What is the house buying process - a guide for first time buyers

In this blog, we’ll look at the process of buying a home in England, Northern Ireland and Wales. The legal rules are different in Scotland but many of the stages are the same.

Whether it’s your first time as a purchaser, or you haven’t bought a home for some time, the process of buying a home can appear very complex, so let’s break it down.

There are several key stages, from initial property search to completion and moving in. Here’s a guide on what to think about and do.

1. Determine your budget

Take a clear look at your financial situation, including savings, income, and any existing debts.

Remember to take into account additional costs such as stamp duty, (internal link to stamp duty blog page) legal fees and moving expenses.

Speak to your mortgage broker, (internal link to blog page ‘What are the benefits of a mortgage advisor’) bank or building society and obtain a mortgage agreement in principle to understand how much you can borrow.

2. Search for a property

Think about the size and type of property you will need, as well as its location. It’s important to consider your lifestyle and how close you need to be to your workplace, local leisure facilities and public transport.

As well as your current needs, think carefully about your likely future requirements. There are significant costs in buying a property, so consider whether this property will suit your future needs.

For example, if you’re planning to have children, will this home be appropriate, or is it worth looking for a bigger place now?

Use property portals, estate agents, and local knowledge to find suitable properties and develop a short list based on drive bys and walking through the neighbourhood.

Arrange viewings and assess the shortlisted properties based on your needs and wants.

3. Make an offer

Once you find a property, make an offer through the estate agent. Negotiate the price if necessary, until an agreement is reached with the seller.

4. Instruct a solicitor or conveyancer

Hire a solicitor or conveyancer to handle the legal aspects of your purchase. This is complex work and requires an expert. They will conduct searches, handle contracts, and manage the transfer of ownership.

5. Apply for a mortgage

Finalise your mortgage application with your chosen lender. The lender will conduct a property valuation to ensure it is worth the loan amount.

6. Conduct surveys and searches

Arrange for a property survey (internal link to blog 1: Getting a mortgage: what type of survey will I need?) (HomeBuyer Report or Building Survey) to assess the condition of the property.

Your solicitor will conduct searches, including local authority, environmental, and water & drainage searches.

7. Receive and review the contract

Your solicitor will receive the draft contract from the seller’s solicitor and review it. They will raise any necessary queries and ensure all terms are agreed upon.

8. Exchange contracts

Once all checks are complete and both parties are satisfied, contracts are exchanged. At this point, you’ll pay a deposit (usually 10% of the purchase price) and the sale becomes legally binding.

9. Arrange buildings insurance

You must have buildings insurance in place from the date of exchange, as you are now legally responsible for the property.

10. Complete the purchase

Completion usually occurs a few weeks after exchange. Sometimes exchange and completion are on the same day.

On the completion date, the remaining purchase price is transferred to the seller’s solicitor. You will receive the keys, usually from the seller’s estate agent, and can move into your new home.

11. Post-completion

Your solicitor will handle the payment of stamp duty and register the property.

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Absolutly incredible from start to finish, moving house is ment to be stressful but when you work with a professional like Tom. They take the stress away, we sold out house for what we wanted, even in a tough market.

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My son recently purchased his first property through Tom Donnelly Estate Agency. It was an amazing service with step by step help for the first time buyers. Any queries or issues that arose was immediately dealt with very efficiently and with fantastic communication. I would highly recommend Tom and his sister Liza, as they made the whole process happen very smoothly and very quickly. They make a fabulous duo and would not hesitate to use them again. Thankyou so much to both of you for all your help.

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I had the pleasure of working with Tom and Liz at Tom Donnelly Estates while purchasing my first house, and I couldn't have asked for a better experience. In a market filled with slow, mismanaged, and unrealistic estate agents, Tom Donnelly Estates stand out for all the right reasons.
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