Purchasing a house is possibly the largest purchase you'll make in your life. It's also a lengthy process and takes anything as much as two months, sometimes longer. From the mortgage through to the completion of the sale, there is a set process for buying a property.
Securing Your Mortgage
How to invest in your home is important. Not many of you is going to be lucky enough to purchase a house outright. Therefore, you will need to borrow. The borrowed funds, which is secured around the property is known as a mortgage and this market is vast. You'll have to see how much you can afford and then approach lenders. This may be your regular bank or perhaps a large financial company who'll search the marketplace for you. Once, you'll have taken all of this into account, you'll have a mortgage agreed in principle.
Choosing A Home
Here is where you will require the expertise of an estate agent. Local papers will have a property section whereby you are able to scour properties on the market and you make an appointment to view several homes in the area you want to live. After you have found a house you want, you then make a deal. The estate agent will negotiate on your behalf with the vendor, an agreed price. The agent will inform you if the offer has been accepted.
Instructing A lawyer
Find a solicitor who specialises in property purchasing. The solicitor will handle all the legal aspects of the home shopping process for a fee.
Survey and Valuation
It's a requirement by law for any property to be surveyed. This is to check the rentals are worth the valuation and also the money which is secured against it. Laptop computer can have up any major structural problems which if not completed, will finish up costing you thousands later down the road.
Complete the Mortgage Process
Your mortgage will now be agreed in full and you'll have to arrange life insurance coverage cover in the event of your death. All this will be handled from your mortgage provider.
Once the sale is agreed as well as your mortgage in place, you'll pay your deposit and exchange contracts using the vendor. At this time, the sale has become legally binding and if you withdraw in the sale following the contracts have been exchanged you can end up losing your deposit and being sued for a breach of the contract. Once all the contracts happen to be signed, the sellers will transfer the title deeds towards the buyer. All of the legal side is almost completed and the final searches on the property are carried out.
Arrange Your Move
The operation is almost completed. Here you will arrange for the movement of your goods from your home for your new house. This is usually at the time the cash is transferred right through to the seller. Once this is done, the estate agent will hand over the keys as well as your new house now legally is associated with you.