying Process
When buying a house, you'll generally follow these key steps. Keeping this plan in mind will help you stay on track, even if there are a few unexpected twists along the way.
Save for a deposit -
The larger your deposit, the better your position as a buyer. A bigger deposit means more mortgage options, better rates, and a wider selection of properties.
Speak to a mortgage advisor -
Once you're serious about buying, speak to lenders or a mortgage adviser to find out how much you can borrow. This will give you a clear idea of your budget and help narrow down your property search.
Search for a property -
Work closely with your estate agent to explore a range of options, including properties you might not have considered.
Apply for a Mortgage in Principle -
Once you've found the right property, apply for a mortgage in principle. This shows the seller that you're a serious buyer and can afford your proposed offer.
Make an Offer -
Submit your offer through the agent, who will handle the paperwork and communicate with the seller. Your agent will guide you through this process and update you on the outcome.
Apply for a mortgage -
With your offer accepted, it's time to formally apply for a mortgage. Your lender will assess your application and may require additional documentation to finalise the loan.
Hire a Conveyancer/Solicitor -
It's important to hire a conveyancer or solicitor to manage the legal paperwork and handle contracts.
Get a Survey completed -
A survey provides essential insights into the property's condition. It can reveal issues such as damp or structural problems that may influence your buying decision. Mortgage lenders often require a survey as part of their approval process.
Amend your Offer if necessary -
If the survey highlights unexpected issues, you may revise your offer to account for repair costs. Being informed early on helps you make more confident decisions.
Arrange Insurance -
Consider taking out homebuyer's protection insurance at this stage. This can help cover legal, survey, and mortgage fees if the sale falls through, protecting you from unexpected financial loss.
Exchange Contracts -
Your conveyancer or solicitor will facilitate the exchange of contracts with the seller. This is a legally binding agreement where both parties commit to the sale.
Move In! -
On completion day, you'll receive the keys and take ownership of the property.