Buying a house in the UK is different from buying a house anywhere else. It usually takes about 12 weeks for the complete process to be finalised, which is double the time it takes in most countries. This is why it is highly important that you must have a good understanding of the home buying process so you can avoid the hazards and pitfalls common in this important financial investment.
Here is a typical timeline and step-by-step guideline on buying your home in the UK:
1. Find a Mortgage Advisor
Before you even consider buying your home, you have to determine how much you can borrow and what you an actually afford. Find a mortgage advisor you can trust and set up a meeting. Give out your personal financial information such as how much you earn, your expenses, as well as your savings.
Your mortgage advisor will give you an idea about how much you can borrow, and will search the market for the best available deals so you can maximize your borrowing power.
2. Determine Your Wants and Needs
Once you have an idea bout your financial capacity, it’s time you determine what your wants and needs are in a home. Do you need a large parking space, a garden, and how many rooms do you need to have? You also have to determine the location – do you want to live near a school, near transport links, near shops, or in the countryside?
Once you know exactly what you want in a house, it’s time you start searching the market.
2. Find an Estate Agent
Estate agents will help you narrow down your house search based on your needs and budget. There are so many houses available but many of them are sold even before they’re advertised. Estate agents Blackpool have direct access to houses for sale and it will give you more options when it comes to finding the home of your dreams.
3. Find a Solicitor
Once you find the house that you want, make an offer to the seller. If your offer is accepted, ask your agent to take it off the market and find a solicitor as soon as possible.
A solicitor or licensed conveyancer takes care of all the legal and administrative work you’ll need with transferring ownership of the land. Though you can also do everything yourself, there are many risks involved if you don’t have the expertise to properly carry out the legal aspects.
To find a solicitor, personal recommendations are the best way to find one who’s reliable. If you can’t find anyone, you can search at the Law Society’s regional directory.
4. Have the Property Surveyed
Though it is not required, having the property surveyed can prevent you from paying for a house that doesn’t live up to its worth. If the full structural survey reveals certain areas to be fixed or replaced, then you can agree to negotiate a lower price with the seller if possible.
A survey is also needed for a mortgage lender to determine if the house is worth its price, and also determine how much money they can lend you.
5. Closing the Deal
Once everything is in place, your solicitor will exchange contracts with your seller’s solicitor, give your deposit, and the necessary transfer deeds will be given.
Buying a home can be one of your biggest financial investments. Equip yourself with the proper information in buying a house in the UK so the process will be problem-free and smooth sailing.