Often regarded as one of the most stressful and financially significant events of your life, purchasing a property is something which you may undertake with little or no guidance.
AHomeBuyersGuide has been created to provide clear comprehensive guidance to make this process more transparent, easier to navigate and less stressful.
The steps below provide an overview for the homebuying process within England and Wales, while our App enables you to customise for your specific process, track each payment and keep all key contacts at your fingertips.
Having found a property to purchase, meet with a mortgage broker or a Bank/Building Society to obtain a ‘Mortgage in Principle’
Identify potential solicitors and compare their associated charges
Make a formal offer on the property through the estate agent
After negotiations, the estate agent will notify you if and when your offer is accepted
Proceed with the Mortgage – Instructing a survey
Proceed with solicitor – Documentation
Mortgage provider – Survey conducted on the property
Solicitor conducts enquiries
Mortgage provider sends survey
Mortgage provider will send a mortgage offer to you following a satisfactory survey and valuation
Solicitor sends you the results of searches conducted
Once outstanding queries are addressed and all parties are ready to proceed, your solicitor will send documents across
Transfer deposit and any other costs to your solicitor and identify proposed exchange and completion dates (which are usually between 1 and 2 weeks apart)
Solicitor arranges exchange of contracts (Note: Once the contracts are exchanged, both you and the vendor are legally bound to the property purchase/sale)
Once you have received confirmation of exchange from your solicitor, you will need to transfer any remaining funds, including any Stamp Duty payable, which will be detailed in a “completion statement”
Mortgage provider will send through information on the mortgage to your supplied correspondence address
On the completion day, the estate agent will notify you once the vendor’s solicitor has received the funds from your solicitor and the keys to the property can be released to you
Upon completion, your solicitor will register the purchase with HM Land Registry and send through a copy of the Title Deeds to you