Steps in the Homebuying Process
Once that is all sorted and nothing untoward occurs, then the mortgage lender will agree your mortgage. At that stage there then come various searches that are undertaken by the solicitor. These are all paid for by you of course, and they will check all the legalities, title information, other pertinent data about the house and relevant checks. Once this is done then you get sent the paperwork.
Assuming again all is OK, then the contract gets returned along with a deposit. A deposit amount can vary, but in general it is safe to say you would be looking at around 10% the value of the house. At this stage it is usually the case that buildings insurance needs to be put in place (and certainly on a freehold property).
You are now committed to having to go through with the purchase, and therefore this is finally the time to make sure that everything is in place ready for the date that you are due to move in, this date is called 'completion' and is when you can finally pick up the keys to the house from the estate agent! From that date onwards it is a very wise idea to get contents insurance: or at least if you do not plan to move straight in then get it from the date that you do have content in the house.
Some people decide that it is a good idea to change the locks, although not everyone does this on moving into a new property if you are worried about who might have keys from the previous owner(s) then for peace of mind you may decide that you want to get the locks changed.
This is where the fun starts and you can go through the moving process and setting up home, as well as the less fun stuff like getting all the utilities sorted, your broadband, television, phone line if you want one and so forth.
More property related articles:
- Best Buy Mortgage Tables
- Finding Property Prices
- Getting a better deal without remortgaging
- How to get planning permission
- Sourcing a Good Letting Agent
