Buying Your Own Home in 10 Steps
10 need to know steps when buying a house.
10 need to know steps when buying a house.
Buying a house can feel like a massive struggle. We know about the rewards that come from having a place of your own in which to create the life you want, but there is a lot of uncertainty about the journey to get there.
After evenings spent trawling through websites (such as Rightmove and Zoopla), tiring appointments visiting potential houses, and racking your brains trying to make a choice, once you’ve finally had an offer accepted, you’re going to be feeling drained. You deserve a pat on the back.
Although all your effort has finally got you the place you want, there is still work involved in the actual property purchase. You’re still able to change your mind without a financial penalty. At the same time, the seller can do the same – but don’t worry about that, it probably won’t happen. Just follow these 10 simple steps and you will be moving house in no time.
To aid your peace of mind, and decrease the chances of someone putting in a higher offer, it might be helpful to get an official confirmation that this has happened as soon as possible, for your own peace of mind. If like most people you are buying a house involving a mortgage you will need to have an offer in principal agreed or the funds in place.
This solicitor ties up all the legal details, and there are various checks and searches they need to carry out. So get a good one that comes recommended –either through credible reviews and testimonials, or through friends. Don’t worry, this shouldn’t cost much compared to the amount of money you’re spending elsewhere.
Most people fund their purchase of a house using a mortgage. After the seller accepts your offer, just fill in a mortgage application form. Money Saving Expert provides some great guides to mortgages, including the best deals from high street banks like Lloyds and smaller ones too. Often your estate agent will be able to help you with this. It’s a good idea to look into this and apply early on in your house-buying journey, so the estate agent has all the information before putting your offer forward.
Another person you’ll need to employ is a surveyor accredited by the RICS, the body overseeing professional standards in property and construction. While your mortgage lender arranges the mortgage valuation survey for the property, you still must commission an independent survey from a RICS Chartered Surveyor. Want to know why? The Home owners Alliance guide will give you some helpful guidance.
Even though you won’t yet know the date you’re moving house on, it makes sense to contact some reputable removals companies and compare removals quotes. It’s especially useful if you’d like them to come and assess the value of your belongings in order to get the best removals quote. Some removals companies, like Go Panda removals Cardiff, offer a discount if you are happy to self-assess your belongings and generate an automatic quote, but this will take a little time to do properly.
OK, the fun bit… or not. Once your mortgage has been approved and the surveys completed, you need to sign the contract. After this point you are legally committed to buying the property. Next is the deposit: usually 10% of the agreed value of the property. If you’re in the UK, you can make use of Help to Buy, the government’s mortgage guarantee scheme, and the deposit can be reduced by half.
Now you can agree with the seller on the completion date and the date of your actual move. This really is a fun bit, and you can start getting really excited. The completion date means the day any previous inhabitants will leave and the house is ready for you to move in. In between cracking open the bubbles, perhaps it’s time to update the removal company you have chosen from local reputable removal companies. You can then agree a date with them that makes your move as simple as possible. There are usually only 1 to 3 weeks between the exchange of contracts and the actual completion date is, but as always with buying property, be prepared for the possibility that things will take a lot longer.
This is the moment when ownership is legally transferred from seller to purchaser. And, of course, your mortgage lender will actually release the agreed funds for the cost of your property. Hooray! Your new house actually belongs to you now.
Now that you own the place, pick up the keys from the seller’s estate agent. This is another thing you might want to pre-arrange the date and time so there are no problems, and you’re not stuck outside without keys, gazing sadly through the windows of your beautiful new home most removal companies will charge a key waiting fee but Go Panda Removals Cardiff along with other Cardiff removals companies operate a key waiver policy. Ideally, if possible, get your hands on the keys before the date of your trusty removals company are due to arrive, so that they don’t have to stay any longer than necessary waiting around.
Your house move is now complete, you have said goodbye to your removals team, now you might be thinking about starting to unpack, but give yourself credit for getting so much done and move at a leisurely pace. The most important thing is to feel relaxed. Come in, sit down, open a bottle of something maybe. You’re home.
This Blog was written for Go Panda removals Cardiff by GTDC.
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