The home buying process in the UK

The home buying process in the UK typically involves several steps. Here's a general overview:

Determine your budget: Before you start searching for a property, assess your finances and determine how much you can afford to spend on a home. Consider factors such as your income, savings, and potential mortgage options. This is the best time to speak to a mortgage broker. We can give you an idea on affordability and what sort of buying position you are in.

Find a property: Begin searching for properties that match your requirements and budget. You can use online property portals, work with estate agents, or attend property viewings to find suitable options. We would recommend registering with local estate agencies because quite often they will notify their mailing lists of new properties matching their search criteria, before the listing goes live on Righmove.

Make an offer: Once you find a property you're interested in, you can make an offer to the seller. This can be done through your estate agent or directly to the seller if it's a private sale. The offer may be subject to negotiations on the price, terms, and conditions.

Arrange a mortgage: If your offer is accepted, you'll need to arrange a mortgage unless you're buying the property outright. If you want the best possible deal to suit your individual circumstances and be in with the best chance of securing a mortgage, engage with a broker like Property Link Homes. We will do all the hard work for you. If you approach lenders directly, they can only advise you on their own mortgage products and not what is available to you from every lender in the market. Each lender has their own policy and criteria they can lend within too, which could mean you or your property don’t necessarily fit within their criteria which could result in you having a mortgage declined which will also appear on your credit file.

Hire a solicitor or conveyancer: You'll need a solicitor or conveyancer to handle the legal aspects of the home buying process. They will handle tasks such as conducting property searches, checking legal documents, and coordinating with the seller's solicitor. We can make recommendations to you if you’re not sure where to start

Property survey and valuation: It's advisable to have a property survey done to identify any potential issues or defects with the property. Additionally, your mortgage lender will require a valuation to determine the property's worth and ensure it's suitable as security for the mortgage.

Exchange of contracts: Once all legal checks and negotiations are complete, you'll exchange contracts with the seller. At this point, you'll typically pay a deposit (usually around 5-10% of the property's price) and agree on a completion date. It would be advisable for us to start looking at home insurance policies for you at this stage as you will need a policy in place ready for completion.

Completion: On the agreed completion date, the remaining funds for the purchase are transferred to the seller's solicitor, and ownership of the property is officially transferred to you. Your solicitor will handle the registration of the property in your name and handle the necessary paperwork.

Move-in and post-completion tasks: After completion, you can move into your new home. Remember to notify utility providers and update your address with relevant parties like the council, banks, and insurance companies.

It's important to note that this is a general outline, and the home buying process can vary depending on individual circumstances, the type of property, and other factors. Working with professionals such as estate agents, mortgage brokers, and solicitors can help guide you through the process smoothly.