Stage one – get your finances in order
During the first stage of buying a home, it’s essential to get your finances in order. You’ll need a clear overview of your financial situation to work out what you can afford.
Make sure you’ve done a full audit of your income, including all sources of income minus essential outgoings. If you're taking out a mortgage, your lender will need this information when they review your mortgage application.
You should speak to a mortgage adviser for guidance on how much you can borrow. With access to the best deals on the market, a mortgage adviser will give expert, independent advice based on your financial circumstances. An adviser can help you achieve a decision in principle from your chosen lender, which means you can begin your house hunt with an exact budget in mind.
Make an offer
When you've determined your budget, it’s time to start your property search. Local estate agents will have a wealth of knowledge about the property market in your chosen area, so getting in touch with them is a good place to start your search.
Once you’ve found your dream property, it’s time to make an offer. Your estate agent will make the process easy and guide you through each step, liaising between you and the seller to agree a sale.
Stage two – secure the sale
Stage two of the house buying process – after your offer has been accepted – will take between four and 12 weeks.
If you’re taking out a mortgage, you’ll need to complete the application. Your lender will need to carry out a valuation of your new property to confirm its value before you are issued with an official mortgage offer.
The conveyancing process will then begin, with the seller’s solicitor drafting a contract and your solicitor confirming all details. When this is complete, your contracts can be agreed and exchanged with a move-in date confirmed.
After the exchange of contracts, completion can take up to four weeks. This varies, depending upon the number of people in your property chain and the type of house you’re buying.
If you’re buying a property in Salisbury, Jordan & Mason Estate Agents are here to help. You can check out properties currently for sale here, or get in touch with the team for expert property guidance on the local area.
