Buyers | Guide to Buying a House

The thought of buying your first home can be extremely exciting but terrifying at the same time. We have put together this guide to take some of that fear away. To how much it costs to how long it will take, take a seat and lets start. 

House Buying Process 

There is lots of things to think about berfore you get on the property ladder and it's important to know what you are doing. 

  • Finding a house you can afford. Once you have an idea of how much you can borrow you can start searching for properties, there are so many online calculators that will give you an indication of how much you can borrow, rest assured if you would like an accurate mortgage agreement you can speak to one of our mortgage advisers. 

  • Make a shortlist. It can be overwhelming looking at many properties on the market, if you look at one that you potentially would like to look at again, write it down on a list.

  • Sort your mortgage. You probably have a AIP (Agreement in principal) now its time to get your mortgage offer, speak to your broker/lender about making a full application.

  • Make an offer. Great, you have your mortgage it's time to make an offer on your dream home. You need to speak to the agent about what they would likely take bearing in mind the current asking price. 

  • Choose a Conveyancer. This is when you actually instruct a solicitor to progress the sale, you can get a quote from us here: Free Conveyancing Quote.

  • Go back to your mortgage adviser. Finalise the details of the property and arrange any building surveys the bank needs to do also life insurance and contents

  • Agree a completion date. Now that you have everything in place time to agree a completion date on your new home and work towards that day. 

How long does it take to buy a house?

It depends on the circumstances of the vendor, is there a chain attached? Normally it can take between 3-6 Months but we have seen it done quicker. 

Cost of buying a house

Its important to understand the upfront costs of buying a house.

Deposit. There are lenders out there that would offer a 95% mortgage but your monthly repayments will be higher. We normally recommend the normal 10% deposit. 

How much are solicitor fees? Again it really depends use our quote calculator to get a guide. 

What about stamp duty? If you're a first time buyer you get discount and don't need to pay stamp duty up to the value of £300,000 

 

Other costs. Other costs to bare in mind is surveys, depending on what survey you go for, it's not like your bank survey that they do to confirm your mortgage there are a number to choose from the most popular being building survey. 

Surveys are great if you're buying something that needs work doing to but they are also there to save you unwanted costs after purchasing your property. 

 

What to look for when buying a house?

It can be easy to get carried away when looking at properties that's why its a good idea to write down what the key things you want in the property and area, it will save you looking at properties that aren't suited to your critera.