What to expect from the property buying process

Posted on January 31, 2022

If you’re considering taking your first step onto the property ladder, the prospect of making this very big purchase can be a little daunting. The seemingly complicated property buying process in England and Wales doesn’t make things any easier!

At Hackett Property, we’re well known for helping people make their property dreams come true. Whether buying, selling, renting or letting, our experts provide the support buyers, sellers, tenants and landlords need to negotiate their own property journeys with ease.

Here we talk you through what to expect when purchasing a property, so first time buyers can go into the property buying process with their eyes wide open.

Step 1 – Get your finances in order

Establishing how much it will cost you to buy your first home is the starting point for many property purchasers. By delving deeper into moving costs, you can determine how much you need to save to get onto the property ladder.

Being prepared in this manner will also help you source and secure a mortgage you can afford. Once you’ve found the mortgage product that is right for you, it’s time to request a decision in principle.

Step 2 – Start your property search

Once you have your finances in order and that all-important decision in principle, you can now begin your search for properties within your price range. Our estate agents can work with you at this stage to find a property that’s right for you and your budget.

Shortlist your properties and book your viewings. You should see the property in person a multitude of times, preferably at different times of the day and week before making an offer.

Step 3 – Wrap up your purchase

The hard work doesn’t end after you make your offer. Your offer must first be accepted by the seller and the sale agreed (subject to contract).

It’s at this stage that you’ll have to find legal representation to complete the sale and make the property officially yours. There are many boxes to tick before this point however. Your solicitor will need to draft the contracts, request title deeds, confirm property details (like boundaries, alterations and disputes), and perform searches.

You’ll also have to complete your mortgage application, which in most cases will require your property to be valued by your lender. Pending the findings of the mortgage valuation, your mortgage will be confirmed.

Step 4 – Sign on the dotted line

It’s now time to sign your contract, but before you do make sure you take out home insurance on your new property starting from the date of exchange. At this stage, provisional moving dates can be pencilled in. All that’s left to do is wait for the big day!

Let us help you find the perfect property for you. Start your search here or contact us direct to discuss your property wants and needs.