Beyond the excitement of finding the right property, buying your first home involves a series of less glamorous but crucial steps. Each one has its own complexities that need careful attention to avoid unwanted surprises. But understanding the key stages ahead of time will help you tackle them with confidence. While your dream home might be just a few months away, there are several layers of work to get through first.
1. From Offer to Contract – Legal Paperwork & Title Checks
Once you’ve had your offer accepted, the real legal work begins. You’ll need a conveyancer or solicitor to help conduct vital checks on the property’s title, ensuring there are no hidden issues, and draw up contracts to ensure that all terms of the sale are clear and legally binding.
For example, you must ensure the seller has the right to sell the property and that any charges or encumbrances exist. Make sure you understand every term in the contract before signing, as it will define your responsibilities moving forward.
2. Property Searches, Surveys & Hidden Risks
While the house may look perfect, property searches and surveys are key to uncovering issues that may not be immediately visible. These checks go beyond the surface-level appeal of the property, investigating the condition of the building and the surrounding environment – even any legal or local planning issues.
A surveyor will look at things like the roof, chimney, walls, grounds, structures, electrical and plumbing systems, fittings, as well as environmental factors, health and safety, and legal matters.
Your conveyancer can help you assess the findings and decide if it’s worth negotiating for a lower price or asking the seller to fix the issues before you complete the purchase.
3. Mortgage, Valuation & Lender Checks
Your mortgage lender will require a valuation of the property to ensure it is worth the amount they are lending you. This helps protect both you and the lender from paying too much. For instance, if the property is valued lower than expected, you might need to adjust your budget or consider renegotiating with the seller.
Lenders will also carry out their own set of checks to assess your financial stability to decide whether to give you credit. They’ll want to know you can comfortably afford your monthly payments. Some buyers face unexpected delays at this stage, especially if their financial situation isn’t fully aligned with the lender’s requirements.
4. Exchange, Completion & Registration
Once you’ve agreed on all terms, it’s time to exchange contracts. This is when both parties commit to the sale, and you’ll typically need to pay a deposit to seal the deal. After the exchange, you’ll move towards completion, which is when the money is transferred, and you officially take ownership of the property. Completion is the point where you can finally start planning your move-in. The conveyancer will then handle the final steps, including registering the sale with the Land Registry, which will make your ownership official.
To read more; Birminghamjournal
