The Buying Process

Ten steps to the house buying process

Buying a home is an exciting time however it can be daunting. It is often difficult to know where to start so we have created this brief guide to take you through the process from your initial research to moving in. Good luck and please feel free to consult NW Estates at any point of your journey!

Buying
 
  • 1. What is the budget and how much can you borrow?

    Before getting serious with your search, it's a good idea to work out how much you can afford to borrow. We generally recommend you consult an independent mortgage adviser. At NW Estates, we work with a panel of independent mortgage brokers who will be more than happy to help. Our panel of brokers will usually arrange a mortgage decision in principle certificate to put you in the driving seat to view properties.

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  • 2. Know your price range

    Now you know what you can afford, you can begin your search. How many reception rooms, How many bedrooms, how many bathrooms? Car parking or a garden? Local Schools? Property style?

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  • 3. Be ready to make an offer

    When you have found your ideal home, it's important to get your mortgage arranged as quickly as possible. If you work with one of our NW Estates panelled brokers they will ensure that things move as quickly and smoothly as possible so you are in the best and most attractive position for any seller.

    Get in touch with a mortgage broker today, click here

  • 4. Make an offer

    Remember that the price the seller is asking for is not necessarily the price they will finally accept. Your first offers can be lower than the asking price. Although, if there has been a lot of interest in the property it could be wise to make an offer close to the asking price. Once your offer is accepted, it will be confirmed in writing. But do remember, the property is not officially yours until legally binding contracts are exchanged.

  • 5. Choose a solicitor

    Your solicitor carries out the conveyancing which is the legal process of handing over a property from one person to another. They also have a duty to protect your interests so they will investigate the legal aspects of the property such as its boundaries and exactly what is included in the sale. Most solicitors will charge a fixed fee and it is usually a percentage of the agreed sale price. NW Estates works with a panel of solicitors who we know you can trust.

    Contact Us about finding a conveyancer.

  • 6. Get a survey

    A survey will give you a good idea of the property's condition and value. There are different types of survey, from a basic mortgage valuation indicating how much the property is worth, to a full structural survey. If problems do come to light, you are within your rights to try to re-negotiate your offer price or even withdraw from the purchase.

  • 7. Mortgage offer

    If you are getting a mortgage, once the lender has completed their underwriting and happy with the survey they will issue your formal mortgage offer.

  • 8. Exchanging contracts

    As long as there were no problems with the survey and mortgage offer (If relevant), the solicitors from both sides will draw up formal contracts for you and the seller to sign. This is the legally binding part and your solicitor will confirm once all parties are in a position to exchange contract.

  • 9. Moving day

    Once the day has finally arrived! Remember to book a removal firm to help you with this part. You should contact the utilities companies, redirect your post and notify the authorities as soon as you are the legal owner and remember to pick your keys up from NW Estates!!!

  • 10. Relax

    Relax in your new home!

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