Homebuying process
Where do you start, and what exactly goes on? Demystifying the buying process.
1. Decide what kind of place you'd like to buy, and save up as much deposit as possible.
2. Agree a mortgage in principle with a lender.
3. Find a solicitor.
4. Register with local estate agents and start looking at properties.
5. When you find a place you like, make an offer through the estate agent.
6. If your offer is accepted, ask for the property to be taken off the market. The vendor's aren't obliged, however, until the mortgage is in place and you're 'proceedable'
7. Your solicitor gets hold of the deeds to the property and starts contract paperwork.
8. Arrange for survey to be carried out on the property.
9. If survey goes well, the lender will agree to your loan (mortgage goes ahead).
10. Survey report goes to the solicitor, who checks survey, does a local report, finalises contract, and confirms the mortgage with the lender.
11. Give deposit to solicitor, who holds it for you.
12. Exchange of contracts and deposit between solicitors, and agreement on completion date.
13. Sign transfer deeds, prepared by solicitor.
14. Mortgage money transferred via the solicitor. You then get the transfer deeds, Land Registry certificate, and the keys (sometimes called completion).
15. Move in to your new home.
16. Solicitor gets deeds stamped, pays stamp duty, and passes the title deeds to the mortgage lender.
17. You receive a solicitor's bill.
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