Our Agents step-by-step guide to buying a home. Are you ready to put your moving plans into action?

Preparing to sell your home.

If you’re not a first-time buyer, selling your home before you start searching for your next property will put you in a strong position as a buyer.

Saving for a deposit.

When saving for a deposit, it’s beneficial to plan your monthly spending budget and aim to keep a regular sum each month.

Tax-efficient savings accounts like Individual Savings Accounts (ISA) or Lifetime Individual Savings Accounts (LISA) can maximise your returns – you can get substantial bonuses if you’re a first-time buyer. You must be 18 or over but under 40 to open a Lifetime ISA.

Getting mortgage ready.

You’ll want your credit report to be in the best possible shape before a lender looks at it. Credit reports provide an insight into your payment behaviour – and lenders use them as part of their decision-making process. It’s a good idea to check your credit record, just in case, any errors could affect your score. Checking your rating is viewed as a soft check and won’t impact your score.

You’ll also need to collect tons of paperwork from backing up your mortgage application. You’ll need a passport, at least three months’ worth of bank statements and pay slips (or two years’ worth of audited accounts if you are self-employed). Most lenders also want you to have at least one utility bill in your name at your current address, and you should be on the Electoral Roll.

Work out your budget.

Buying a property is a big step involving a substantial long-term financial commitment, so really consider what you can afford. You’ll need to consider your assets – like savings – and the money coming in and going out.

Find out how much you can borrow with a mortgage.

Every lender has different ways of calculating how much they’ll lend to you or even whether they’ll lend to you. Your income, the size of your deposit, your regular expenditure, and your credit rating will be considered.

Apply for a Mortgage in Principle.

A Mortgage, in Principle, is the next step that can make a big difference when searching for, viewing, and offering a home.

A Mortgage in Principle is also known as an Agreement in Principle, Decision in Principle, Mortgage Agreement in Principle, or a Mortgage Promise. A Mortgage in Principle, or MIP for short, is a personalised document confirming an amount of money a lender believes they would be able to lend you based on the information you’ve shared at this stage. And even though it isn’t a legal requirement, increasingly, estate agents will ask that you have one.

A Mortgage, in Principle, is specific to you and, together with your deposit, can give you an indication of the property price range you can search within. So you can search for your new home with more confidence. You can usually get a MIP within 24 hours, and it’s generally valid for up to 90 days, but different lenders’ criteria and rules will differ.

Research where you want to live.

Take some time to research and get to know your chosen area. If you can, make sure you walk around the neighbourhood to get a sense of what it’ll be like to live there. That way, you can also find out how long it will take you to get to the nearest station, supermarket, or to do the school run.

If you don’t think you can afford the home you want in your top choice postcodes, try widening your search. You could find a better value home in return for a slightly longer commute.

Whether comparing different locations, exploring a range of options within your budget, or managing your viewings, using Property Lists to organise your saved properties can make it easier to keep track of your top choices.

Start home-hunting.

Ensuring you’re the first to find out about new properties or even price reductions is essential to landing your dream home.

It’s also worth visiting local estate agents in person to register your interest in the area. Agents will more likely remember you if you’ve met and will bear you in mind when they get new instructions.

Draw up a list of essential questions (how long is the property’s lease, have the owners found a place to move to yet, how long has it been on the market?), so you don’t forget to ask these things when you go and view properties.

Before deciding how much to offer, check how much homes in the area have recently sold for.

Making an offer.

Knowing your budget ceiling is crucial, so decide your maximum limit from the start. When you’re ready to make an offer to the estate agent selling the home, it’s a good idea to also tell them a bit about you. For example, if you’re a chain-free first-time buyer with a Mortgage in Principle, make this clear, so the homeowner will know you’re ready to proceed.

Arranging a mortgage.

Now you’ll need to move fast – the seller will want to see progress, so try to avoid any unnecessary delays in getting the surveys and other legal work done. Complete the mortgage lender’s application form and send them the documents they require – this will include proof of your ID, evidence of your earnings, proof of your address over the last few months and your bank statements, so have these ready.

Lender’s valuation and surveys.

The lender will arrange for a qualified surveyor to inspect the property you’re looking to buy and check its value. As well as make sure that it’s a property they’ll lend against.

Want more peace of mind regarding the condition of your property? There are three levels of the survey – an essential condition report, a typical homebuyer’s report, the most popular option, or an in-depth building survey usually reserved for very run down or very unusual properties.

If a survey uncovers problems, you may be able to negotiate a price cut to offset some or all of the cost of the work.

Hire a solicitor or conveyancer.

Conveyancing is the process undertaken by the buyer’s and seller’s solicitors of transferring the legal ownership of property or land from one person to another. Once your offer is accepted, inform your solicitor so they can start studying the lease, ordering council searches, and drawing up contracts.

Exchanging contracts.

Once the survey and searches have come through and your mortgage is approved, you will be ready to exchange contracts and put down a non- refundable deposit. This will all be arranged by your solicitor.

Preparing to move.

You’ll need to arrange to redirect your mail to your new home, inform your utility companies that you are leaving your old home, arrange home insurance, and set up your landline and broadband services.

If your agent does not do this, you’ll also need to arrange for a removal company or van hire. A very thorough declutter at this stage will make life easier during and after the move!

Stamp duty tax is payable in England and Northern Ireland within two weeks of completing your sale. Your solicitor should handle the paperwork for you. Using our stamp duty calculator, you can determine how much you’ll need to pay.

Completing the sale.

There’s very little you can do on completion day other than drink endless cups of tea and anxiously await the call from your estate agent letting you know that the funds have gone through and you can finally collect the keys to your new home. You’re then ready to move in!

Moving Day.

Pack everything you’ll need for your first night or two, including bedding, and keep these bags apart from the rest of your stuff. That way, you won’t waste time searching for a toothbrush lost somewhere in a mountain of boxes.

Label your other boxes with which room you want them to go in to try and keep things in some order.

Book a supermarket delivery for the next day – and get unpacking. 

If you are selling or thinking of selling your home, don’t hesitate to contact us

Book your valuation by clicking on the link below