Buying a property is a process that involves so many ups and downs, not to mention a boat load of financial pressure, uncertainty and complexity. It can be a slow, complicated journey that is mostly out of the hands of the people actually purchasing the property, with buyers often feeling powerless as a result.
Knowing what to expect from the buying process can put the power back in your hands. Here’s a step-by-step guide to purchasing property from search to completion…
Step 1 – Start your search
Whether you have a list as long as your arm of what you want and need from your first or next property, or you’re going with the flow, it can be fun to explore the market. The search experience is made even more fluid if you’re in the market for a new build property.
Looking for new homes in Darlington? Simply make an appointment at your shortlisted development and talk through your options with an advisor. From here, you can reserve your favourite – you’ll usually need two forms of ID to do so – and get the ball rolling!
Step 2 – Seek professional support
You can’t tick all those financial and legal boxes alone. You’ll need support from a solicitor or conveyancer and a mortgage broker to reach completion as smoothly as possible.
After reserving your home, instruct a solicitor sooner rather than later. Do your due diligence when sourcing a solicitor, asking for recommendations from loved ones, colleagues, your estate agent or the developer. The same rules apply when selecting a mortgage broker.
Step 3 – Complete the checks
With your full mortgage application underway and your solicitor given the go ahead, the necessary paperwork can be completed to make your property purchase official. Property searches are among the essential checks that’ll be commissioned by your solicitor on your behalf. These will make sure you have all the information you need about the property you intend to purchase and its surroundings.
Additional checks will also need to be undertaken to proceed with your mortgage. A survey will be conducted by your lender too. This survey will assess the value of the property to help your lender establish if it is worth the loan amount.
The lender valuation is not to be confused with an independent property survey, which is commissioned by the buyer and provides a more comprehensive inspection to inform your purchase decision.
Step 4 – Receive your mortgage offer
Following the successful completion of a lender valuation, you’ll receive a mortgage offer. This will need to be signed off by you and your solicitor in order to proceed. It is at this stage that the deposit is paid.
Step 5 – Exchange contracts
Now it’s time to make things official. The exchange of contracts means that you and the seller are legally obligated to complete the purchase, and it’s an important milestone.
A fixed date for completion is usually set during the exchange. If the property is still under development, you can exchange on notice, which means your move-in date will be decided later. Once the home is ready, you’ll generally have 14 days to complete on the property.
Step 6 – Try things out
Many developers offer home demonstrations as the move-in date approaches to help you get a feel for your new space and explore all its wonderful features. It’s a great time to measure up for furniture and plan ahead for the logistics of life in your new home.
Step 7 – Welcome to your new home
You’ll be able to collect the keys as soon as your solicitor confirms that completion funds have been received by the seller. Congratulations on your purchase!
