Buying a new home can be one of life’s most stressful times in life. At Choice Mortgage Solutions, we strive to make the buying process as easy as possible for our clients. We’ve put together a quick guide to help you understand exactly what to expect from the home buying process.
Here’s a breakdown of the buying process to help you plan your move.
Initial phase of the buying process
When buying a new property, the first thing you need to do is establish your moving costs. You should assess your current property worth, all sources of income and essential outgoings to get a clear overview of your financial circumstances.
Then, you need to find out how much you can borrow from mortgage lenders. Your mortgage adviser will help you with this – after assessing your finances, your adviser will secure a decision in principle from a mortgage lender. This means that you can start your property search knowing how much you can borrow.
When you’ve found and viewed your ideal home, it’s time to make an offer.
Next stage of the buying process
After you’ve had an offer accepted, the next stage of the process takes between four and 12 weeks.
Your sale will be agreed, you’ll need to find a solicitor and complete your mortgage application. First, your mortgage lender will arrange a valuation of your new property to check that it is worth the agreed sum.
You’ll then begin the conveyancing process. The seller’s solicitor will draft the contract, and your solicitor will confirm the details of the property and perform any searches required.
When your lender confirms your mortgage application and issues an offer, it’s advisable to take out home insurance and financial protection to prepare for the unexpected.
Your contracts can then be agreed and exchanged.
Completion
After your contracts have been agreed, completion can be instant or take up to four weeks.
The time it takes to complete the purchase depends upon the type of property you’re buying and number of people in your chain. When you’ve agreed your moving date, don’t forget to inform all organisations of your new address.
For independent help and advice from our mortgage experts, get in touch with the Choice team today.