Buying a home for the first time is exciting, but sometimes a little bit stressful. If you’re brand new to the market, you may not know what the process is that takes you from searching for your dream home to getting the keys in your hand. Our handy guide below will talk you through the main stages of the property buying process:
Find a property
Have a think about what you want from a home such as location, budget or number of bedrooms before you start your search. Once you’ve found some properties that look like they could be a good match for you, arrange to view them with the estate agent/seller.
Get mortgage advice
You need to find out if you will be accepted for a mortgage, can borrow the amount you need and check your monthly repayments are affordable to you. Our expert mortgage brokers in Cottingham can work with you to find the best possible 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 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 that each provide different information about the home.
Exchange of contracts
Once all terms of the sale have agreed, you and 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.
Professional, expert guidance
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 Cottingham mortgage advisers , give us a call on 01482 470444 or send us an e-mail.