How home buying works

Buying a home needn’t be daunting! As soon as you have an understanding of how much you can afford in terms of a deposit and mortgage repayments, you will have a better idea of what your budget will look like for your new home.

We've summarised the process of buying a home in England and Scotland below.

England

1. Property search

This is typically the most enjoyable part of the process and where the excitement begins. Before you start, it is a good idea to narrow down your search areas and have an idea of what you classify as essential in your new home and which features are in fact the dream aspects of your property search.

2. Select a solicitor

The process of buying a new home involves a number of legal transactions, which need to be completed by a solicitor, ideally a conveyancing specialist. Make sure you find one that you are comfortable with and ensure you discuss and confirm fees before making your selection.

3. Reserve your new home

You know your budget, have a solicitor and more importantly have found the home that you have been searching for; the next stage in the process is to formally reserve your property. This means that no one else will be able to express an interest in the property.

4. Confirm your mortgage

The mortgage market is very diverse with many products to choose from. To ensure that you select the mortgage that is right for you, you may find it useful to consult a mortgage broker or advisor. At the very least, you need to discuss different options with your mortgage lender.

A valuation will be required by the mortgage lender as they will want to confirm the value of your new home. This will be organised by your lender and it will involve a fee.

5. Completion of legal work

The solicitor takes charge of this stage and will complete all legal transactions transferring the ownership of your new home from Beech Grove Homes to you.

Stages within this process include the exchange of contracts and the payment of deposits, which makes the sale of the property legally binding. The final stage is completion, where you will find out the date on which the home officially becomes yours.

Scotland

1. Select a solicitor

2. Property search

This is typically the most enjoyable part of the process and where the excitement begins. It is a good idea to narrow down your search areas and have an idea beforehand of what you classify as essential and which features are in fact the dream aspects of your property search.

3. Home report and survey

Prior to marketing the property for sale, sellers have to arrange a Home Report to show buyers interested in the property which must include an Energy Performance Certificate, a Property Survey performed by a qualified surveyor and a Property Questionnaire. Make sure to read the home report and survey carefully of the property you want to buy.

4. Reserve your new home

You know your budget, have a solicitor and more importantly have found the home that you have been searching for, which means the next stage in the process is to formally reserve your property. This means that no one else will be able to express an interest in the property.

5. Confirm your mortgage

The solicitor takes charge of this stage and will complete all legal transactions transferring the ownership of your new home from Beech Grove Homes to you.

The mortgage market is very diverse with lots of products to choose from. To ensure that you select the mortgage that is right for you, you may find it useful to consult a mortgage broker or advisor. At the very least, you need to discuss different options with your mortgage lender.

A valuation will be required by the mortgage lender as they will want to confirm the value of your new home. This will be organised by your lender and it will involve a fee.

6. Contract completion

At this stage, your solicitor is required to transfer the property to your name.

7. Settlement and Disposition

This is the final stage of the process and is where the contracts are exchanged and the deposit is paid. This now means that the sale is legally binding