Buying a house whether for the first time or anytime can be a daunting process. The decisions made when purchasing a house can either save or cost thousands of pounds. Therefore, it’s important to know what you are doing and to feel prepared.

Decide if buying a house is the right decision for you

Although many people want to own their own home, it’s not always right for everybody. Cost is an important factor, as not everyone has the finances for not only the deposit and legal fees but also the cost of a mortgage as well. If you feel as though you do not have the finances but want to move out, then renting may be a better option for you.

If you already are a homeowner, you will need to consider whether you want to sell your current house or flat before proceeding to purchase another. By doing this you become chain free, making you more attractive to sellers. Some risks of this however include potentially having to seek alternative accommodation if your next purchase falls through. This can prove costly and house prices may rise in the meantime. Although this can be stressful, sometimes being in a chain or feeling you have undersold can be worse.

Choosing the best mortgage for you

It’s advisable for you to contact a lender to get pre-approved for a mortgage loan. This is because it will help you understand how much you can borrow and give you a better idea of your budget when searching. You should research different mortgage lenders in order to find the best deal for yourself. By applying and attaining a mortgage in principle it will show you are a serious buyer and puts you in a stronger position when putting in an offer for a house.

Deciding the location when buying a house

It’s important when purchasing a property to consider the area around you. As an example, if you are someone who wants to have a family in the future then seeing if there is local schools is important. Is the location commutable to work and for the weekly food shop? These things can be tedious if not considered before buying and may result in you having to move again due to inconvenience. You should also consider the property market itself, is the area up and coming with new developments? These things may raise your property price in the future.

Making an offer on the property

Once you have found a house you want to buy, you should make an offer with the right amount. Once you have decided how much you will offer you should put this offer in writing and emphasise your position. For example, this may be if you are a first time buyer, without chain or a cash buyer.

Appointing a conveyancer

You will need to get a conveyancer to handle the legal side of purchasing. You should find a conveyancer who offers you the best price and service. At Attwells Solicitors we offer conveyancing with transparent fees and award winning client care. In addition, Attwells use straightforward language and offer same day callbacks if you call before 3pm.


Exchange of contracts when purchasing a property

When purchasing, the moment contracts are exchanged you are legally committed to buying the property, and the seller is legally committed to sell. If you pull out you will lose your deposit and you may be sued. Before exchanging the contracts, a completion date will have been agreed with the seller and usually commences 2-4 weeks after the exchange.

Completion Day

On completion you pay the remainder for the property and take ownership of it, this usually takes place around midday. Collection of the keys to the property will usually be at the estate agents and you are free to move in.

Although it may seem daunting, at Attwells we can guide you through the process making it as stress-free as possible. If you are interested, you can contact us here.

Our blogs and articles are correct at the time of writing.
These have been created for marketing purposes only and should not be considered as legal advice.