Welcome to our latest article on the “Step by step process of buying a house”.
First of all identify what area you want to live in and what type of house/property you are aiming to buy. This will be dependent upon three factors – a) budget, b) size of family and c) lifestyle. Once you have drawn up your selection criteria the fun begins. Most searches start online, so register your interest on the site and enter your search criteria and see what pops up. If you like the look of a property but it says, “Under Offer” or “Sold Subject to Contract” it may still be worth investigating as one in three property sales fall through. The reason for this can be many and varied, the most common of which is that the mortgage application was rejected, the buyer couldn’t raise the finance or they were stuck in a chain which collapsed meaning they could not sell their own property in time. In England, unlike Scotland, an offer is not legally binding and the vendor can pull out (may have to pay estate agents’ fees) or decide to accept an alternative offer (‘gazumping’ – not nice, but not illegal).Once you have found an estate agent such as Zevizo Properties to work with, found your property, had a viewing and put in an offer which is accepted there then follows a sequence of events which have to take place during any property purchase. So whats the Step by step process of buying a house?
1. Instruct a solicitor or licensed conveyancer to work on your behalf
2. They will obtain a list of what is included in the sale for you to agree
3. Your solicitor will then request local authority searches which determine if there are any external factors likely to affect the property such as road widening schemes or new roads due to be built in the foreseeable future; your solicitor will also be able to check for any special factors such as previous underground works (mining) although this is relevant to only specific areas
4. You will be asked for the details of your estate agent and asked to confirm the fees you have agreed with them
5. Your solicitor will want to know what monies you have in place, who your mortgage lender is and if you are selling a property. If you are selling a property, they will want to know that you are legally entitled to sell that property and that there are no outstanding charges on the property, they will also want to know the name of the purchaser’s solicitors so they can liaise with them (most likely because you are in a property chain).
6. Your solicitor will need to be made aware of who your mortgage lender is and any survey likely to be carried out and any other fees likely to be deducted such as a valuation fee (surveyor) or mortgage arrangement fee – all these fees will be deducted when the house purchase goes through, deposits paid to the vendor, fees payable to the estate agent, fees payable to the local authority, fees payable to the building society and bank associated with the mortgage and any balance due to you after the sale of your own property.
7. Once the local authority searches have been conducted and the mortgage approved, then you will have to pay the 10% deposit which is non-refundable. After this, most completions take place within 4-6 weeks and usually at the end of a month to tie in with mortgage lenders’ monthly schedules. On the actual day of completion, the funds from the sale of our own property will be released to your solicitor, all bills settled and the monies to buy the property sent over to the vendors’ solicitors of the property you have purchased. This usually all takes place by wire transfer by mid-day. At this point you are able to go to the estate agent and pick up the keys and are free to move in. Most people will have already booked their removal men and will have them ready to travel over to the new property on the same day, avoiding the need to have moved out of one property and having to stay in alternative accommodation as most people are just keen to get into their new home unless it is a complete and uninhabitable renovation project.
We hoped you enjoyed the post “Step by step process of buying a house” if there is anything you feel you could add to help others in a similar situation why not leave a comment below.
For expert advice on how to register, find the property of your choice, make an offer and buy and complete on the deal, contact a senior member of Zevizo Properties expert affordable property sales and purchase team today.