The UK government provides several incentives to help first-time home buyers. Thus, homeownership in the country increased. If you are a resident or an ex-pat who is planning to stay in the UK long-term, your best option is to buy a house instead of renting.
But before you move on to the fun part, you need to know first how to purchase a house in the UK.
Process of buying a house in the UK
There are many steps to take to complete the process of buying a house. You need expert help from a financial consultant to navigate the various rules and regulations and real estate laws. Here are the steps.
- Determine your budget
The first thing to do is determine your budget. Check if you have enough savings to purchase a house outright or you might need financing. A financial consultant will help you understand broker fees, legal fees, removals, and lender fees.
Know your financing options
Discuss your needs with a financial consultant. You will get advice on the available mortgages that are affordable. The financial consultant can help you get a Decision in Principle. The document indicates how much a mortgage company can lend you.
- Search for properties online
You can register and receive daily updates by signing up on property portals and real estate agents. Do not settle for only one agent. Widen your choices. Reviews and comparisons have begun an integral part of the online experience – whether you’re looking to play online games at casino.netbet.co.uk or use a chiropractor. Apply similar measures here. Contact real estate agents in the areas you are considering living in to get additional information and advice. You may find more affordable homes a short distance from the locations you initially consider.
- Book a physical or virtual viewing
After finding a property that you like, schedule a viewing. This will help you decide if the features of the property match your requirements.
- Make the decision
After looking at different properties, make a decision and let the seller know your offer. You have the Decision in Principle to back you up, but you and the seller will still be negotiating for the right price. Your solicitor should be ready. When details from your solicitor and the seller’s solicitor reach the real estate agent, the latter will confirm that it is an agreed sale, and they will prepare a Memorandum of Sale. Your solicitor will provide a conveyancing service to make the property transfer to you easier.
- Additional steps
The solicitor’s service is precious because the solicitor will be handling all the legal stuff from this point on. You will need help to complete your application for a mortgage, exchanging title deeds, confirming property details, and searching the Land Registry and Local Authority for the planning history of the area.
You should purchase home insurance before signing the sales contracts. Your solicitor will tell you when to sign the contracts because the date of signing should be the same as when the insurance policies take effect.
Receiving the keys to the property means that you are the owner of said property. You can only get the keys once your solicitor pays the balance of the sale price to the seller’s solicitor.