Forgive me for asking but what are the steps of buying a home?

[strawberryjeans]

Ridiculous question - I know! Never taught in school and have rented since uni and now we’re in our 20s looking to buy

We have seen a starter home for a fantastic price in possibly the most ideal location we could hope for. We have 70% of the deposit and my parents have offered us another 10k towards it.

So far we have contacted the estate agent and booked a viewing. What else do we need to do before this?

• Do we need an AIP before viewing?
• What do we do first after viewing, supposing we like the house?
• Is it best to go with a broker to find the best mortgage product or should we do it ourselves?
• When do you need to find solicitors / surveyors?

Sorry for sounding ignorant but everyone’s got to start somewhere… really appreciate it if anyone can explain a bit more as don’t want to lose out on this chance. Thank you sooo much :)

Oh and, when do you need to evidence your deposit?

Do we need an AIP before viewing?

• some agents ask for it some don't just get it anyway so you have a rough idea

• What do we do first after viewing, supposing we like the house?
If you want it out an offer in if it's going to go quickly if not going to go too quick get another viewing booked in

• Is it best to go with a broker to find the best mortgage product or should we do it ourselves?
Really just depends have a look at what you can find and if you sure go for a broker

• When do you need to find solicitors / surveyors?
After you have chosen a place then you can sort all that

I would have done it slightly different.

When you have saved up the whole of the deposit, I would approach a broker and find out how much you can borrow. Get a mortgage AIP and a couple of conveyancing quotes (preferably word of mouth recommendation).

Once you have all the above in place, I would then arrange viewings.

Yes, ideally you should have an AIP in place before viewing. Some EA will ask to see it. In the current market, I suspect that wouldn't be the case. Even if you don't yet have it, I'd say you do if it's just about done as will make you look more serious. It's mostly helpful to have though so that you know what you can actually afford.

If you like the house, I would book a second viewing. When we were buying, during COVID madness, there were no second bookings. It was on the market for a week, one viewing, best and final offer within days. I would expect that second viewings are more typical now. I would sleep on it and be in touch to arrange a second viewing asap. If you decide to make an offer after that, I'd do it as soon as you can, in writing.

I would absolutely go with a broker. Ours got us such better options that we found ourselves. It's absolutely invaluable if you are buying a house that is in any way non-standard - cob construction, thatch, land or outbuildings, if you plan to use part of it for an Airbnb or business, anything other than a very ordinary, well constructed, new-ish house. Because some lenders are touchy about certain things and you want to know that before you get too far along the process. Ours was fantastic.

I would find a solicitor now if you are going on viewings, just to make sure they are able to take on your conveyancing. I believe when we had our offer accepted, we needed to provide evidence of deposit and our solicitors details before they would officially list as STC. As for evidence of deposit, it doesn't need to be sitting in your savings account. It can be in all sorts of things as long as you can prove you have it. If you are using a gifted deposit, you may need proof of it in your gifter's account and/or a letter stating that it is a gift. You'll need this for your solicitor anyway, but EA may wish to see it if any doubts about funds.

Most agents won't let you make an offer - and some won't even do viewings - without an AIP, so get that first. Also makes sure you are looking at things in your price range.

I've never used a broker, but you may find it easier if you're new to the process (and they can sometimes get a better rate). You don't actually have to go with the mortgage company you first get an AIP from, so you can keep looking at mortgages while you are looking at houses.

Draw up a list of what you want from a house - essentials and nice-to-have. And anything that wouud be a deal breaker.

When you view somewhere take photos or notes as you go round. Look up, down, in and under as well as around. Look for signs of damp. Check storage space. Investigate the immediate area as well as the house - you can improve a bad house but not a bad location.

If you like it, make an offer if properties are going fast in the area or book a second viewing if not. The verbal offer is not binding. Be prepared to negotiate - as first time buyers you have an advantage of no chain and flexibility in dates.

Once you have an offer accepted, get a solicitor/conveyancer and contact the mortgage company. The latter will want a valuation survey so you can arrange to have the same person do a more thorough survey on your behalf (usually cheaper than booking one yourself).

You then fill in forms and wait, and wait, until exchange. At exchange you pay the deposit and the contract becomes binding. At this point you set the completion date - usually 1 to 2 weeks after exchange (try to avoid a Friday; everyone wants to move on Friday, so the banks are busy and there can be delays). You need buildings insurance from this point. Contact utility companies.

On completion day you wait for a call from the solicitor to tell you the funds have transferred (usally at lunchtime). At this point the house is yours. Pick up the keys from the agent, go to the house and immediately take meter readings & call the utility companies to get your accounts set up. Take a deep breath. Get a celebratory takeaway.

As you're moving from a rental, keep that on until after completion if you can afford to. Completion dates can change right up until you exchange (which can sometimes be on the day of completion!), and it is much easier to clean and do any decorating before you move your stuff in.

Save your deposit and more (to allow for paying fees, charges and surveys and solicitors etc etc).
Work out what you can afford in terms of budget yourself.
Speak to a broker to get a more accurate idea of what you can afford to offer. Potentially get an AIP then.
View some places. First and second or more viewings.
Put an offer in.
Repeat previous two steps until offer accepted (don't get too attached to anything you view or offer on).
Engage solicitor/conveyance services - someone recommended by word of mouth ideally, send details of these to the estate agent.
Go back to broker and ask them to find you the best deal - they'll have a broader market view and gave us a lot of confidence as FTB.
Chase the solicitors and the estate agents. Multiple times.
Get a surveyor. Chase the surveyor for their report.
Renegotiate your initial offer based on outcome of surveys.
Chase the estate agents again. And again. Yours and theirs!
Agree, via solicitors, the fixtures and fittings etc that are included in the purchase price.
Sign some stuff.
Wonder what the hold up is.
Get solicitors to draft a letter for your parents to sign stating that their 10k contribution is a gift that they want or expect no return on blah blah blah.
Shed some tears at some point when everything takes so long and you haven't got a clue what the newest delay is for.
Agree dates for exchange of contracts and completion.
Get insurance lined up (broker can help here too).
Eventually transfer the deposit to your solicitors holding account ready for sending to the seller on exchange of contracts.
Exchange - you can start to get excited now.
Complete.
Collect keys!
Crack open the bolly and move in!

Or thereabouts any way.

Good luck!

Nice summaries - very useful!

We are in the process of buying a property in the UK, but we have lived abroad for quite a long time and have forgotten the mind numbing tedium of UK house buying.

Nice to be reminded :-) I'm keeping my sights firmly fixed on that first-night takeaway.

Hi I was in same boat - Martin Lewis website is excellent! Step by step guides.

In addition to the excellent advice above, I'd say a lot depends on the state of the market around you. I've bought/sold in both rabid sellers markets where properties sold for above asking price on the day of marketing and crazily stagnant buyers markets where buyers could take a leisurely 12 weeks having 3rd viewings, bringing granny/their third cousin/their neighbour's dog along for a look, having prolonged price negotiations etc etc without risking losing the house to another interested party. Understanding the market both gives you a guide to how quickly you need to make decisions, how much you're likely to be able to negotiate on price but also how much work you need to put in to make yourself attractive as buyers - so while it's never a bad thing per se to have done as much mortgage homework as you can beforehand, have your solicitor all lined up ready to go etc., in some markets this is much more important than others. It can vary even within the area for type of property, so e.g. around here while the market is slow-ish in general ATM, flats are mostly being sold for cash to developers, so as residential/mortgage dependent buyers you are in the market up against people who usually have all their financials and legals very well sorted and able to proceed very quickly, so you might want to be extra diligent in not seeming flaky (rightly or wrongly FTBers can be seen as the types who will rock up to view a house and even put offers in without having remotely considered their mortgage affordability, credit score, ability to pay solicitors fees etc) - so even if not explicitly asked you should make your position to clear to the agent, you have an AIP, your deposit is good to go, you are chain free and flexible on moving dates etc., to try and get the vendors to look kindly on your offer. Whereas if in your area the type of property you want doesn't attract huge numbers of buyers you kind of have all the leverage in that situation and don't need to put yourself out as much - although of course if you are making a cheeky offer substantially below asking price you will want to emphasise you are serious buyers and proceedable ASAP...

Contact a mortgage advisor, get a solicitor to put in an offer and they do the rest.

If the property is very attractive it will attract a lot of attention and enquiries. Unfortunately some will be from timewasters and day dreamers who have no serious intention of moving, or no ability to pay the price asked. Experienced sellers (and good estate agents) will try to weed out the no-hopers. So it's important to look like a serious contender.

I expect serious contenders viewers to have appointed a lawyer who is all ready to swing into action; (seek personally recommended by trusted person; ask lawyer their terms and fees and to explain the procedure and other legal costs you'll face?. I'd expect the viewer to have contacted a mortgage lender and know how much they can borrow. AIP in place, sure they can afford the price + fees and costs, and to have done some homework on the local area.

Make a tick-box list of wishes (positive and negative).

Before a viewing appt, spend some time exploring the area; have a good look from the street at visible areas of the property (state of roof, chimneys, gutters and downpipes; visible cracks or stains on walls. I take binoculars and a compass. Is there any car parking? on site or in street? double yellow lines? Take a look at the adjacent properties; are they well kept and occupied, or vacant, damaged, gardens full of junk, trampolines and kids toys, or dogs and poo? If there's a back lane, look from there too. What nearby businesses or services might be noisy/smelly attract a lot of traffic noise? (Firestation,commercial kitchens, pub, corner shop/busy junction/school/bus stop/traffic lights, railway line/powerlines .) Some of this basic look-around can be done online via google maps. Take a look at right move sold prices in that street; is the area going up or down; has that property (or it neighbours been sold frequently? If there's a local paper, buy one; look at readers letters to see what residents complain about and any political gripes afoot with local council, planning etc.

When viewing, don't be swayed by anything that either leaves with the seller ( awful furniture, pets, rude inhabitants, mess)- or can be lived with until changed (old decor, carpet, curtains). Look at the lights and wiring (are there lots of sockets? ) and plumbing. look at ALL the ceilings for damp , stains, sags and cracks. Look at the window frame and sills for signs of damp, mould, condensation, mist between double glazing). Listen to your feet for creaky floors and stairs (normal in old house, less so in a new one). How old is the CH boiler? Outside; is thefront/ back garden secure, shared, shady/sunny. Make a mental note of storage; Is there anywhere to stash a pram, bike, suitcases, books, WFH, rubbish, hoover, hobbies,pet.

After the viewing, compare it with your tick box list. If you're interested, tell the agent so and discuss with lender and surveyor.

Eh? Where are you based? I've never known anyone get a solicitor to put in offers - that would get horribly expensive.

Perhaps meme is in Scotland.

Definitely not the done thing in England.

@BinturongsSmellOfPopcorn

Yes, I was wondering that too?

I would like one of these magical solicitors who will "do the rest".