The 7 steps to owning your own property
We find that our customers are often confused about where the survey fits in the overall process of buying a house. We have created a roadmap to help you understand the process as a whole and when to think about getting your survey.
Buying a property can be complex, so we've broken the process down into 7 easy to follow steps.
SEARCH
EXCHANGE
OFFER
SOLICITOR
MOVE IN
1
2
3
4
SURVEY
5
6
7
MORTGAGE
Understand the details behind each step below:
FIND YOUR DREAM PROPERTY
1
Before starting your search, speak to a mortgage adviser to find out what you can afford and get your Agreement in Principle. Research the areas that you are interested in and find the properties that meet your criteria and your budget. View lots of properties to make sure you find one that is right for you. If you find one you like always view a second time.
MAKE AN OFFER
2
Discuss with the Estate Agent the offer you would like to make. They will be able to give you an indication of how popular the property is and how long its been on the market. Remember, you don't have to offer the advertised price.
If the seller accepts your offer that's great news! You're now one stop closer to your dream home.
APPLY FOR YOUR MORTGAGE
3
Your offer has been accepted, but neither parties are legally bound to the sale at this stage. Now you need to proceed with your mortgage application.
It makes sense to use a Mortgage Adviser. They have access to multiple banks and building societies and will be able to find you the best deal on the market to suit your circumstances.
GET YOUR SURVEY
4
We advise booking this as soon as possible. Surveyors book their diaries well in advance and often access to the property must be made via a Vendor/Agent/Tenant. So their availability matters too.
Once you receive your report READ, READ and READ AGAIN! Your survey contains valuable information that could save you money in the long run. If there are any details you don't understand, our Surveyors can answer your questions.
If your survey has indicated that other specialist reports are required, you should arrange them now. By following the advice in your survey, you will discover invaluable insight into your future property. Make sure you have all of the information before completion.
Your lender will require a Mortgage Valuation in order to assess whether the property is suitable for their lending requirements. PLEASE NOTE: This is for the benefit of the bank only. If you want a full inspection of the property and to understand if there are any major problems, you need to book a Homebuyer or Building Survey. Some banks will offer to organise a this at the same time as your Valuation. If you choose this option, you have no control over the surveyor and price. We have more helpful information on which one would be more suitable for you here.
5
APPOINT YOUR SOLICITOR
Shop around to get the best price on solicitors fees. Your chosen solicitor will handle the exchange of property from one person to another. They deal with all of the legal paperwork, Land Registry and local searches, draft the contract and handle the exchange of money.
Don't be afraid to chase your solicitor if this stage is taking too long.
EXCHANGE CONTRACTS AND COMPLETE
6
By this point you will hopefully receive your mortgage offer, another huge milestone! Now its time to find the most suitable date for you and the seller to complete. This date is when you receive the keys to your new home. Hand over your deposit money to your solicitor and exchange signed contracts. Exchange of contracts and completion of the sale can happen on the same day, or may happen within weeks of each other.
MOVE IN
7
Congratulations!
You will now have the keys to your new home and should have organised for the move to take place.
It is now time to refer back to the advice in your survey report. You should have already consulted with any recommended specialists. Using the advice in your survey and any additional reports you can start the necessary works on your new home.