Buying a house: what to expect

July 28, 2017 - Helen Ibbotson

Buying a house can be very stressful and confusing, particularly if it is your first time purchasing a property.  We hope this timeline will help guide you through each step of the process and give you an idea of what is involved.

Consult a Mortgage Adviser

A Mortgage Adviser will help you find out how much you could potentially borrow.

  • Our experienced mortgage team will be happy to:

– Discuss your income and expenditure to help you agree a suitable budget for monthly mortgage repayments

– Answer any questions or concerns you may have at this stage about the buying process or mortgages in general

– Discuss government backed schemes that may be of interest/relevance

– Discuss all of the associated costs with purchasing a property

Look for a property – Make an offer

Now that you’ve found out how much you could borrow and you know what your budget is, it’s time to look for your new property and to make an offer. This will usually be done through an estate agent who will act as a middle-man between you and the seller. If your offer is accepted and they are happy that you can reasonably afford to buy it, they will take it off the market.

Mortgage Recommendation and Documents

Once your offer has been accepted you’ll need to get back in touch with your mortgage adviser. An independent mortgage firm, like Furnley House, will recommend a suitable solution after reviewing deals from the whole of market. If you’re happy to proceed with the recommendation then the mortgage adviser will request the required documents for your employment situation.

Appoint a Solicitor

Solicitors handle the legal aspect around purchasing a property and you will need to appoint one before a mortgage application can be completed. Furnley House have very good working relationships with a number of solicitor’s so if you do not have a solicitor already in mind we’ll  be happy to recommend one for you.

Mortgage Application

Once you’re happy with all the above it’s time to submit the application. If you’re a home mover or first-time buyer there will likely be a surveyor’s fee that will need to be paid on application. This fee is paid directly to the mortgage provider and is in place to ensure the providers investment is secured against an asset of sufficient value. This fee can vary dependant on the level of survey you choose.

At the point of application, it’s also worth considering what insurance you might need, this is something that our mortgage advisers can assist with. We will keep you updated and provide guidance throughout the whole process of your application.

Final Steps and Completion

Once your mortgage has been offered the solicitor can start their work on your case. The conveyancer will oversee the legal aspects of the purchase/re-mortgage of a property. They will:

  • Conduct the searches
  • Raise/answer enquires
  • Act on the behalf of the client

In a house purchase the point at which the buyer and seller are legally obligated to the transaction is on Exchange of Contracts. Following this the conveyancer will be preparing your case to complete. The conveyancer will liaise between the seller’s solicitors and the mortgage provider to get a date and to ensure that the funds will be available for completion to take place.  One of our administrators will be tasked to follow your purchase/re-mortgage through to completion and will update you on the progress of your case.

If you’re considering buying your first home, are looking to move up the property ladder or maybe even downsize and release some equity; whatever your circumstances, are mortgage team are here to help through every step of the process.  Please get in touch to find out more or to make a no-obligation appointment.

 

 

Your home may be repossessed if you do not keep up repayments on your mortgage.