The Purchase Process
- Step 1: Organising your financeFind out your lending options, choose a mortgage & get an offer in principle
- Step 2: Property huntingRegister with several estate agents in the areas you're interested in buying and view properties
- Step 3: Submit an offerFind a property you're interested in and submit an offer, and agree on a purchase price
- Step 4: Mortgage applicationSubmit a mortgage application and get your adviser to get the ball rolling. Pay for a survey to be done on the property you're purchasing(Step 4-6: Dur 3/4weeks)
- Step 5: Instruct solicitorsChoose a solicitor to undertake the conveyancing work and instruct them to start the process. You will normaly pay £300 for the solicitor to start the work such as applying for searches(Step 4-6: Dur 3/4weeks)
- Step 6: Mortgage offerThe lender issues you a mortgage offer which is a formal detailed agreement to lend you the money subject to conditions stated by the lender(Step 4-6: Dur 3/4weeks)
- Step 7: Exchange of contractsYour solicitor should have got the searches back and finished with all the legal investigations into the property. Once this is done then your solicitor will exchange contracts normaly needing you to forward 10% deposit to them. At this point you & the seller are legaly bound to the transaction and a date is set for completion(2 weeks Approx)
- Step 8: CompletionYour solicitor requests the mortgage funds from your lender and sends this to the seller together with your deposit. You have now completed and can pick up the keys and move in!(2 weeks Approx)