Property buying process - Steps for buying a new house or flat

Yes, purchasing a home/apartment is a huge financial commitment

Moreover, it can be difficult too - in case if you are a first-time buyer. Here I have explained few steps of buying a dream home - this includes key processes and stages. Have a look at them...

Find a property which you can afford

Quite important! Before you plan for a house, it's a good idea to work out on what you can afford to spend on getting a house/flat, including your monthly mortgage payments.

Just think about the costs of the property!

Always consider how you will cope if your financial situation changes or interest rates rise. Remember your savings has to cover the deposit, expenses including mortgage fees?

Choosing the right mortgage.

There are different ways to get a mortgage either from an independent financial adviser, broker or lender. But, be sure you check your credit report before you apply for a mortgage.

Make an offer

Once you have found a property you want to buy, the next step is to make an offer through a real estate agent (including the VAT taxes).

Arrange a surveyor or a solicitor

The surveyor will survey the property to check for the problems. Similarly, the official solicitor is one, who will handle the legal work around the property.

Valuation survey

This is not an expensive survey! Usually done by the lender to make sure the property is worth the price you are paying before they approve the contract.

The property survey

You should commission a survey on the property to avoid cost-related problems in the long run. There are several types of surveys available. However, it's in your interest to pay for a decent survey at this stage.

Here's a list of surveys available for your reference

• RICS condition report-This is best for new build and conventional homes in good condition.?
• RICS homebuyer report-Good for conventional properties in a reasonable condition.?
• A building or structural survey-This is a comprehensive survey, good for all residential properties. It's good for older homes that need repairs.

Finalize the offer and mortgage

Once the survey is complete, it's time you renegotiate the price of your new home.

Communication is very important when things go wrong

It's important you make the effort to stay in touch with the seller via your official solicitor or real estate broker. In case, if everything has gone according to the plan, then contact your mortgage adviser to proceed.

Exchange contracts

In case, if there are no problems or delays then you may proceed to sign the contract and complete the sale.

Completion and final steps

• You might have to pay a mortgage account fee
• Do you need to pay the official solicitor's bill
• Your official solicitor will register the sale with the land registry
• Equally, sellers need to pay their estate agent on completion.

In conclusion, purchasing a property involves a lot of paperwork and procedures where different people get involved. So, understanding who does what and when before you start can make the procedure less stressful?