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If you want to buy a house in the UK, you can expect the whole process to take around 2 to 3 months to complete. The reason it takes this long is because there are a number of important stages you need to go through before you can take possession of a new residential property in the United Kingdom, which we have detailed below.
Steps to Buying a Home in the United Kingdom
Whatever type of residential property you would like to buy, you will need to complete the following steps before you are able to move in:
- Setting Your Budget – Before you start house hunting in earnest, you need to know how much you can afford to spend. The main reason for setting a budget right at the start is so you can successfully negotiate the second phase.
- Obtaining a Mortgage Estimate – Once you know how much you would like to borrow, you can approach lenders directly, or via a mortgage broker, to see whether they are willing to lend what you need.
- Obtaining an Agreement in Principle (AIP) – Once you have found a lender who would be suitable, you can ask them to confirm their willingness to provide you with an Agreement in Principle (sometimes known as a Mortgage in Principle). Such a confirmation is often referred to as an AIP or MIP: the lender is agreeing to provide the finance you are requesting, assuming that both you and the property you proceed with check out.
- Identifying the Best Property – At this stage, you can view the most desirable properties within your budget to find the perfect home to love.
- Making an Offer – With an AIP in hand, you are ready to make a serious offer on the home you wish to buy. Assuming that your offer is accepted by the current owner of the property, you will then need to submit a formal application to the lender and instruct your chosen solicitors.
- Instructing Your Solicitors – Once you have an offer accepted, you will be required to instruct a Solicitor to act on your behalf. The solicitors will take care of the legalities involved with purchasing the property. This process is called ‘Conveyancing’.
- Mortgage Valuation – Before approving your formal application for a mortgage, your lender will arrange for the property you wish to buy to be surveyed. This is to ensure that it is in a decent state of repair and that the value agreed is correct. Your mortgage company will also perform a property search, to ensure there are no legal reasons you cannot purchase your dream home. If you wish to carry out a more in-depth Property Survey, this can often be done through your lender for an additional fee or by a RICS surveyor. Speak with your Estate Agent for assistance.
- Exchanging Contracts – Once your mortgage is in place and your solicitors have satisfied all the conveyancing queries, you will be ready to exchange contracts with the seller.
- Making Final Payment – Having exchanged contracts, you will then be required to pay the balance due on the property, after deducting any deposit that you may have paid. After making this final payment, you will receive the keys and take possession of your new home.
If you are interested in buying a new residential property in Leeds or the surrounding area, don’t forget to contact HOP for professional assistance.
