I’ve agreed to purchase my first property; what’s next?
Moving is distressing for everyone, regardless of their level of experience. To clarify the home buying process for a first-time buyer, we have broken down a typical purchase price into seven step-by-step guide to buying your first time home, outlining what must be accomplished before buying a property.
Steps to buying a house for first-time buyer
First step: instructing a solicitor to buy a home to guide you through the steps to buying a home
After agreeing to a property you want to buy for your first home, you’ll require a legal representative (conveyancer) to represent your interests.
In order to comply with money laundering regulations, you will be required to complete instruction forms and provide proof of your identity and bank statements, after selecting a law firm, to ensure you have enough of a credit score. This credit report might effect negatively or positively to your credit score. You will also be required to make a deposit to cover your required dream home.
This is the point at which you would seek to direct an independent property survey, if needed and the estate agent that can give you additional details about how to proceed every step of the way. If you are applying for a mortgage, now it’s a good idea to apply and submit for a mortgage application.
Second Step: Obtaining the contract in order to make an offer on a house
Once you have retained a lawyer, they will obtain documentation regarding the value of the property that you are purchasing from the seller’s attorney. This is the draught contract package, which consists of protocol forms – the answers to particular queries about the house and what is to remain there after the closing – as well as a copy of the official title.
Third Step: requesting information to buy your first home for first time buyers
When you know what home you want to buy, the home-buying process is that you will need to get a contract pack in which your attorney will investigate the property’s title, raise any questions with the sellers’ attorney based on the information provided, and initiate your inquiries. They would also require a copy of the homeowner mortgage offer involved in the transaction.
Fourth step: Report results to buy a home
You are going to get a legal summary that includes property information, search results, and the mortgage offer. It will outline all that you need to know, any issues that have arisen, and the responsibilities imposed on you by the lender in to help to buy a house.
Fifth step: Contract execution for mortgage deal
You will be required to sign the necessary documentation, including the contract, transfer deed, and mortgage deed (if applicable), and return it to your attorney.
Sixth step: Exchange contracts
Once everything is in order and has been returned to the seller’s attorney, your legal representative will seek to swap contracts on behalf of you.
At this juncture, the transaction becomes legally binding and an end date can be determined. The time has also come to insure the real estate.
The completion date must be agreed upon by all parties in your chain, and all conditions must be met for exchange to occur. You are then bound by law to complete the purchase by the agreed upon date.
Seventh step: Completion to buying process
This is the day you have been preparing for! Funds will be transferred within parties in your chain, and you will become the property’s new legal proprietor. Once fulfilment has been verified, you will be available to retrieve your keys to your new home.
After the closing, your attorney must pay any stamp duty to the Inland Revenue and register your information with the Land Registry. You and your mortgage lender are going to get copies of the Registration that has been completed.
You can proceed with the purchase of a property, there is an abundance of documentation to sort through and investigations to conduct. This can result in exasperating delays, but your attorney will keep you informed and let you know when important milestones are reached.