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How do you buy a property? Where do you even start? The process can be pretty intimidating, especially if you’ve never done it before. Buying a home means a lot of paperwork, procedures and different people getting involved. Understanding who does what and when before you start can make the whole experience much less stressful.

The house buying process

Follow the main stages of buying a property, from working out your budget to completing the purchase and collecting the keys.

  1. Set your budget

    Consider your deposit, monthly repayments and the additional costs of buying a property.

  2. Get a mortgage in principle

    Find out how much a lender may be prepared to offer before beginning your search.

  3. Search and view properties

    Explore suitable homes, arrange viewings and compare the features most important to you.

  4. Make an offer

    Submit your offer through the estate agent, who will pass it to the property seller.

  5. Appoint a conveyancer

    Choose a solicitor or licensed conveyancer to manage the legal side of your purchase.

  6. Arrange searches and a survey

    Complete the necessary property searches and arrange a suitable independent survey.

  7. Exchange contracts

    Sign and exchange contracts once the legal work, finance and enquiries are complete.

  8. Complete and collect the keys

    The remaining funds are transferred and you can collect the keys to your new home.

1. Set your budget

Buying a house is a significant investment, and getting it slightly wrong can be costly. Before you begin your property search, consider your available deposit, how much you can comfortably afford in monthly repayments, and the additional costs of buying a home. These can include mortgage fees, conveyancing costs, property searches, surveys, Stamp Duty Land Tax or Land Transaction Tax, insurance and removal costs.
Unless you have enough savings to purchase a property outright, you may need a mortgage. A mortgage is a loan used to buy a property. It is secured against the property, which means the lender may repossess and sell it if you cannot meet the repayments.

2. Get a mortgage in principle

When it comes to finding a mortgage, you have several options, including approaching individual banks, searching online or speaking to a mortgage broker. Searching online can give you an idea of what is available. However, an independent mortgage broker can do a more detailed search and guide you through the process. A lender may provide an agreement or mortgage in principle based on your initial financial information. This indicates how much they may be willing to lend and can help you set a realistic property budget. Nevertheless, it is not a guaranteed mortgage offer.
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3. Search and view properties

Once you understand your budget, you can begin searching for suitable properties. Consider the areas you would like to live in, the type and size of property you need and any features that are particularly important to you. Arrange viewings for the properties that interest you and take time to consider the condition, layout and location of each one. You may also want to ask about the property’s tenure, council tax band, energy efficiency and whether there is an onward chain.
Comparing several properties can help you understand what is available within your budget and decide which home best suits your needs.

4. Make an offer

Once you have found the property you want, you will need to make an offer through the estate agent. The estate agent will pass your offer and information about your buying position to the seller. You can make an offer without already having an agreement in principle, but having one may show the seller that you have considered your finances and are in a position to proceed. If the seller accepts your offer, the buying process can move forward. However, an accepted offer is not legally binding until you exchange contracts. You will not be obliged to proceed if a problem is identified with the survey or legal work before this stage.

5. Appoint a conveyancer

You will need to appoint a solicitor or licensed conveyancer to handle the legal aspects of the property purchase.
Your conveyancer will communicate with the seller’s legal representative, review the paperwork and guide you through the legal stages leading up to exchange and completion.
It is sensible to appoint a conveyancer as soon as your offer has been accepted so the legal work can begin without unnecessary delays.

6. Arrange searches and a survey

Your solicitor or conveyancer will check the property’s title, carry out searches and raise any necessary legal enquiries. You should also arrange an independent survey, as the lender’s valuation is not a property survey. RICS Home Surveys are available at Levels 1, 2 and 3, ranging from a basic condition report to a comprehensive survey for older or unusual properties. If you find problems, you may continue with the purchase, renegotiate, or withdraw before exchanging contracts. The Royal Institution of Chartered Surveyors recommends speaking to a local surveyor about the most suitable option.

7. Exchange contracts

Once you have received your formal mortgage offer and your solicitor or conveyancer has completed the searches, enquiries and other legal checks, you will be ready to exchange contracts. Any issues raised by the survey should also have been resolved.
At this stage, you sign the contract and exchange it with the seller. You will usually also pay a deposit of 10% of the total price, although you may agree on a different amount.
Once the buyer and seller have exchanged contracts, they are legally committed to the sale. Pulling out after this point likely means you will lose your deposit and may face other costs.

8. Complete and collect the keys

Completion is when the property officially becomes yours. Your solicitor or conveyancer transfers the remaining balance to the seller’s legal representative and registers the change of ownership.
Final costs can include the remaining balance of the property price, your solicitor or conveyancer’s fees, Stamp Duty Land Tax in England and Northern Ireland, or Land Transaction Tax in Wales (if applicable), and Removal costs.
Once we receive payment and confirm completion, you can collect the keys to your new home.

Then all that remains is moving in. Congratulations!

We have offices in Bolton and Bury, and our sales areas cover much of Lancashire. We have property for sale around the North West, including Manchester. We’re happy to help with any part of the home-buying process, whether you need advice or have found a property you love but aren’t sure what to do next. Call one of our Bury and Bolton branches; we also cover Walkden and Worsley, or visit us to see how we can help.

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