Feeling a bit overwhelmed about buying your first home in the UK? Don’t worry; we’ve got you covered! Whether you’re a first-time buyer or looking to move up the property ladder, this friendly guide will walk you through the entire process. 

From figuring out your budget to getting the keys to your new place. Let us help you navigate these waters with our expert 10-step guide to buying a new home.

Timeline Overview

Before we dive into the details, here’s a quick timeline of the home-buying process:

1. Assessing affordability: 1-2 weeks
2. Finding the right property: 4-12 weeks
3. Getting a mortgage: 2-6 weeks
4. Saving for a deposit: Ongoing (typically 3-24 months)
5. Property viewings and selection: 2-8 weeks
6. Making an offer: 1-2 weeks
7. Surveys and valuations: 2-3 weeks
8. Conveyancing and legal work: 8-12 weeks
9. Exchanging contracts: 1 day
10. Completion and moving in: 1-2 weeks

Note: Timelines can vary depending on individual circumstances and market conditions.

Step 1: Assessing Your Budget (1-2 weeks)

Let’s start with the big question: how much can you afford? This first step seems daunting, but it’s about getting a clear picture of your finances. You’ll need to;

• Look at your income and outgoings.
• Think about any future changes to your money situation.
• Consider those extra costs that can sneak up on you.

What extra costs, you ask? There’s stamp duty (or Land and Buildings Transaction Tax if you’re in Scotland), valuation fees and survey costs. But there are also Land Registry fees, conveyancing fees, and, of course, removal charges. It might sound like a lot, but don’t panic – being prepared is half the battle!

Top tip: Try out some online mortgage calculators. They’re a great way to get a rough idea of what you might be able to borrow.

Step 2: Finding the Right Property (4-12 weeks)

Now for the exciting part – house hunting!

With your budget in mind, it’s time to start your property search. Use online property portals like Rightmove or Zoopla to get an idea of what’s available. 

You can also chat with local estate agents, check out new-build developments, and keep an eye on property auctions. Remember to think about things like location, property type, and potential for future growth when you’re searching.

Step 3: Getting the Right Mortgage (2-6 weeks)

Okay, let’s talk mortgages. Don’t worry, we’ll break it down for you:

1. First things first: check your credit score and history.
2. Next, gather all your important documents. You’ll need things like proof of income and bank statements.
3. Now, it’s time to shop around. Compare offers from different lenders.
4. Feeling a bit lost? Consider chatting with a mortgage broker. They can offer expert advice tailored to your situation.
5. Finally, think ahead. Consider how changes in your financial situation might affect your ability to pay your mortgage in the future.

Remember, taking your time to find the right mortgage can save you a lot of money in the long run!

Step 4: Saving for a Deposit (Ongoing)

While searching for properties and comparing mortgages, continue saving for your deposit. The larger your deposit, the better mortgage rates you’ll likely secure. Consider government schemes like Lifetime ISAs for first-time buyers, or family assistance if available.

Step 5: Viewing and Selecting Properties (2-8 weeks)

When viewing potential homes, check the overall condition of the property. You’ll want to assess the neighbourhood and local amenities and consider future resale value. Don’t rush – view multiple properties before deciding.

Step 6: Making an Offer (1-2 weeks)

Once you’ve found your ideal home, research recent sale prices of similar properties in the area. Decide on your initial offer and communicate it through the estate agent. Be prepared to negotiate, too!

Top tip: Request that the property be taken off the market once your offer is accepted. This reduces the risk of being gazumped.

Step 7: Surveys and Valuations (2-3 weeks)

Protect your investment by getting proper surveys. These may include:

• Mortgage valuation (required by lenders)
• HomeBuyer Report (for newer properties)
• Building survey (for older or unusual properties)

Use survey results to renegotiate the price if significant issues are found.

Step 8: Conveyancing and Legal Work (8-12 weeks)

Hire a solicitor or licensed conveyancer to handle the legal aspects. They will conduct property searches, review and explain the contract, handle the funds transfer, and register your ownership with the Land Registry.

Step 9: Exchanging Contracts (1 day)

This is the point of no return. Once contracts are exchanged, you’re legally committed to buying the property. You’ll need to pay a deposit (usually 10% of the purchase price) and set a completion date with the seller.

Step 10: Completion and Moving In (1-2 weeks)

The final step! On completion day, your solicitor will transfer the remaining funds to the seller. You’ll then receive the keys and become the legal owner. It’s time to move in!

Common Mistakes to Avoid When Buying a Home

1. Overlooking additional costs: Remember to budget for stamp duty (or Land and Buildings Transaction Tax in Scotland), legal fees, and moving expenses.
2. Skipping the Agreement in Principle: Getting one early can make you a more attractive buyer.
3. Neglecting to research the area: Don’t just fall in love with a property; make sure the location suits your needs.
4. Forgoing a proper survey: A thorough survey can save you from costly surprises later.
5. Failing to consider future needs: Think about how the property will suit you in 5-10 years.
6. Stretching your budget too thin: Leave some financial wiggle room for unexpected expenses.
7. Rushing the process: Take your time to make informed decisions at each step.

By following this guide and avoiding common pitfalls, you’ll be well-prepared. Remember, Guardian Removals is here to assist you with the final step of moving into your new home. Contact us to discuss your removal needs and ensure a smooth transition to your new abode!