First time buyer how to?

MLTrucker

Good morning all.

This may sound a stupid question and it probably is. But what is the step by step process of buying your first home? Who do you talk to and when? What do you do and when.

As far as I understand it. This is how it goes.

* Save up enough money to cover your deposit, solicitors fees, survey etc

* Speak to a broker and get some free advice on what you will be able to afford

* Obtain an AIP

* start looking for houses

* Find a house which is what you want and put in a offer

* Offer is accept

* Have a survey carried out (with valuation)

What would be the next steps up to moving in?

p00hsticks

instruct a solicitor, who will carry out appropriate searches with the local authority

agree fixtures and fittings to be left and completion date

Sign contract of exchange

solicitor exchanges contract (at this point a 10% deposit is usually paid unless your solicitor negotiates something different)

Organise any removals, utilities etc etc

Completion - balance of money paid, keys handed over, you move in

Exodi

MLTrucker wrote: »

Good morning all.

This may sound a stupid question and it probably is. But what is the step by step process of buying your first home? Who do you talk to and when? What do you do and when.

As far as I understand it. This is how it goes.

* Save up enough money to cover your deposit, solicitors fees, survey etc

* Speak to a broker and get some free advice on what you will be able to afford

* Obtain an AIP

* start looking for houses

* Find a house which is what you want and put in a offer

* Offer is accept

* Have a survey carried out (with valuation)

What would be the next steps up to moving in?

There's a lot of guides, (even one on MSE: https://www.moneysavingexpert.com/mortgages/mortgage-guide/) and every house purchase can be different - however, to help a bit, my last purchase was;

> Check mortgage calculators online to get a rough idea of how much you can borrow
> Save deposit, make sure credit files are clear and you don't do anything crazy for 3 months
> Obtain an AIP from your bank (even if you don't intend on going with them, they know your financial circumstances better than anyone so gives you a good indication of affordability).
> Start looking at houses
> Put offer and have it accepted
> Carry out a survey
> Once received, fully apply for mortgage and instruct conveyancing solicitors.
> Fill out and provide documents requested from both sides including solicitor searches.
> Hopefully receive a mortgage offer!
> Solicitor draws up contracts to exchange, discuss completion date and transfer deposit to solicitor
> Wait for completion date
> Organise moving etc.

joanars

If its a chain, ensure the chain is complete before you instruct your solicitors.
In the meantime, you MA will submit the full mortgage application and a valuation will be carried out. Instruct your solicitors and proceed with the sale. From there on the waiting begins.

You can also start looking at home insurance and life insurance policies whilst waiting to exchange.

googler

At some stage after "start looking", employ a solicitor.

At some stage between survey and moving in, hire removals firm unless doing this yourself

Think about arranging utilities - electricity, gas, water, landline, broadband, cable access or satellite TV

Familiarise yourself with the area so that you know where to go if, for instance, you run out of essential supplies on moving in day.

Think about who you need to tell that you've moved from current address to new. I prepared a list ;

https://forums.moneysavingexpert.com/showpost.php?p=41819400&postcount=3

wantonnoodle

We were FTB 2 years ago. Assuming England and Wailes, we found the following guides useful:

https://www.your-move.co.uk/buy/guides/first-time-buyers-guide
https://www.your-move.co.uk/buy/guides/house-buying-process-england-and-wales

Your Mortgage broker (assuming you are using an independent broker) will also be a useful source of information, as well as helping keep the sale together.

MLTrucker

Thank you all for your replies. Some really helpful advice here ����

G_M

There are whole BOOKS written on the subject. It's the biggest purchase of you life so the moreyou understand the better.

Your library will lend you one FREE.


eg
https://www.waterstones.com/book/how-to-buy-a-house/adam-walker/9781845280789