Step by Step Idiots guide please

sealady

Please can I have an idiots guide to how things work when one is buying a house.

I know the obvious ones

1. Get mortgage approved in principle
2. Find house
3. Put in an offer
4.

whats next! We will probably be able to work it out and as I am one of silly people who don't like to wait for the unexpected but prefer to be prepared I need all the info around. Sorry about the really stupid questions but we've never bought a house in this country before.

Do you appoint your own solicitor? etc

Debt_Free_Chick

sealady wrote: »

Please can I have an idiots guide to how things work when one is buying a house.

I know the obvious ones

1. Get mortgage approved in principle

Well, you have to as the EA selling the property will expect you to have this, but it's pointless. But do make sure that you know what you can borrow (no more than 90% would be good ... 95% maximum!!!) and what it will cost you.

2. Find house

Well, erm .... yes

3. Put in an offer

Yes .... but what if the survey values the property at 10% less than you offer? Just think about how you'll renegotiate your offer and put yourself in the Seller's shoes.

4.

Contact your solicitor/conveyancer
Make a formal application for your mortgage
Instruct your surveyor - or upgrade from your mortgage lender's "valuation" to a Homebuyer's Survey or full structural survey.

Then, you can do little else whilst you wait for the surveyor's report.

I guess you're not selling too, are you?

If you're not, then you still need to de-clutter and pack up non-essentials. Start to look at removals.

If you renegotiate your offer, you'll have to wait for it to be accepted. Either way, matters will be mostly in the hands of your solicitor/conveyancer from now on ... and anything can happen, depending on the searches and survey results.

Spamreported

arrange searches
await solicitor to make enquiries and get them back
solicitor awaits searches and your mortgage offer
when enquiries resolved and paperwork in order you will be asked to sign a contract
then exchange
then book removals
start packing

nelly_2

Lucky for you there are hundreds of idiots on this website who will be happy to guide you

sealady

Thank you exactly what I need! Yep you guess right we are not selling just trying to get on the very steep property ladder. Please don't say you should not be doing it now, it's either now or never. I know it's not the best of times, but we are the kind of people who need a huge push to do anything and we were given it a few weeks ago and the worst part of it was getting a mortgage and thanks to some very good advice here that was all sorted within a day or two!

sillyvixen

dont forget to budget for solicitors fees and serches, surveyers fees and stamp duty, as well as moving costs and furniture white goods etc you will need! good luck in your new venture.

Trollfever

And a guide from the FSA:


http://www.moneymadeclear.fsa.gov.uk/guides/buying_a_home/buying_a_new_home.html