“Numerous first-time buyers seek our advice when it comes to purchasing a house, and even experienced buyers can find the process intimidating. However, it doesn't have to be that way. Our comprehensive guide to buying a house offers a step-by-step approach that will provide you with a better understanding of what to anticipate.”
Step 1: Arranging your mortgage
Before starting your property search, it's prudent to review your financial situation. Understanding your finances upfront will help you determine your budget, streamline your search criteria, and save time during the house-hunting process.
With so many mortgage options available, it can be overwhelming. Therefore, having a trusted advisor can provide you with peace of mind. We highly recommend Mortgage Advice Bureau as our preferred mortgage broker due to their years of experience in financial services, ensuring you're in good hands.
Step 2: Register with us
After speaking with a broker and determining your price range, it's time to begin your property search. This can be an exciting time for you!
To make your search easier, one of the best ways is to register with us. It's a simple process that can be done online by clicking here, or by calling our team at 02088546732. There's no need to worry about complications or drama.
Once you're registered, we'll send you properties that match your search criteria. This way, you won't have to sift through numerous homes that don't interest you. We offer multiple ways to send you new listings, and you can choose the one that works best for you.
Step 3: Book a viewing
Once you start receiving the latest properties directly to your doorstep, email, or phone, it's only a matter of time before you'll want to explore them in person. Our areas are highly desirable, so we strive to arrange viewings as soon as possible, but we're flexible and can work around your schedule.
During your viewing, one of our agents will be there to accompany you and answer any questions you may have. We're a friendly team at Eldridge, and we're always happy to provide general advice on purchasing a house if you need it.
Step 4: Making an offer
You've found a property you like and now it's time to make an offer. Fortunately, this part of the process is straightforward. Simply call us with your offer, and we'll take care of everything else. We'll inform the seller of your bid verbally and in writing, including any specific conditions your offer may have.
It's important to note that at this stage, neither party is legally obligated. Legal obligations only come into play after both parties have signed the contracts. To ensure a smooth transition, we recommend finding a good, preferably local solicitor who specialises in conveyancing. If needed, we're happy to recommend a solicitor to you.
Step 5: Offer agreed
After the seller accepts your offer, we'll create a memorandum of sale, which confirms that both you and the seller have agreed on the property's purchase. The memorandum will also include other essential details related to the sale, such as the purchase price, the sellers' and your contact information, and the information of both parties' solicitors.
Next, we'll inform both solicitors, so they can start the conveyancing process. This is also the stage where you'll need to contact your mortgage provider and provide them with all the necessary information, so they can move your loan application forward.
Step 6: Conveyancing
During the conveyancing process, your solicitor will be responsible for ensuring that you legally own the property in question and facilitating the transfer of funds between you and the seller. This crucial stage is also when your solicitor will review the proposed contract from the seller's solicitor and conduct any necessary local searches, addressing any concerns along the way.
Your solicitor will work closely with the seller's solicitor to co-ordinate the exchange of contracts and remain available to address any questions or concerns you may have throughout the process.
At Eldridge, we understand the importance of clear communication during this stage and remain available to both you and your solicitor to keep you informed as you move closer to completion.
Step 7: Survey and mortgage offer
Before releasing a formal mortgage offer, your lender will want to ensure that everything is in order. They will instruct a surveyor to assess the value of the property independently, and once completed, the surveyor's report will be sent to you and your mortgage provider.
If your lender is satisfied with the report, they will send you and your solicitor a formal mortgage offer that should be signed as soon as possible. It's important to note that, at this point, you are still under no legal obligation as the contracts haven't been signed.
It's also advisable to hire a private surveyor of your own at this stage to gain better insights into the property. Your own surveyor will carry out a more comprehensive investigation and provide you with a detailed report once the survey is completed.
Step 8: Exchange of contracts
With all the legal requirements completed, it's time to exchange contracts, which will happen on the agreed date during the conveyancing process. The exchange requires both you and the seller to sign the contracts for your respective solicitors to exchange, and your deposit will be transferred electronically at this time.
This is a significant milestone as both you and the seller are now legally bound to proceed with the transaction. All that's left now is for both parties to agree on a completion date, and you are almost there!
Step 9: Completion
Today marks the transfer of the outstanding balance on the purchase from your lender to the buyer's solicitor. As soon as the money is deposited into their account, you will receive a call informing you that you are now a proud homeowner. How exciting!
We will also be notified so that we can release your keys and congratulate you on the purchase of your new home. It's one of our favourite parts of the job!
And that's it, you're all set. All that remains now is to move all your belongings into your new property... and, of course, to remember which box contains the cutlery!