The House Buying Process

  1. Confirm affordability and obtain an Agreement in Principle from your adviser
  2. Start looking for property within your price range
  3. Find your property and make an offer to purchase (usually via an estate agent)
  4. Offer accepted by seller
  5. Submit mortgage application to lender for assessment. The lender will
    1. Assess income and expenditure
    2. Complete a Credit score
    3. Obtain a Valuation on the property
    4. Assess Valuation
    5. Produce the Mortgage offer – the agreement to lend
  6. Appoint Solicitor to complete your legal work. The solicitor will
    1. Request appropriate searches including land, environmental and local authority
    2. Consult with sellers’ solicitors to raise necessary enquiries regarding the property
    3. Manage Exchange of Contracts and Completion communicating with other parties within the property chain as appropriate
  7. Exchange of Contracts - the point the client is legally obligated to purchase the property. The client should
    1. Arrange for protection insurance to be in place by this date
  8. Completion - the point the client takes ownership of the property and receives keys. The client should
    1. Arrange for Buildings insurance to be in place by this date (if applicable) as well as protection insurance if not already live.
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As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the mortgage repayments.