First-time buyers

The buying process


This at-a-glance guide will show you what you can expect as you move through the home buying process

  1.  you:  decide where you want to live, and what type of property you want to buy
  2.  you:  choose a mortgage and get an offer in principle
  3.  you:  register with several estate agents in the area you want to search, or search for properties online
  4.  you:  find a solicitor and have them ready to act once youíve made an offer
  5. estate agent:  begins to show you properties
  6.  you:  find a property you want and make an offer through the estate agent
  7. estate agent:  tells the seller that you have made an offer and informs you of the sellers decision
  8.  you:  if your offer is accepted you instruct your solicitor to act
  9. solicitor:  contacts the sellers solicitor, requesting title deeds to the property and initiates contract negotiations
  10. mortgage lender:  will ask to carry out a valuation on the property
  11.  you:  find a surveyor and ask for a survey or homebuyers report to be carried out, depending on the age and condition of the property
  12. mortgage lender:  accepts the mortgage valuation and agrees to loan you the money
  13. surveyor:  sends you the survey report
  14.  you:  send your survey report to the solicitor
  15. solicitor:  reads the survey and gives you comments
  16. solicitor:  carries out a local authority search and finds out if any alterations have been made.  This is the time to negotiate on fixtures and fittings
  17. solicitor:  finalises the contract details with the sellers solicitor and confirms mortgage details with your lender
  18.  you:  pay a deposit to your solicitor which is held until the exchange date
  19. solicitor:  exchanges contracts with the sellerís solicitor and sends over the deposit.  A date for completion is agreed
  20. solicitor:  makes sure your mortgage funds are available for the completion date
  21. solicitor:  prepares the transfer deed, which is signed by you and the seller and lodged with the sellers solicitor until the completion date
  22. mortgage lender:  transfers money to your solicitors account in time for completion
  23. solicitor:  transfers the money to your sellerís solicitor on the completion date in return for the transfer deed, Land Registry certificate and keys.
  24. solicitor:  arranges for the transfer deed to be stamped, pays the stamp duty and sends the transfer deed to the Land Registry to record you as owner
  25. Solicitor:  passes the title deed to your mortgage lender as security for the loan and sends you the bill.

 

Information source 'What Mortgage' magazine