Buying a house, particularly for the first time can be very daunting and stressful. Knowing what to do and when, can make your journey as easy and problem-free as possible. That’s why we put together this simple step-by-step guide to buying a home.
Define Your Budget
Speak with your bank or an independent mortgage advisor to find out how much you can borrow and what you can afford. You will then be able to get an Agreement in Principle from your chosen lender.
Find Your Ideal Property
You can register with us and start to look for properties in the Leicester area. You can also visit the major online property portals to find your new dream home. Once you’ve found your ideal property and with your AIP in place you can make an offer.
Appointing Your Solicitor
You will need to choose a conveyancing solicitor to handle the legal paperwork and liaise with the seller’s Solicitors involved in buying a property. At Seven Estates, we work with some excellent solicitors and will point you in the right direction.
A property survey will be carried out by a surveyor on behalf of the mortgage lender to check the property is worth what you're planning to pay for it along with basic comments on the condition of the property.
If everything is in order with the survey carried out, your Lender will issue you and your solicitor an official mortgage offer.
Exchange of Contracts
The transaction and completion date becomes legally binding on the exchange of contracts. The deposit will be sent to the seller's solicitor and a request for your mortgage advance will be paid from your lender.
Completion is when the property changes ownership. Money is transferred from your solicitor to the seller’s solicitor. Once this has been confirmed we will be authorised to release the keys to. Congratulations on your new home!