Buying your first home can seem like a daunting prospect – it may be the first time you have dealt with solicitors of mortgage companies. There is a great deal to take into consideration and several ‘parties’ to manage. However, plenty or people have done it before you, so it’s not too difficult. It’s best to be armed with some information about the process and of who is expected to do what.

The main participants in the process are you (the purchaser), the property seller (the vendor), the estate agent, the solicitor, the mortgage broker and lender and finally the surveyor.

Conveyancing Solicitor

Conveyancing is the legal process by which ownership of a property is transferred from the seller to the buyer. Whether you are a buyer, seller or both, you will need to instruct a solicitor or licensed conveyancer as it can be complicated process.

Estate Agent

All the estate agents you contact will be eager to sell you a property. If first time properties are thin on the ground you will need to maintain a good relationship with them. However, don’t waste time on properties you know you would never buy or can’t afford. The estate agentsr costs are paid by the vendor.

Mortgage Broker and Lender

The beauty of consulting with a mortgage broker or advisor is that you will have access to a much greater range of mortgages with the added benefit of his expertise of the different lenders, mortgages, rates and charges.

Surveyor

Surveyors probably don’t vary as much as other professionals you will need to deal with. However, there are different levels of detail available in the surveys and you need to decide which is appropriate to your needs. A full structural survey will tell you if the building is falling down whereas a home condition report will be a lot more superficial.

1. Determine how much you can borrow

Before you can start house hunting, you will need to find out how much you can comfortably afford to borrow and pay back each month. Our professional mortgage advisers will help with this. We will complete a full review of your current income and expenditure. This will help us determine how much we can lend you based on the repayments you can afford to make.

The amount we will lend will depend on what other financial commitments you may have.

We will recommend which mortgage and lender will best suit your needs and circumstances. To do this we will spend some time discussing with you your current and future requirements. You will be given a full mortgage illustration providing information about the mortgage recommended, the monthly repayment costs and any other associated charges and terms.

2. Find a house and make an offer

Now that you know how much you can afford to spend on buying your home, you can start house hunting. Contact estate agents, check local press and websites for details of properties for sale within your price range. Visit as many properties as you can - and don’t be afraid to go back for a second look or to visit at different times of day.

When you have found the property you want, the next step is to make an offer. First, you should establish whether the price includes carpets, curtains, light fittings, garden ornaments and such items; if not, you may want to ask the seller to make a list of items to be sold separately.

To make your offer, tell the estate agent that you wish to buy the house and how much you are prepared to pay. If the seller does not accept your offer, further negotiations may occur, or you may decide to choose an alternative property.

3. Instruct a Solicitor & Arrange your Mortgage

The purchase of a property can be a complicated process and there are legal formalities to be completed. When the seller accepts your offer we recommend that you appoint a solicitor or licensed conveyancer to act as your legal representative. We will be pleased to offer names and addresses of local firms, just ask one of our mortgage advisers.

At the same time you should make another appointment with the mortgage adviser your dealt with previously to arrange for your loan application to get underway.

Our mortgage adviser will go over the illustration previously provided and answer any questions you have.We will also be able to provide you with an insurance quote to provide cover for the property you wish to buy and the contents of your home.

5. Valuation and Survey

Before the lender can agree your mortgage, they will obtain a property valuation which will help them to decide whether to and how much to lend on the property. You will be given a copy of the valuer’s report but it may not provide sufficient information to help you to decide to go ahead with the purchase.

We'll explain the different level of valuations or surveys which are generally available. These are the Basic Mortgage Valuation, Home Buyers Report, and Full Structural Survey.

6. Mortgage Offer

This is the next major milestone. The Mortgage Offer will usually be made once the lender has completed all their checks, and the property has been valued.

7. Local Searches

When your solicitor has completed various enquiries about the property, such as checking the seller’s title and examining the contract, and is happy with the mortgage offer, you will be ready to ‘exchange contracts’.

8. Exchange of Contracts

Your legal adviser will ask you to sign the contract and pay the deposit. The deposit required is usually 10% of the purchase price, but if you are borrowing more than 90% of the purchase price, a smaller deposit is often acceptable.

8. Completion

Shortly before the completion date, your solicitor/licensed conveyancer will ask you to sign the final documents, and will request the mortgage loan money from the lender. You will then be asked to pay the balance, legal fees, and any other outstanding charges.

Once all of the formalities have been completed you can collect the keys and move into your new home!

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.