First time buyer timeline

Leftyness · 2 September 2020 at 7:32PM

Hi all,
First time buyer and I have read the website's advice for purchasing a house. Below is my understanding in terms of the process, I understand the timeline will vary of course. Please can I confirm whether I am right or have I missed out some important bits? Thank you all for your help!!

Working out budget
Arrange a mortgage in principal
Search for property (whilst checking the neighbourhood including flood risk and other planning)
Search for conveyancers
Put in offer via Estate Agent (or vendor directly if they are not with EA) and ask to 'take it off the market'
Offer accepted
Arrange full mortgage
Property survey after mortgage offer has been made
Negotiate completion date
Purchase building insurance, starting on completion date
Deposit to solicitor
Contract exchange
Completion statement from solictor
Transfer of deeds
Solicitor will pay for the house and the new house is purchased
Stamp duty is paid via solicitor
Register ownership with Land Registry
Title deeds will go to solicitor

hazyjo · 2 September 2020 at 9:55PM

Your solicitor will need to be on your lender's panel, so those two decisions will have to overlap slightly.

You should ensure the entire chain is complete before spending any money (ie sorting mortgage, survey, or instructing solicitors). By all means "appoint" a solicitor, just don't instruct them to start work.

Buildings insurance will need to start from exchange. Deposit will also be needed at exchange. Completion dates are agreed with everyone in the chain before you're all ready to exchange. Once exchanged (all on the same day usually unless anyone chooses to break the chain), you're all committed to buy. Before that, anyone can pull out.

You won't need to register anything yourself. Your solicitor will sort all that. Property deeds are usually held online. Your lender may be given a copy or the original (AFAIK).

Leftyness · 3 September 2020 at 11:26AM

hazyjo said:

Your solicitor will need to be on your lender's panel, so those two decisions will have to overlap slightly.

You should ensure the entire chain is complete before spending any money (ie sorting mortgage, survey, or instructing solicitors). By all means "appoint" a solicitor, just don't instruct them to start work.

Buildings insurance will need to start from exchange. Deposit will also be needed at exchange. Completion dates are agreed with everyone in the chain before you're all ready to exchange. Once exchanged (all on the same day usually unless anyone chooses to break the chain), you're all committed to buy. Before that, anyone can pull out.

You won't need to register anything yourself. Your solicitor will sort all that. Property deeds are usually held online. Your lender may be given a copy or the original (AFAIK).

Thank you so much for your advice, it is really helpful.
I am currently on stage 3 and want make sure I understand the whole process. Also trying to get things prepared in case I would like to move quickly.
I have quotes from local solicitors to be prepared.