What is the process of buying a house?
Watch the video above to learn about the house buying process in England and Wales.
Meet Jane and Sam,
They have been thinking about buying a house for a while, and are excited about the thought of owning their own home.
Jane and Sam have been carefully saving some money each month, to put towards a deposit.
To learn more about the process, they have been speaking with friends and family and researching online, but it’s all getting a bit overwhelming!
That’s why, the team at Move Engine, have put together this helpful guide to the house buying process.
Step 1 – Work out what they can afford [00:39]
The first thing Jane and Sam need to do is work out what they can afford. This will involve using online calculators and potentially seeking help from a financial advisor.
Step 2 – Start looking for properties [00:51]
Once Jane and Sam have a good idea of what they can afford and have saved enough money, it’s time for them to start looking for properties.
This will include researching areas online and understanding what features are important to them.
Step 3 – Viewing properties [01:06]
After Jane and Sam have found somewhere they like, they will go to visit the property. It’s an exciting time.
If they really like the property we recommend, they go and see the property for the second time, to check that it’s right for them and to look for any potential future problems that may exist.
Step 4 – Making an offer [01:28]
If Jane and Sam decide to buy the property they will need to make an offer. The offer states how much they are willing to pay for the property.
The estate agent will want to know a bit more information about Jane and Sam before they can recommend that the offer is accepted. There are all sorts of ways to put forward a good offer which you can learn about in the future.
Step 5 – Starting the sale [01:51]
If the offer is accepted it will start the sale. This is a busy time for Jane and Sam.
They need to appoint a solicitor who will carry out the legal work.
If buying with a mortgage they will need to get this approved.
And they may want to arrange a survey to check the property for potential future problems.
To avoid feeling overwhelmed, it is important they speak regularly with all their advisors.
Step 6 – Exchange of contracts [02:21]
Around 6 – 12 weeks later, if all has gone well and there are no outstanding problems, the solicitors should be ready to exchange contracts. This means both parties are legally committed to the sale.
Jane and Sam will need to carry out several tasks including transferring a deposit to the solicitors and obtaining buildings insurance on the new property.
Step 7 – Completion [02:46]
Once everything is in order the sale will complete and the land registry will be updated. Jane and Sam will need to plan their move.
Having done the right things along the way they stand a better chance of avoiding future problems with their new home.
At every stage, there is much more to learn. Join Move Engine today to get started.
About Move Engine
Move Engine is a dedicated site to home buyers in the UK. We’ve combined the best tools and advice on one site to make it easier for you to plan and buy your next home.