Here’s a quick guide on everything you would need to consider when buying your house. Everything from the mortgage to the legal side. RE/MAX are dedicated to helping you every step of the way and that’s why we’ve partnered with companies that provide the services. Therefore, you can think of us as your all-encompassing, home buying and selling providers.
You’ll usually need to build up a deposit of at least 5% of the price of the property you want to buy. For example, if you wanted to buy a house worth £150,000 with a 95% mortgage you would put down £7,500 of your own money and borrow the remaining £142,500. But it’s often worth saving more if you can bear to wait longer, as a bigger deposit means you can apply for mortgage deals with lower interest rates. If you’re a first-time buyer hoping to buy a property costing up to £450,000, saving into a lifetime Isa will entitle you to a 25% top-up from the government (up to £1,000 a year) on your savings. If you’re keen to buy sooner rather than later, you could consider the following options.
If you don’t have a lot of furniture to move into your new property, you could hire a removal van yourself. But if you have a lot to move, removal companies can help make the process easier – Which? Trusted Traders can help you find a reliable firm near you. Removal company costs will depend on the number of items you need to move and the distance to your new property, among other things. Once you’ve found one or two firms you like, check their availability before agreeing a completion date with the seller (see below) so you’re able to move on the date you agree.
The exchange of contracts happens when the buyer and seller’s legal representatives swap signed contracts, and the buyer pays the deposit. Before the exchange of contracts, you’ll need to have several things prepared in advance, such as a written mortgage offer, an agreed completion date and buildings insurance in place from the day of exchange (or from completion if you’re buying a new-build.) After you’ve exchanged contracts you can breathe a sigh of relief, as the agreement for you to buy the property is now legally binding. The chances of anything falling through from this moment are extremely low. Your conveyancer will lodge an interest in the property, enabling you to pay the seller, and apply to the Land Registry to transfer the deeds to your name.
Completion often takes place around two weeks after exchange, but this is flexible, and you can agree a convenient date with the seller. On completion day, the money will be transferred to the seller and you can then collect the keys from the estate agent and move into your new home. Next comes the much more enjoyable task of starting to furnish and decorate the property to your taste – and maybe even taking a moment to simply relax. You’ll have earned it!