Buying a House in Dedham? This Process List Will Help

Buying a house in the UK involves several steps, often requiring the involvement of various third parties, such as mortgage lenders, solicitors, and surveyors. Here’s a simple breakdown of the process:

  1. Determine Your Budget
  • Action: Calculate how much you can afford to spend on a house, including the deposit (usually 5-20% of the house price).
  • Third Parties: Mortgage lenders for a pre-approval (agreement in principle).
  • Timeline: A few days to a week.
  1. Get a Mortgage Agreement in Principle
  • Action: Contact a bank or mortgage broker to get a mortgage agreement in principle, indicating how much they are willing to lend you.
  • Third Parties: Mortgage lender/broker.
  • Timeline: A few days to a week.
  1. Start House Hunting
  • Action: Search for properties online, through estate agents, or property viewings.
  • Third Parties: Estate agents.
  • Timeline: Varies depending on market conditions and your preferences.
  1. Make an Offer
  • Action: Once you find a house, make a formal offer through the estate agent.
  • Third Parties: Estate agents.
  • Timeline: Immediate to a few days (depending on negotiations).
  1. Offer Accepted
  • Action: If your offer is accepted, you’ll need to instruct a solicitor or conveyancer to handle the legal aspects.
  • Third Parties: Solicitor/conveyancer.
  • Timeline: Immediate to a few days.
  1. Apply for a Mortgage
  • Action: Submit a full mortgage application to your lender.
  • Third Parties: Mortgage lender.
  • Timeline: 2-6 weeks for approval.
  1. Conduct Surveys and Valuations
  • Action: Arrange for a survey and the lender will conduct a valuation.
  • Third Parties: Surveyors and mortgage lender’s valuer.
  • Timeline: 2-4 weeks.
  1. Conveyancing Process
  • Action: Your solicitor will conduct searches (local authority, environmental, etc.), check contracts, and ensure there are no legal issues.
  • Third Parties: Solicitor/conveyancer.
  • Timeline: 8-12 weeks.
  1. Exchange Contracts
  • Action: Once all checks are complete and both parties are ready, contracts are exchanged. You will pay the deposit at this stage, making the sale legally binding.
  • Third Parties: Solicitor/conveyancer.
  • Timeline: Immediate to a week after all checks.
  1. Completion
  • Action: The remaining purchase price is transferred from your lender to the seller’s solicitor, and you receive the keys to your new home.
  • Third Parties: Solicitor/conveyancer and mortgage lender.
  • Timeline: Typically 1-4 weeks after exchange.
  1. Move In
  • Action: Arrange your move to the new house.
  • Third Parties: Moving companies (if needed).
  • Timeline: On completion day or shortly after.

Estimated Total Timeline

  • Overall: Typically, 4-6 months from starting your search to moving in.

Additional Considerations

  • Stamp Duty: Payable to HMRC if the property is above a certain price.
  • Home Insurance: Required by mortgage lenders before completion.
  • Utilities and Council Tax: Set up accounts for these services when you move in.

By following these steps and working closely with the necessary professionals, you can navigate the house buying process effectively.

Share this post

You may also be interested in

News

by Dedprop