Everything You Need to Know About Buying a House

The process of buying a home in Leeds or elsewhere in the UK normally takes around 2-3 months, sometimes longer if unexpected issues arise. However, the process is not as difficult as it may at first sound. Below, we tell you everything you need to know about buying a house in the UK. We take a brief look at each stage, giving you a concise overview.

How to Buy a House

If you would like to buy a house in Leeds, you will need to complete the following steps before you are able to take ownership and move in:

• Make an Offer – Once your mortgage provider has given you an Agreement In Principle, confirming how much they will lend you, you can make an offer on the property you wish to buy. You may offer under the asking price if you think it is too high but you should understand that you might be outbid by another buyer if you do.
• Hire a Solicitor – Find a registered solicitor who can handle all the necessary legal paperwork for the property transaction. Without a qualified solicitor, the process of buying a house in the United Kingdom is not impossible but most people have neither the time nor the expertise to handle their own conveyancing.
• Have the Property Surveyed – You should have the property surveyed by a Chartered Surveyor before finalising the sale, to make sure it is structurally sound and free of defects. There are several different types of survey from which to choose: we recommend the most comprehensive if cost is not a major concern.
• Confirm or Renegotiate Offer –If the survey results are satisfactory, you can confirm your offer at this stage. Assuming the seller accepts, you will also need to finalise your mortgage agreement and pay a deposit at this stage. If the survey turned up any problems, your mortgage provider may reassess the value of the home, which is something you need to bear in mind if you are trying to buy a property with existing faults.
• Exchange Contracts – Assuming that everything has gone smoothly up until this point, you can now exchange contracts. You will receive a contract from the seller and vice versa. Each of you can then sign and return the relevant contract document, confirming your agreement to all terms and conditions within.
• Transfer Money and Complete Sale – Having signed the contracts, the sale is now deemed final and you should arrange a date to transfer the balance of the money to the seller and receive the keys to your new home.

That’s pretty much everything you need to know about buying a house. Once you have completed all the above steps, you will be able to move into your new home. Don’t forget, if you’re buying a home in Leeds, HOP will be delighted to provide you with all the help you need. Contact us now to discuss your needs.

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