Guide to Buying a Home in the UK

A Step-by-Step Guide to Buying a Home in the UK

1- Are You Ready to Buy a Home?
This is a key step to complete before getting into the rest of the process. From having an idea of how much you can afford, as well as having the time and commitment available to go through the home buying process, which can take several months.

2- Set Your Budget
Deciding on your budget is essential so you know what properties are available to you, you will need some funds to pay for a deposit and the ability to get a mortgage for the rest. You will also need a reservation fee to secure your chosen home.

3- Choose Your Desirable Areas 
You will already know where you want to be moving to, but it is good to research as much as possible into the specific areas you are interested in. and what amenities they have such as public transport, the nearest shopping and entertainment, or schools.

4- Choosing and deciding Your Dream Home
It is the most exciting part of the journey, choosing your new home in your perfect area.  meeting your requirements, whether that is the number of bedrooms or space for entertainment or a stunning view. Arrange viewings, so you can experience what the development will be like. In some cases, the development may still be in the construction phase, so a visit will give you a good feel for the specification and sizes. You may also be able to choose your fixtures and fittings such as bathrooms and kitchens, as well as any other final changes available so you can already start making it your home.

5- Reserve Your Home
It is time to complete a reservation agreement. This includes a reservation fee to secure your home, the amount will vary depending on the size and price of your chosen home. At this point you should also appoint an independent professional legal advisor to represent your interests during the rest of the process and deal with all the legal formalities. Once you have appointed your solicitor you can bring them up to speed with the set reservation period, which is normally up to three weeks depending on the stage of construction. At the end of this period, you will proceed to exchange,

6- Arrange Your funds and Mortgage
you are paying cash or applying for your mortgage. Hopefully, you will already have made some progress towards choosing a provider, and you are ready to apply at this point. Once you have received your mortgage offer, you will need to sign it and return it to your lender, as well as let your legal advisor know you have accepted.

7- Exchange Contracts
The purchase process is legally binding, There are a few important things you will need to do at this stage of the process, You will need to agree how you will be paying the deposit (normally 10% of value price) as well as how you will be paying the rest of the balance on completion (cash or through your mortgage,).At this point, You and the seller are legally bound by the terms of the contract.

8- Getting Ready to Move and Final Preparations
The legal side of the process is done, and your new home is ready for you, now comes the business of moving. This can be a stressful thing to organize, but there is also the satisfaction of taking stock of your belongings and the fun of arranging the rooms in your new home and deciding where everything will go. Part of moving home is telling companies and people about your change of address, from your bank to your internet provider. You should start this process as soon as the contracts are signed and you know when you will be moving in, especially when it comes to utilities such as electricity, water, and broadband.

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