Deciding to buy a piece of property can take time, effort, and of course, resources. You need to be aware of the different steps that make up the entire process, so you will not be confused; knowing what to do and expect will help you make better decisions in the long term. So, what does it take to buy a house in the UK? Here’s your step-by-step guide to buying the ideal piece of property in the UK.
Step 1: work out your budget and find a house
Before you begin looking for a house, you have to work out your budget first. Make a list of your income and expenditure per month and figure out how much you can afford in repayments. You should also work out the amount of deposit you can come up with; normally, it has to be between 5 and 20 per cent of the property’s value.
You should also think about the other costs related to getting a mortgage, such as mortgage fees (which can cost up to £2000), stamp duty, legal fees, valuation fees, and even moving costs and expenses.
Step 2: find the ideal mortgage
It’s best to be prepared when it comes to finding the ideal mortgage, even if you haven’t found a house yet. You have several options: you can get one from an IFA or Independent Financial Adviser, a lender, or a mortgage broker. Once you have found a deal you like (a mortgage in principle), you will be able to know how much the lender may lend as well as how much interest you may have to pay.
Step 3: make the offer and find a surveyor and solicitor
When you have finally found a piece of property, you can make an offer for it; this is often done through the estate agent. But even before the offer is confirmed, you should look for a surveyor as well as a solicitor, as the mortgage specialists from Mortgage Wise recommend. The surveyor is tasked with assessing the property to look for potential problems, and this can affect the home’s cost. The solicitor, on the other hand, will handle all the essential legal paperwork. The typical cost of a solicitor is between £500 and £1500, and the surveyor’s fee will depend on the kind of survey, ranging from a basic survey of about £250 to a more comprehensive survey of about £600.
Step 4: confirm the offer and the arrangement for the mortgage
When the survey is done, you may want to ask for a re-negotiation of the home’s price depending on the results of the survey. Once the price is fixed and confirmed and everything is arranged, it’s time to get in touch with your mortgage adviser or lender. The mortgage lender will come up with a mortgage offer, and you have about a week to decide if the mortgage deal is right for you. The next step, of course, is to finalise the arrangements and exchange agreements and contracts. Make sure everything is taken care of, including all the fees, the Land Registry registration of the sale (your solicitor can take care of this), and the actual move to your new place.
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