Read the transcript for the process of buying a house video
You've found a new home to buy, now what.
It can be a daunting feeling but with our step-by-step guide understanding the process should help to make the journey a smoother and more enjoyable experience.
Make sure you have a mortgage offer in principle. Speak to a specialist mortgage adviser if you want independent advice on mortgage rates and apply for a mortgage as early as possible to avoid delays.
Once you’ve had your offer accepted it’s time to get the ball rolling and the legal work can begin.
Your conveyancer will arrange searches of land registry and local authority information.
These check for potential issues with the property and land and are compulsory with a mortgage.
Your lender will perform a desk-based survey to establish the valuation, but you may also want to get an additional survey at an additional cost to check for any issues with the property itself.
Your conveyancer will examine the documents provided and raise enquiries with the seller.
This includes ironing out any issues found as a result of the searches or surveys you will need this before you can exchange contracts.
You will need to pay your deposit to your conveyancer and depending on how long there will be between exchange and completion they may ask for the payment of Stamp Duty Land Tax, which is known as Land Transaction Tax in Wales, and fees at this stage too.
It’s a good time to start getting quotes for removals as you can set a provisional moving day with the rest of the chain.
When the contracts have been exchanged, it becomes official.
You are now legally obliged to buy your home, exciting!
Before you can get the keys, your conveyancer will transfer the rest of the money.
The property is now yours.
Following completion, your conveyancer will let the land registry know you are the new owner and arrange to transfer the funds if you had Stamp Duty Land Tax or Land Transaction Tax to pay.
You can now enjoy your new home.