Buying a home for the first time is exciting, but can sometimes be a little bit stressful. If you’re brand new to the market, you may not be familiar with the process of searching for your dream home to having the keys in your hand. We’ve compiled some helpful tips and tricks below to talk you through the main stages of the home buying process:
- Find a property
Have a think about what you want from a home such as location, budget or the number of bedrooms you’d like before you start your search. Once you’ve found some properties that look like a good match for you, arrange to view them with the estate agent/seller.
- Get mortgage advice
You need to find out if you’ll be accepted for a mortgage, can borrow the amount you need, and check your monthly repayments are affordable to you.
Our expert mortgage advisers in Lincoln can work with you to find the right option to suit your personal circumstances, and will be with you each step of the way until it’s time to move in.
- Make an offer
You’ve found your dream home and you’ve confirmed you can afford it; it’s time to make an offer. This part of the process will involve negotiation over subjects such as price, how keen the sellers are to move, and other people that may be interested in making an offer on the same property.
- Find a solicitor
You’ll need to instruct a solicitor to handle the legal side of your purchase. They’ll conduct property searches, check for issues in the local area with Land Registry, register the new ownership, and transfer your funds when the sale goes through.
- Valuation and survey
Your mortgage lender will require a valuation of the property to make sure it’s worth what you’re paying for it for mortgage purposes. A survey is required to assess the overall condition of the property. There are a few different levels of survey you can choose from that each provide different levels of information about the home.
- Exchange of contracts
Once all terms of the sale have been agreed, you and the seller will agree a completion date and exchange contracts. Once contracts have been exchanged, you’re legally bound to buying the property.
- Completion
The big day is finally here! Completion is the point where the funds have been transferred and the property has been officially registered to you. All that’s left to do is collect the keys and move in.
Fancy a chat?
If you’re looking to get your first foot on the property ladder, get in touch and see if we can help you achieve your dream. To book a free, no obligation appointment with one of our mortgage advisers in Lincoln, give us a call on 0800 9155409 or get in touch by e-mail.