A Step by Step Guide to Buying Property in the UK
For many people, buying a home is the largest investment that they will ever make. Therefore, it goes without saying that the whole house buying process is filled with stress and doubt. Oftentimes, the most difficult part is finding the right house, that’s in a location that you like, and still within your budget.
Once you’ve found the perfect home, then the sale process begins. But by going in prepared this part doesn’t have to be hard. So before any property solicitors get involved, it’s a good idea to acquaint yourself with the whole house buying process so that you’ll know what to expect.
Find and Setup a Mortgage
There are several options available when it comes to finding a mortgage that suites you. The three main options are:
1.Mortgage Brokers
2.Independent Financial Advisor (IFA)
3.Mortgage Lender
Each one has its own advantages and disadvantages, and it’s important that you thoroughly research any mortgage provider prior to choosing. Once you’ve picked a provider, you’ll be provided with a mortgage agreement in principle.
Put in an Offer
While it’s possible to put in an offer prior to having an agreement in principle in place, doing so makes the offer less likely to be accepted. Buyers are more likely to accept an offer, maybe even at a slightly reduced rate, if there is a reliable form of payment already in place.
Once the offer has been agreed upon, it’s time for the property lawyers to get involved.
Find a Qualified Conveyancer
As the purchase of a home requires mountains of paperwork, involving many complicated legal issues, at this stage it’s necessary to enlist the help of someone who’s trained in such matters. Conveyancers or property solicitors are individuals that are educated in property law . They will guide you through the more complicated legal aspects of the sale, as well as assist with paperwork.
Arrange a Survey
Surveys are done to ascertain if the property that you’re purchasing has any issues that may affect its value.
Not only is this a good idea to have done, but oftentimes mortgage providers will insist on a survey in order to make sure that the property is worth the asking price.
There are three different types of surveys:
·Condition Report – This is the least thorough, and therefore the least expensive available survey. This is best for newer properties where there’s less likely to be issues.
·Homebuyer Report – This is more thorough, but also has a higher price.
·Structural or Building Survey – This is by far the most exhaustive option, and is best for properties where there’s a high likelihood of there being problems.
Complete the Sale
At this point, if you and your conveyancer are satisfied with the arrangement, it’s time to sign and exchange contracts. Now you will be committed to the sale, and will probably be required to put down a deposit.
If you’re buying a home and have questions about the process you should contact the team of property lawyers and conveyancers at Andrew Lee & Co on 01622 750 101, or by email at info@a-lee.com .
