what are the processes involved in buying your first home?

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What Are The Processes Involved In Buying Your First Home

Before you start to look for a new house it is always advisable to make sure you know how much money you can borrow for this purpose. This can be done by asking for what is known as a mortgage agreement in principle. This will have a double impact on you, ie it will give you a better understanding of your budget constraints and will speed up your mortgage application process. With your mortgage in principal agreed , you can then go and find a property which is suitable for your needs and within your budget constraints. You will need to consider your lifestyles, your needs, the local area, the facilities, access to education, access to transport and so on.Once you have found a certain number of suitable properties the next step is to narrow this choice down to one or two choices that satisfy you the most, this can be done by viewing the properties. Once you have made your final choice you will need to make an offer to the seller, you should always try and bargain for the price that the seller want .In order to get a mortgage a survey will be carried out on the chosen property by a surveyor for your mortgage lender. This is done to identify any structural problems that the property may have and to advise on the property's value. The result of the survey may let you renegotiate the price of the house.

When you are purchasing a property you will need the help of a solicitor or licensed conveyancer to handle all the legal paperwork involved in the buying process. The professional you choose for this should have a good knowledge of the local area that you are moving to and specialises in conveyancing. The draft contract will be then written by your seller's solicitor and sent to your solicitor. After receiving your contract your solicitor will start initial enquiries and carry out a Land Registry search and check all other legal documents which will include the title deeds to the property. Your solicitor will then submit a local authority search to the local borough council which your property falls under. This search will reveal, planning consents that were granted for the property and any local issues regarding the property. Once the results for your local search and answers to the preliminary enquires have been received by your solicitor, then your sellers draft contract is approved by your solicitor, providing there are no other outstanding enquires. It is at this stage that you agree to a sales completion date. At this stage a formal mortgage offer document will be sent to your solicitor for you to carefully check through and sign. Once you have signed and returned this document the mortgage will be in place. The next stage is to exchange contracts with the seller, it is at this stage that you will need to make an initial deposit, this is usually 10% of the sale value. This deposit is non-refundable, that means if you decide to pull out of your contract you will not get the money back. The final stage is known as completing which will take place a few weeks after the exchange of contracts and the payment of the deposit. On this day you will need to pay off the remainder of the money to the seller, aqnd you will be given the keys to your new home.

First Time Buyer Mortgages Frequently Asked Questions

What is the first time buyers initiative?	Am I ready to buy my first house?
What help is there for first time buyers?	Should I go for a 100% mortgage?
Should I borrow a high income multiple?	What decisions do I need to make?
What are the costs of buying a property?	What are the first time buyers risks?
How do I get a deposit for my new house?	What's involved in buying your first home?

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