Are buying a new home? 🏡

Written By Michael Wadsworth

Are you buying a new home? Buying a house in the UK involves a series of steps:

1. Financial Preparation:

  • Affordability: Figure out your budget. Consider the purchase price, mortgage repayments, additional costs (surveys, solicitor fees, stamp duty), and potential renovation costs.

  • Mortgage: In most cases, you'll need a mortgage, a loan from a bank to finance the property. Get a "mortgage in principle" to understand how much you can borrow.

2. Finding a House:

  • Property Search: Browse online portals like Rightmove or Zoopla to find properties in your desired location and price range.

  • Estate Agents: Estate agents list properties and manage viewings. They can offer guidance throughout the process.

3. Making an Offer:

  • Offer Accepted: Once you find a suitable house, you can make an offer through the estate agent. Negotiation might be involved.

4. Legal and Technical Checks:

  • Survey: Hire a surveyor to assess the property's condition and identify any potential problems.

  • Conveyancing: A solicitor will handle the legal aspects of the purchase, ensuring a clean title and transferring ownership.

5. Completion:

  • Exchange of Contracts: Once legal checks are done and both parties agree, contracts are exchanged, making the sale legally binding.

  • Payment: You pay the remaining balance (after mortgage deposit) and any fees to complete the purchase.

Additional factors to consider:

  • Property Types: The UK offers various property types like detached houses, terraced houses (sharing walls with neighbours), flats (apartments), etc.

  • Location: Think about factors like proximity to work, amenities, and transport links.

  • Leasehold vs. Freehold: In leasehold properties, you own the building but lease the land it stands on. Freehold means you own both the house and the land.

Resources: For a more detailed understanding, you can refer to the UK government's guides on buying and owning a house:

  1. https://www.gov.uk/browse/housing-local-services/buying-owning-property  

  2. https://www.gov.uk/first-homes-scheme 

  3. https://www.gov.uk/buying-a-home/print

  4. https://www.ownyourhome.gov.uk/ 

We hope this information gives you a good starting point for your decision-making process. If you have any specific questions about the home buying and selling process or the mortgage process, we would be happy to help! Reach out to hello@adoor.co.uk

👩‍💻 If you’d like to see a demo of adoor head to https://app.adoor.co.uk/demo 

📅 or book a quick demo with Michael here: https://calendly.com/adoor/30min


*Please note:

Our guides and posts do not constitute legal advice. These guides are provided for greater awareness of the stages of the property transaction process. Please consult your Conveyancer (Property Lawyer), Estate Agent or Mortgage Broker for questions specific to your move.

Michael Wadsworth
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