11 Steps To Buying Your Dream Home

We’re going to be talking about 11 steps to buying your dream home. Read on to find out more

Step 1 In Buying Your Dream Home

As a buyer, you need to arrange for your mortgage so if you’re a first-time buyer, for example, you might be looking at a 10 percent deposit or you may be looking at help to buy schemes or whatever scheme that’s available to get you on the ladder.

On the other hand, if you’re a buy to let purchaser that means you’ve already bought a property before it could be a second, third, fourth property. Then you’re looking at a 25 percent deposit which you would need to put down on the property.

So, if the property is a hundred thousand pounds as a purchase price you need to put down 25 of that as a deposit. So what you need to do from there is you need to work how to get your mortgage sorted out. Go arrange for a mortgage broker, get a mortgage broker to check your accounts, check up your affordability to make sure that you’re eligible to get a mortgage so that’s step number one.

Step 2 In Buying Your Dream Home

You need to view the property so you’ve looked at a range of properties you’ve found a particular property that you like you, for example, you’ve never done this before. It might be a good idea to go with someone who has got a clue about properties because there might be some things that they might notice that you don’t notice.

Maybe some things like damp, things like a damaged roof. The roof lining is slightly off so it could be a bit damaged. It may be, you know, some different other aspects to consider. It might need new windows, the boiler might be old, and decrepit boiler so it might need replacing. It might have an old type of central heat and you’re not aware of these things. These things might look very nice if it’s all painted very well but if you’re not aware of these things then it’s a good idea to go with someone that has got an idea.

Step 3 In Buying Your Dream Home

You’re now in a position to make an offer so you make an offer to the agent or to the person that has introduced you to that property so you make an offer, that offer should be put forward to the seller.

Step 4 In Buying Your Dream Home

We assume that the seller has accepted your offer and has given a verbal acceptance of your offer and they’ve said okay they will accept your offer and they’ll proceed to the next step.

Step 5 In Buying Your Dream Home

As a buyer, you would need to arrange a survey, now if you’re a cash buyer for example you may want to arrange your survey to get done. Alternatively, if you’re purchasing through a mortgage which you probably are as a first-time buyer or even a buy-to-let purchaser then you would need to arrange a survey to go and survey the property to make sure that it’s actually worth what they’re asking for the sale price.

Step 6 In Buying Your Dream Home

As a buyer, you will arrange with your conveyancing your instructor conveyancing solicitor to start the conveyancing process, this is a process where they will do title searches and all the legal searches that are required to make sure that legally that the person is allowed to sell it and you’re allowed to buy it so that’s when the legal transaction will start.

Step 7 In Buying Your Dream Home

The agent will now send a sales memo to both the seller’s solicitor and the buyer solicitor and on the sales memo it will detail the property, the address, the sales price and any other particulars. The particulars about the seller and the buyer so that the two solicitors will now be able to start talking and negotiating the sale.

Step 8 In Buying Your Dream Home

The seller solicitor sends a draft contract to the buyer solicitor.

Step 9 In Buying Your Dream Home

Once the contract is reviewed and agreed then the exchange takes place.

Step 10 In Buying Your Dream Home

Assuming everything is okay then the completion date is set and the completion documents are exchanged and the completion process is now done.

Step 11 In Buying Your Dream Home

The final step. The buyer solicitor transfers funds from their solicitor account which is deposited by the lender to the seller’s solicitors account then the seller’s solicitor would now pay that money to the seller and the keys will be arranged to be given to you or the buyer who is now the proud owner of their dream home 

Conclusion

So those are 11 steps to follow if you follow those steps in that correct order your process your sales process will go through a lot quicker. We have done this over several years and we’ve had to adjust it until we’ve got it correct. So we’ve known that these are the steps that generally go through. They take between 12 and 16 weeks to process from step one to step eleven.

What tends to happen if you have delays is because there’s paperwork or there’s a delay because you have not submitted the forms that you need to submit. Do those as quickly as you can, any forms you get submit them quickly and you’ll speed up the process. You’ll hopefully get to towards a 12-week process rather than the 16-week progress process.

Also, you might find that sometimes if the solicitors go on holiday then there’s a delay so just make sure that there’s a handover a proper handover and the process doesn’t get halted or stopped when the solicitor goes away so hopefully those 11 steps will give you a good idea of what you need to do to process your sale properly. Remember to like, remember to subscribe and remember to hit that notification bell for other videos similar to this Ken Ajoku take care. Have a fantastic day. Thank you