Congratulations are in order! After all the stress and countless hours spent searching for your dream home, the moment you’ve been waiting for has arrived-you’ve finally had an offer accepted. As exciting as this time may feel, it is completely natural for you to feel flooded with more questions. You’ve been rewarded with the coveted decision, mortgage, and agreement in Principle but what happens now? Is there a specific order you need to follow? How long will it take until you can move in? All of these might be unclear to you, especially if this is your first time buying a house, but don’t worry, we have broken down the process into 3 digestible steps to help you on your path to your new home!
Step 1, Sending off documents:
Once an offer is accepted you will need to send over documents for the mortgage adviser to review. It’s important that your mortgage adviser is experienced so that they can get the best results for you! They’ll scrutinise these papers just as rigorously as the banks, all in the pursuit of securing the most favourable rates and terms for you. Typically, your mortgage adviser, would need documents to support your identity, your income, and your expenditure etc. This is why it’s important that the initial information is accurate as this could potentially alter the outcome.
Step 2, Confirmation of the new mortgage options:
Step 2, Confirmation of the new mortgage options:
Once your documents are checked, your adviser will confirm the new mortgage options as different banks have different options for lending money and some, might have limitations on the type of property, the length of lease (if applicable) and the way you earn your income. Your adviser will then explain how much each option will cost and how things will change. They will also breakdown the jargon (fixed rates, Tracker rates, etc).
A mortgage valuation survey is carried out for your lender to ensure that the property is worth the amount you’re going to pay for it. At this point you can discuss survey options as some banks will let you upgrade the survey, which ensures a comprehensive examination of your potential new home. However, it’s important to note that the mortgage survey shouldn’t replace a home survey.
Step 3, Instruct a Conveyancing Solicitor:
Step 3, Instruct a Conveyancing Solicitor:
Even if you are a cash buyer, you will still need to instruct a solicitor to act on your behalf. The bank will assess all client documents, send a surveyor to the property to inspect all of the main visible and accessible elements, if approved they will then confirm the new mortgage. Roughly it will take around 2-6 weeks to get to this point.
The solicitors will play a crucial role in making sure everything goes smoothly. They will check with local authorities, the water board, and the environment agency to uncover any potential issues. This includes looking into past disputes related to the property, such as problems with boundaries, police incidents, or planning matters. Solicitors also verify that the property has a mains water connection and they will also assess any restrictions, especially concerning contaminated land. This thorough process helps ensure that you are well informed and protected throughout the real estate transaction.
Once the solicitor has reviewed all of the information provided, they will present it to you and confirm a date that is mutually agreeable to complete the transaction at which point you will ‘exchange’ contracts. The exchanging of contracts is when you are legally bound to buy the property and the seller to sell. At this point you become responsible for the property so you will need to have buildings insurance in place. Top Tip: Always work with a broker to find the most suitable option, as this is an area where quality should always outweigh the price!
Completion and moving in!
Completion and moving in!
The journey to becoming a homeowner is marked by the sweet symphony of completion. Once the legal intricacies are handled by your solicitor, the key to your new home is now a tangible reality.
Picture the moment- the jingling keys, the weight of newfound responsibility, and the thrill of stepping into your property. With contracts signed and funds in place, you officially transition from a hopeful buyer to a proud homeowner.
But it doesn't end there. Unpack your boxes, arrange the furniture, and celebrate, this new chapter.
Welcome to your new home!
