Buying A House Made Easy
Buying a house has often been referred to as one of the most stressful things you can do and while it does involve a certain amount of stress it doesn’t have to be all-consuming. To help break down and simplify the process from start to finish here is a guide to buying a house, made easy.
1. Deciding on the type of property you want to buy.
Before you start anything you need to have a good idea of the type of house you are looking to buy. You can do this by determining your budget. How much deposit do you have? What is the amount of mortgage loan you can expect to achieve? Can you afford the associated expenses? You also need to consider the needs and wants of the prospective property. Is this a forever purchase? A family home? Does it need to have a certain number of bedrooms or be in a particular location? All of these considerations will form part of the decision-making process so it is important to identify them early on.
2. Start looking.
This is probably the most fun part, so try to enjoy it. Register yourself with local estate agents and give them all of the details you have uncovered from point one and sign up for alerts of search tools such as Rightmove and Zoopla, which can alert you when a new suitable home comes on the market. Once you have identified a few prospective properties arrange viewings. Don’t be afraid to ask for multiple viewings on the house you fall in love with.
3. Get a mortgage, in principle.
If you find a home that you want to make an offer on then chances are you will need a mortgage in principle to satisfy the estate agent’s criteria to take the house off of the market. You can make an offer without a mortgage in principle but it is likely to remain on the market to other potential purchasers until the mortgage in principle is granted. A mortgage in principle is not an official grant of a mortgage but is a document from a lender indicating that they will provide you with a mortgage upon completion of the application. Once your offer has been accepted you can then begin the mortgage application process with your lender. The process can take some time and will require you to disclose a lot of financial information so you will need to have all of your records, statements and earnings intact before applying for your mortgage.
4. Make an offer
Once you have found the house you want to buy you make an offer to purchase the property. Expect there to be a bit of back and forth with negotiations before you agree upon a price, especially in a buoyant property market.
5. Instruct a solicitor
To aid you with the legalities and complexity of property law and title transfer you will need the assistance of a solicitor or conveyancer. This will often be a requirement of your mortgage provider. Legal teams such as those offered at Ellisons solicitors will be able to guide you through the purchase process and protect your rights and interests during the transaction.
6. Keep on top of the process
From here on out there will be little you can do as the vast majority of the work will take place between lawyers and mortgage providers. That said it is advised you keep on top of and up to date with the transaction and be on hand to provide any further information or documentation as and when it is needed.
