Becoming a homeowner for the first time can be both exciting and daunting. This quick guide takes you through the home buying process, from finding your first home to securing a mortgage.
 
 
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 What is a mortgage?
Very few first time buyers will buy a property outright. Most people rely on a mortgage, to help them buy a home, which is a loan secured against a property. Having a mortgage means that:
• you borrow money to buy a property
• you repay your mortgage over an agreed period of time depending on your needs and circumstances.

Initially it’s well worthwhile to get a mortgage agreed in principle – this is an indication from a lender that they will provide you with a  mortgage and will put you in a good position to make an offer when you find the right property. CLICK HERE to link to our mortgage page for more information.

Conveyancing

After having an offer accepted the conveyancing process begins which can take anything from a few days to many months, the process from having your offer accepted to completion of the sale takes about 12 weeks. This is about twice as long as in many other countries – home-buying in Britain is a notoriously drawn-out business! We can assist with this process, we work with a firm of professional conveyancers and have managed to negotiate extremely favourable rates for our buyers and sellers. CLICK HERE to arrange for our conveyancers to provide you with a competitive quote.

14102943_sThe legal process
Once the offer is accepted the seller is responsible for drawing up a legal contract to transfer ownership. The contract contains details about the sale price, the property boundaries, which fixtures and fittings (like carpets and kitchen units) are included, any legal restrictions or rights, like public footpaths or rules about using the property, any planning restrictions, services to the property, like drainage and gas and when the sale will complete. In addition your conveyancer will carry out property searches, local authority searches and carry out other investigations in order to be sure that the title to the property is acceptable.

Exchanging Contracts
Once everything is ready, you’ll be asked to pay a deposit- usually 10% (but sometimes 5%) of the property value before contracts can be exchanged. If you pull out after this stage, you will lose your deposit and may face legal action from the seller. It is essential to have Buildings Insurance cover in place at this stage and you should also consider other protection such as Life Insurance.

Completion – the big day!
As soon as the solicitor or conveyancer lets us know that the funds have been received from your solicitor or conveyancer we can let you have the keys, and that’s it! You just bought your very first home! Time to celebrate!