Whether you are buying a new home for the first or tenth time, it can be a rollercoaster of emotions so to help make things easier we have put together a step-by-step guide so pop the kettle on, open those digestive biscuits and keep on reading – we promise that when you get your keys and crack open the bubbly, it will all be worth it!
Organise your finances
Before you buy a house, you need to make sure that your finances are in order so that the mortgage lenders know that you can not only afford to buy a property but are reliable and will make your monthly payments without question. You need to make sure your credit score is as high as possible so if you aren’t sure, get in touch in with your bank to see how you can make some positive changes to improve your financial situation.
Choose where you would like to live
Your home is where you will spend your life, so the area you choose to live in is just as important as the actual house. You need to make sure that you like the area and are happy with the offering whether that is peace and quiet or hustle and bustle. You may also need to consider schools, clubs, activities as well as the distance from airports and motorways.
Find the home you want to buy
There are so many different house types to choose from such as; terraced, semi-detached, detached, bungalow or even a cottage. You then need to choose if you want an older property or if you want a new build that you can move straight into. Make sure you view any properties that you are interested in and you could even compile a shortlist to ensure that you are making the right decision. If you are considering a new build that offers carpets, fitted kitchens and so much more all included then visit www.woodallhomes.co.uk.
Make an offer
The process of making an offer can be a tricky one, as you need to make the right offer and get it accepted. You need to ensure that you have researched similar properties in the area and have a bidding strategy that you are comfortable with. You could even chat to family or friends on what they did when they bought their house to give you a better idea of what to expect.
Arrange a mortgage
You have two options when organising your mortgage, you can either apply directly to your bank choosing from their product range or you can pay to use a mortgage advisor who will then compare a variety of mortgages on offer for you.
Choose your conveyancer or solicitor
Conveyancers are specialised lawyers who focus on property law whereas a solicitor is a qualified lawyer in many aspects of the law. You will need to appoint one to oversee and organise the legal process of buying your new home. This process also comes with an additional cost that needs to be considered when choosing your new house and mortgage.
Decide if you want a survey
You may decide to proceed with hiring a surveyor to carry out a search on the house you intend to buy. Surveys are regulated by the Royal Institution of Chartered Surveyors (RICS) and will give you peace of mind that the house you are buying is safe and doesn’t need extensive work carrying out on it. For more information visit www.rics.org/uk/
Receive a mortgage offer
You should have now received your mortgage offer from the lender confirming they will lend you the money to purchase your dream property. Check the details are accurate and that you are happy with the terms and conditions of your mortgage offer.
Negotiate a completion date
The completion date will be agreed between you, the buyer and the seller as this is the date where the keys are handed over.
Your legal representative will swap contracts on your behalf with the legal firm representing the seller, this will then make the agreement legally binding. Your deposit will also be paid at this point to the seller.
Sign the transfer deed
The transfer deed is the document that addresses the fact you are willing to take ownership of the property you are purchasing – you need to sign it with a witness present. For more details visit www.gov.uk/registering-land-or-property-with-land-registry/transfer-ownership-of-your-property.
Pay stamp duty
If you are purchasing a home over the value of £125,000 that isn’t your second home then as a buyer, you are required to pay Stamp Duty Land Tax (SDLT) to the UK Government. The stamp duty will vary depending on the cost of the house you are buying but first-time buyers are exempt from stamp duty on properties worth up to the value of £300,000. For more information visit www.gov.uk/stamp-duty-land-tax.
Take possession of your new home
The final stage of purchasing your new house is registering your ownership, getting the title deeds and then taking possession of your new home. Once these finer details are complete, you officially own your new home and you can celebrate!