The Eight Step Guide to Buying a New House
Venturing on to the property market might seem daunting, but it’s all about getting the right advice and planning ahead.
Our simple eight step guide gives you all the information you need about finding and buying a new property, and any other services you may need to make the whole process as quick and easy as possible.
1. Work Out Your Budget
Your first step towards a new property is to find out how much you can afford to spend.
Before you can make an offer, you will need to provide your Estate Agent with proof that you have the funds in place to buy the house.
If you’re planning to buy with a mortgage, you will need an Agreement in Principle (AIP) from your lender. This is a document which states the maximum amount they are prepared to lend you towards a property.
Lenders each have their own criteria to calculate how much they are willing to allow you to borrow and the rate of interest, taking into consideration factors such as your income, credit history, and your deposit savings.
The best way to find the right mortgage is to speak to a Mortgage Advisor who will search through deals from dozens of lenders for the one that is best suited to you.
2. Find Your New House
Make a list of features your dream house must have: How many bedrooms do you need? Are you happy to do cosmetic work inside and out? Do you need to be close to schools or transport links?
Once you have your requirements, speak to our friendly staff at your local branch. We’re experts in the local area, and will be able to recommend a number of properties matching your criteria, and also ensure you’re one of the first to know when new instructions come on to the market.
3. Book a Viewing
Seen a property you’re interested in? Take a closer look by booking a viewing.
Call us on 0161 443 4500, or use the contact options next to every listing on the Edward Mellor website to arrange a time for one of our viewing reps to meet you there.
Your viewing is a great time to get any further details about the property – such as the council tax band, what items are included in the sale price, and any information about the local area – so be sure to make a list of important questions before you set off.
4. Making an Offer
When you have found your perfect home, the next step is to make an offer.
Call or visit your local Edward Mellor branch to put your offer forward and tell us any conditions you have, such as any items you would like to be included in the sale.
The owner will be informed of your offer immediately and we will get back to you as soon as they have made a decision.
Should your offer be rejected, you have the opportunity to increase until a deal is agreed.
5. Arrange Your Conveyancing
Once a price has been agreed by the buyer and seller, the sales process can begin.
To complete the complex and considerable legal processes associated with buying a new house, you will need to appoint a Conveyancer (a specialist property solicitor) to act on your behalf.
They will liaise with the seller’s solicitor and our Sales Administration team to ensure your purchase goes through as quickly and hassle-free as possible.
Our branch will provide you with a free quote from our panel of Conveyancers, who, as well as being experts in property sales, offer an extensive protection policy. This means that should the sale fall through for a reason out of your control, your legal fees will be reimbursed.
Your Conveyancer will quickly begin undertaking all of the necessary tasks to process your sale, such as raising enquiries on the contract, requesting searches, and examining your mortgage offer.
6. Book a Survey
To check there are no hidden or potential problems within the property, you may wish to consider arranging for a survey to be conducted.
There are several types of survey, and the one you choose should depend on the type of building and the level of detail you require.
For more details on how carrying out a survey could save you money, read our guide.
7. Organise Your Insurance Policies
Before completing on your new house, you will need to organise Buildings Insurance to cover the property in the event of damage. It is also highly recommended to purchase Contents Insurance to protect your possessions in case of breakages, fire or theft.
This can also be a great time to review your personal insurance policies and update them to include your new financial commitments, so book an appointment to speak to our specialist Insurance Advisors who will be able to help you create an insurance policy tailored to your exact needs.
8. Exchange and Completion
With your purchase almost complete and both solicitors happy with the contract written out, the exchange of contracts legally binds you to buy the property and the vendor to sell for the agreed price.
A date for completion will then be set at a mutually convenient time (usually around a week later), and as you move closer your solicitor will ask you to send them your cash deposit. They will then receive the remaining amount for the purchase from your mortgage lender.
Once these funds have been transferred to the vendor’s solicitors, the sale can complete and you will be handed the keys to your new house!