The process of buying a house

Buying a house is a big commitment. When deciding to enter into any big commitment, it is important to have an understanding of the critical milestones in the buying process so that there are minimal surprises along the way. 

The home buying process can vary depending on the type of purchase and your own personal circumstances. The order and structure for buying a house is not definitive but these are some of the critical steps in the process:

Preparing your Finances 

Before finding a home, you will need to ensure that your finances are prepared. How will you fund the purchase? Using cash? If it is not going to be a cash purchase then you would require a lender. Are your finances in order? Lenders would likely complete a diagnosis of your financial position before issuing a decision in principle around lending you any money. If your finances are not in order then it may prove difficult to be taken seriously by estate agents. Having a decision in principle from a lender before finding the house will make you a more attractive buyer.

Finding the House

Once you feel prepared, the next step in the process is finding a compatible property. Sourcing the right house can be accomplished through many channels but the most popular options are real estate agents who typically advertise on major real estate portals like rightmove or zoopla. Even if there isn’t something immediately available on these channels, if you are able to form lasting relationships with estate agents, they will keep you in mind and contact you when the right deal comes to market. Or even before.

Putting in an Offer

After finding the right house, and you’ve considered 3 things before buying it’s time to make an offer. Typically there’s multiple offers on a property so do not be disheartened if your offer is not immediately accepted. Given it has been a sellers market for many years, negotiating can take time. Once the offer has been accepted it’s time to instruct your solicitor to complete the transaction. 

Conveyancing

The conveyancing process contains multiple legal activities that need to be completed in order to complete the transaction. Conveyancing includes checking survey results, conducting appropriate searches have been completed and ensuring all open enquiries on the house have been satisfied between the sellers solicitor and yours. It is crucial to complete this due diligence to make sure that you are protected in the purchase before getting the transaction to the point of exchanging contracts. Nearing the end of conveyancing, typically a deposit will be paid at exchange to guarantee the sale.

Key Collection

The final step in the process once exchange of contracts has been executed is to complete the purchase by transferring all the remaining funds to the seller through both parties solicitors. Once verification that funds have been received, the keys can be collected and the house is officially yours.

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