Guide to buying
Not sure how to go about buying a home? Our simple guide can help you through the different stages.
1) Work out how much you can afford
You need to think about how much you can afford to pay monthly and how much deposit you have available. Our sales agent, Site Sales has friendly financial advisors who will help you to understand the size of mortgage you would qualify for.
The deposit is normally at least 10% but the Government's Help to Buy scheme can also help first time buyers with their initial deposit.
Not sure you have enough?
Shared ownership could be a good option. You can buy a percentage now and rent the rest until your circumstances change.
Don’t forget all the extra costs that go with buying a home like survey fees, valuation fees, Stamp Duty, Land Tax, and solicitors’ costs.
2) Decide what you're looking for
Think about how many bedrooms you need and whether you need a garden, parking or good transport links. Be clear about where you'd like to live and areas you want to avoid.
3) Start your search
Take a look at the properties on our sales website. If you see one you're interested in, we you can arrange a viewing.
4) Make an offer
Once you find a property you can make an offer based on how much you have to spend.
5) Appoint a solicitor
He or she will explain the buying process in detail and start carrying out searches to find out if there are any issues that may affect the property.
6) Instruct a mortgage company
If you have not done so already, you need to contact a mortgage provider. They will send a surveyor to value the property. When this is done they will normally confirm your mortgage offer. You should tell your solicitor as soon as you get your mortgage offer.
7) Exchange contracts
After the solicitor has completed the searches, they will send you a report and ask you to sign the contract. Once you return the signed contract to the solicitor with the deposit, the exchange will take place. This means that you and the seller are legally bound by the contract and the sale of the property has to go ahead. If you drop out at this stage, you could lose your deposit.
This is the day when the property officially becomes yours and the keys are handed over. The completion date is normally a few days or a couple of weeks after exchange depending on your specific circumstances (like when you can move in).