| The house buying process in the UK is actually | | | | you can move on the next stage, which is paying |
| quite drawn out and complicated - hence the oft | | | | the fee to the estate agents to secure the |
| quoted statistic of moving house being one of the | | | | property, and have it taken off the market. |
| most stressful times in a person's life. The actual | | | | 6. Buyers should then go to their chosen lender to |
| process involves dealing with a variety of | | | | arrange the mortgage. Various forms must be |
| organisations and people, including: estate agents, | | | | filled out, and arrangements made to set up a |
| solicitors, banks/building societies and the people | | | | direct debit to be set up to withdraw the |
| who are actually selling the house. The process | | | | mortgage amount from your bank account every |
| usually takes the following form: | | | | month. The lender will charge you to do a |
| 1. Decide how much you have to spend. This is | | | | valuation of the property to ensure that they |
| calculated by how much equity you have in your | | | | would be able to recoup their money if they were |
| current property (obviously none if you are a first | | | | forced to repossess and sell the property. |
| time buyer), and the amount of savings you have | | | | 7. You should appoint a solicitor at this stage, who |
| to put forward towards a deposit. You then need | | | | will carry out what is called conveyancing. These |
| to see how much salary you earn, in order to get | | | | are all the legal duties that need to bee carried |
| a mortgage. Banks normally give up to 4 times | | | | out in order for the house purchase to go |
| the income of a household. So, for example, if | | | | through. These duties include: drawing up the |
| you have a 50k deposit (made up from savings, | | | | contract that will be exchanged with the seller; |
| equity or help from parents) and earn 30k a year | | | | making sure there are no planning permission or |
| you can afford a £170k house. | | | | local development issues regarding the property |
| 2. The next stage is to arrange for your | | | | and register the owner details of the property |
| mortgage offer in principle. This is when the lender | | | | with the Land Registry. |
| does a quick assessment of you (a credit check) | | | | 9. Home insurance will need to be arranged for |
| and makes an in principle agreement to lend you | | | | the home purchase to go through. |
| x amount. | | | | 8. Once all the legal issue have been dealt with, |
| 2. Once you've decided your budget, it's time to | | | | contracts are exchanged. |
| think about where you want to live, and what | | | | 9. The final stage of the process is called |
| sort of house you want. Do want a quiet area, or | | | | completion. This is where the funds are |
| the busy city life? House or flat? Garden or not? | | | | transferred from the buyer to the seller, and you |
| 3. Once you know the sort of house you want, | | | | legally own the house. You would then take |
| have a look on which is the premier property | | | | possession of the keys and move in. Hooray! |
| website in the UK. Most properties that are for | | | | The process from start to finish normally takes |
| sale in the UK are listed on the site. Once you've | | | | about 12 weeks, which is twice as long as in |
| found one that fits your requirements, call the | | | | Europe. If you are selling your house as well as |
| related estate agents and arrange a viewing. | | | | purchasing, it's normally considered good advice to |
| 4. If you like the look of the house you've seen, | | | | sell your house first, which saves a lot of hassle. |
| then contact the estate agents and make an | | | | If you can't wait 12 weeks and need to sell |
| offer. It’s up to you if you offer the asking | | | | quicker, and also want to avoid the chance of |
| price; it depends how much you want the house. | | | | your sale falling through, contact Quick Move Now. |
| If you really want the house, then offer the | | | | As a cash buyer of properties, using our own |
| asking price. If you're really stretching your | | | | cash, we could buy your house with 7 days. We |
| budget, then offer a few thousand below the | | | | give guaranteed offers that mean your sale is |
| asking price, and see how the sellers respond. Be | | | | guaranteed avoiding the pain of a chain break or |
| prepared to negotiate. | | | | of a buyer pulling out at the last minute. Call us |
| 5. If you're lucky to have your offer accepted, | | | | today on 0800 068 3366. |