Affordability - Get to grips with what you can afford to buy. Estimate a week for this
What can you afford to buy comfortably taking into account that interest rates can always go up. Get to grips with your finance and carry out a Mortgage Market Review with a Mortgage Adviser, Broker that has access to the whole of market.
Set out your property criteria - Be realistic. Pencil in a week for this.
You need to write down what is important to you such as number of beds, location for schools, commute time to work and facilities such as a recreation centre. Be realistic with what you want. The better the location the more expensive property is. You may need to compromise on what you want for the price you can afford.
Now you can search the property market knowing what you want and what you can afford. Estimate 3 weeks for this
You can go online using Zoopla, Rightmove and many other property portals that are now available. Use their search filter to narrow down your choices. If you are lucky then book a viewing. You should look around at least 3 properties.
Find your Conveyancing Solicitor
If you feel that you are on the right track then we would recommend that you use our conveyancing comparison service to view and compare quotes. In just one search you can compare by price, location and by Mortgage Lender. Then when ready you should take a quote away and book a call directly from your chosen Conveyancer to discuss your Quote.
Instruct your Solicitor ready for your offer to be accepted.
If you do instruct a Solicitor then you will be sent a Client care pack. This pack contains your terms of engagement and you will need to sign the terms.
You can hold the signed documents and when you do find a property and make an offer you can then complete the details and send back to the Solicitor. Alternatively you can send back the signed terms and advise that you are awaiting to hear if your offer has been accepted. Then if the offer is accepted you can send the details to the Solicitor. This forward thinking will help to save a few days and the Seller will be able to get moving literally the day that you know the offer has been accepted. You will need to pass on your Solicitor details to the Sales Agent that is representing the Seller.
Offer Accepted 1 week
If you have found a property and done your homework on what offer you should make, you can make an offer 'Subject to Survey'. If accepted you can pass over your Solicitor details and let your Solicitor take the strain.
Get a Survey 2 weeks
Book a Survey on the property that you are buying. Use the results to determine if you should review the offer price. You may want to get works done before completion. The lender may ask for the property to be reinspected after the improvement works have been carried out
Exchange of Contracts 6 weeks
The Exchange of contracts is where once exchanged the offer is binding. You must move forward towards completion. Your are legally bound to complete. Check out your House insurance. The Mortgage lender will insist that the property you are buying is insured on the date of Exchange.
Completion 3 weeks
Agree with your Solicitor a convenient moving date. They will discuss this with the Sellers Solicitor. Hopefully all parties can move on a date that suits.