Whether you are a first-time buyer or an experienced investor, we thought it would be useful for you to have a step-by-step guide for purchasing a property in the UK.

1. Securing a mortgage in principle

Unless you are purchasing a property in cash a mortgage will be required. Our advice is to obtain a mortgage in principle before you start your search as this will enable you to know how much you can borrow. A deposit of at least 5% of the purchase price will usually be required. As a general rule, the bigger the deposit the better rate you can secure on a mortgage, meaning you will pay more towards your capital repayments / equity in your home than interest to the lender.

Buyers have the option of speaking with banks directly or independent mortgage brokers who tend to have access to a variety of products. If you need us to recommend a trusted mortgage broker do let us know.

2. Budget for your move

As well as saving up for a deposit, you will also need to account for other moving costs such as stamp duty, a solicitor’s fees, surveys and removal costs.

In order to help you calculate everything, feel free to visit our Moving Costs Calculator. In a few easy steps, you will be able to see how much you will need in total to secure your purchase.

3. Choosing a solicitor

Ensuring you select a good solicitor is vital, especially if you are motivated to get your purchase across the line as soon as possible. We would recommend a solicitor that has local knowledge and plenty of experience. In our experience, solicitors who cannot navigate the sales process efficiently can cause unnecessary delays and stress to both the buyer and seller.

A solicitor will need to be instructed once you have had an offer agreed at the latest. Our advice is to speak to a couple of firms while you are calculating your final budget. This way, you will have an idea on all associated costs and, once you have an offer agreed, you can confirm instructions immediately.

We can then send a Memorandum of Sale to the solicitors acting for the buyer and seller, putting them in touch with one another to facilitate co-operation from the outset. If you require a recommendation, please let us know.

4. Starting your property search

After you have decided the areas you might wish to move to, you should register with local agencies. They will be able to recommend what properties they have available as well as adding you to their mailing list, meaning you will be one of the first to know when a new property is brought to the market. Searching property portals such as Rightmove or Zoopla can be very helpful. However, not all properties are listed on these portals and it is easy to overlook that.

To register with us, you can either complete our online registration form found on our website, call us on 020 8220 0820 or email us at enquiries@alterandcope.co.uk.

5. Viewings and making an offer

In most cases, an agent will accompany you to viewings. This is an opportunity for you to have a close look around and ask the agent or seller any questions you have.

Arranging second viewings for properties you think may be suitable is common and we are always happy to accommodate this. At the end of the day, you are purchasing a property which is a big financial and life decision, so we recommend viewing a property twice before making an offer.

If you view a property that fits your requirements and you wish to make an offer, let the agent know and they ought to let you know what details they require and act as the intermediary between both parties.

6. Agreeing a sale

Once a sale has been agreed between you and the seller, solicitors will then need to be formally instructed. The agent should be provided with the solicitor’s details (by both buyer and seller) and, as above, they will issue the Memorandum of Sale to all parties.

This details the agreed purchase price and all conditions relating to the sale and will enable the legal process to begin. Your solicitor will require funds on accounts for items such as local searches.

Your lender or mortgage broker will need you to complete an application form and the mortgage valuation (survey) will be arranged via the agent. If the lender is happy with the valuation, they will issue the formal mortgage offer. Please let us know if you would like us to recommend a surveyor you can use.

We believe our role is to facilitate the sales process. Therefore, we regularly check in with solicitors to ensure the sale is moving along and that nobody had taken their ‘eye off the ball’.  That is the most valuable element of an estate agent. Sometimes, property sales can fall through for no reason other than a lack of communication. That is why we do not go silent after a sale is agreed. On the contrary, we act as a conduit between the buyer and seller and their respective solicitors to push things along and ensure any outstanding queries are addressed appropriately, effectively and in good time.

7. Exchanging contracts

The solicitors will confirm once all outstanding matters have been dealt with and will then confirm an exchange and completion date. On the day of exchange, your non-refundable deposit will be sent to the sellers solicitor and both parties will sign a legally binding contract.

We are often asked what it actually means to ‘exchange contracts’. You will be provided with the contract to sign before exchange. The terms of the contract are normally those which are set out by the Law Society. A copy can be seen at https://www.lawsociety.org.uk/en/topics/property/standard-conditions-of-sale.

Once both parties have sign, the solicitors typically ‘exchange’ the contracts by calling one another to confirm ‘contracts are exchanged’. Your solicitor will then confirm the same to you and the parties will have agreed a legally binding contract.

8. Completion

On the day of completion, the balance of the purchase price is transferred to the seller’s solicitor and they will confirm with the agent when monies have cleared. In return, the seller’s solicitor releases the executed transfer form.

The agent will then receive confirmation that keys can be released to you and you can then enjoy moving into your new home.

If you have any questions about this guide, feel free to email us or give us a call.

Many thanks,

Alter & Cope