mortgage solutions

House Purchase Process

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What to expect during the house buying process

Buying a home can often be a complex and often time-consuming process with multiple different parties and costs involved throughout the purchase – but if you can get your head around the basics of the typical stages involved in the process, you’re less likely to be taken by surprise along the way and will make your home-buying experience easier.

We are here to not only help with your mortgage requirements, but also to help guide you through the process so you know what lies ahead. 

This page is a typical outlook of the different stages usually involved for a standard property purchase, however depending on the type of purchase, the process may slightly differ from time to time.

1. Research

Work out what’s affordable, what deposit you can put down and discuss with a mortgage broker your mortgage options, as well as other costs involved such as solicitors quotes, additional survey costs. You should be getting a decision in principle for your ideal requirements.

1. Research

Work out what’s affordable, what deposit you can put down and discuss with a mortgage broker your mortgage options, as well as other costs involved such as solicitors quotes, additional survey costs. You should be getting a decision in principle for your ideal requirements.

2. Estate Agents & Viewing Properties

Now that you’ve chosen your estate agents – they can start to arrange viewings and you can start the enjoyable and often long process or viewing other people’s properties to find the right property for you.

2. Estate Agents & Viewing Properties

Now that you’ve chosen your estate agents – they can start to arrange viewings and you can start the enjoyable and often long process or viewing other people’s properties to find the right property for you.

3. Making an Offer Stage

Once you have found the right property, make an offer and negotiate a purchase price with the estate agent. Instruct a solicitor to act on your behalf for the purchase and your intended lenders behalf to avoid additional fees. Now submit your mortgage application – the underwriting of which will start and the mortgage valuation instructed.

3. Making an Offer Stage

Once you have found the right property, make an offer and negotiate a purchase price with the estate agent. Instruct a solicitor to act on your behalf for the purchase and your intended lenders behalf to avoid additional fees. Now submit your mortgage application – the underwriting of which will start and the mortgage valuation instructed.

4. Sales Procedure

The mortgage lender will carry out a property survey, subject to the terms of the mortgage offer issued, solicitors will carry out all the relevant searches, raise any queries, register the required documentation and compile a contract.

4. Sales Procedure

The mortgage lender will carry out a property survey, subject to the terms of the mortgage offer issued, solicitors will carry out all the relevant searches, raise any queries, register the required documentation and compile a contract.

5. Exchange of Contracts

Once the buyers and sellers solicitors are satisfied that everything is in order, they will exchange contracts and set a completion date for the purchase. At this point the purchase of the property becomes legally binding, so you should ensure that your building insurance is in place ready for your completion date.

5. Exchange of Contracts

Once the buyers and sellers solicitors are satisfied that everything is in order, they will exchange contracts and set a completion date for the purchase. At this point the purchase of the property becomes legally binding, so you should ensure that your building insurance is in place ready for your completion date.

6. Completion

Finally, you get the keys to your new home. Congratulations, why not grab the champagne, it’s time to celebrate.

6. Completion

Finally, you get the keys to your new home. Congratulations, why not grab the champagne, it’s time to celebrate.

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