Buying a home is a massive decision and the process can seem daunting, especially to first time buyers. However, if you take things step by step then you’ll see it isn’t as complicated as you might think.

First, you need to work out how much you can afford. In the UK this is generally based on how much you earn and what size of deposit you are able to put down. Lenders will calculate how much you can borrow with this information so it’s a good idea to visit your bank and a mortgage adviser to determine your price range.

You should also take into account one-off costs such as a lender’s valuation, a survey, legal costs and stamp duty. These can add up to quite an amount so it’s important to add these into the overall cost of buying your home.

Once you’ve done this you will have an understanding of the price range in which you should look for your home. You should get an agreement in principle at this point, so you know you can borrow an agreed amount once you have found a home within your price range.

Bear in mind that different cities and the areas within them will have varying house prices. Consulting an estate agent is your next step.

For example, if you were buying in Manchester you should visit several Manchester estate agents and see what type of property you can afford in what areas. Gather as much information as you can before you begin choosing the home you want. You need to consider the neighbourhood as well as the property itself.

It’s a good idea to view several properties as this will give you a feel for the area and the properties you like the look of. Arrange your viewings through the estate agents.

Once you have found a property you love in an area you like you are ready to make an offer. It’s at this point you should find a solicitor who will carry out the legal requirements once you have an offer accepted. It’s advisable to choose a solicitor on recommendation from people you know and trust – one with a good reputation for their work and their prices.

Don’t just go in and offer the asking price straight away. There is room for negotiation in every house purchase and you also need to determine what, if any, fixtures and fittings will be included in the sale.

Typically you should offer 5-10% below the asking price and through negotiation end up paying slightly less than the asking price – though you’ll be very lucky indeed if your first offer is accepted.

When you have agreed a price it will be subject to contract and survey – this means you aren’t tied in to buying the property until a survey has been completed and contracts are signed and exchanged.

Your mortgage lender will now require a valuation for which you will have to pay. They will carry out a basic survey to ensure the property is worth the amount you are prepared to pay for it. For your own peace of mind you can get more thorough surveys done, though these can prove expensive.

Once you and your lender are satisfied, your solicitor has carried out all the conveyancing – which involves all the legal and administrative work that goes with transferring ownership of the property to you, contracts and mortgage agreement signings – and all monies have been paid you will take the keys to your new home.

This is called the day of completion, you’re free to move into your new home. Your solicitor will carry out the last of the legal requirements, informing the relevant people that the sale has gone ahead and you will pay the final solicitor fees and any stamp duty and that’s it!

It can in some cases be very smooth and in others contain a few complications but for the most part, buying a home is simple if you take it step by step and let your solicitor do most of the work.

Author Bio: Ian Grainger is writing on behalf of Shepherd Gilmour, Manchester estate agents.

Category: Real Estate
Keywords: estate agents, solicitors, buying a home, mortgages