Purchasing a new home is an exciting time but it can also be rather stressful, as the process can be slow and complicated.
Here we outline the five main steps in the process so that you know exactly how to proceed and what to expect with your property purchase.
Step 1: mortgage
If you are purchasing a property with a mortgage, you are likely to already have spoken to a financial advisor or mortgage broker so that you know what you can afford. Once you have had your offer accepted, you will need to proceed with a formal application for the mortgage. A valuation will be arranged so that the mortgage provider can ensure the property is worth the sale price.
Step 2: instructing a conveyancer
It is important to instruct a conveyancer promptly so that the purchase can proceed as quickly as possible. The conveyancer will handle the legal process of the property purchase, so it is vital to choose a conveyancer carefully. Rather than doing an internet search for ‘conveyancing solicitors near me’, you might want to check with local friends or family for recommendations. If you do use the ‘conveyancing solicitors near me’ search option, be sure to check the reviews to ensure the conveyancer is reliable and reputable.
Step 3: searches, enquiries and surveys
Your conveyancer will apply for searches that provide information on the property, including a local search, an environmental search, and a water and drainage search. Enquiries will also be raised at this stage to provide further information and it is a good idea to arrange a home buyer’s survey to reveal details about the property’s condition.
Step 4: exchange of contracts
When the results of the valuation, searches, surveys and enquiries are back, your conveyancer will compile a report and you will be required to sign the contract. You must read the report very carefully. Once both parties have signed the contract, the conveyancers can exchange contracts, at which stage the transaction becomes legally binding.
Step 5: completion
Completion can take place on the same day as exchange; however, a week or more is often needed between exchange and completion, especially if a mortgage is involved. On completion day, you will get the keys to your new home and become the legal owner, completing the process.