If you are new to it, the UK home buying process can seem very daunting. This is a short overview of the whole process. Don’t forget that help is at hand when you sign up with a Conveyancing Stroud based operation like www.montpellier.legal/. Let’s begin at the first stage.
- Get a deposit. Banks and Building societies will generally lend up to ninety per cent of the property’s value. The average house price in the UK is £250,000, so you’ll need £25,000 to put down, or whatever 10% of the property purchase price is before a lender will consider you.
- Find a place you like; make sure it is of standard construction. This means bricks and mortar.
- Contact a mortgage company for an agreement in principle. This will tell you how much the company will look to lend you.
- Make an offer on the property and get it accepted by the seller.
- Complete a “needs and circumstances” conversation with a Mortgage provider.
- Contact the conveyancers of your choice.
- Get a survey done. There are three levels to choose from. If it’s a new build, then level 1 is required. Older properties will need to have more in-depth searches.
- Accept the mortgage offer and have the funds transferred.
- Exchange the keys.
- Make arrangements with a removal firm; once you have a date, take the hassle out of moving yourself with some professionals.
- Get home insurance and mortgage protection in place.