A step-by-step guide to buying your home
This step-by-step guide talks you through the process so you know what to expect over the coming weeks and months as you move closer to moving in day.
1. Reserve your home
First you need to decide which home you want. If you are buying with us, this means selecting a plot on your chosen development. A Customer Experience Manager will be able to talk you through which homes are available using the site plan in the store.
2. Make a formal mortgage application
Apply for your mortgage
(if you need one). You might have already received a mortgage in principle, but you will need a formal offer before you can go ahead with buying your new home.
Your lender will arrange a valuation of your new home to make sure you are paying a fair price before agreeing to lend you the money. If the valuation is accurate and your application has been accepted, you will receive a formal mortgage offer in the post.
3. Find a solicitor or conveyancer
We recommend you appoint a solicitor or conveyancer
to handle the legal aspects of buying your new home. This way, you can be sure all the right procedures are followed and that the home will legally be yours.
A solicitor or conveyancer will take charge of drawing up the contracts for the sale, as well as transferring money when the time comes to buy your home.
4. A survey is carried out
The land surrounding your home will be surveyed so you know if it is at risk of flooding or other issues that might affect the sale. There are varying types of survey that can be carried out, with costs ranging from £250 for a basic home survey to £600 or more for a full structural assessment. Your solicitor will be able to advise on the level of survey you need and can arrange this for you. You will be told once these checks have been completed.
5. Pay your deposit
Before the sale can continue, your solicitor will ask you to pay your deposit. In most cases, this will be at least 10% of the property’s value, unless you are using Help to Buy, where you will need 5%.
Depending on your bank, you might find it easiest to send the money using a CHAPS transfer. Some banks won’t let you transfer large amounts of money in the same day, whereas with a CHAPS – which stands for Clearing House Automated Payment System – this isn’t a problem.
6. Exchange contracts
It’s then time to exchange contracts. This is where the agreement between buyer and seller becomes official. As well as sending your deposit to the seller, your solicitor will also transfer the deeds for your home into your name.
7. Pay your Stamp Duty
If your home is valued at more than £125,000, you need to pay Stamp Duty. This payment should be made within 30 days of the property legally becoming yours.
It can take up to three working days for your payment to clear, so leave plenty of time. Your solicitor should take charge of this on your behalf and, in most cases, will ask you to transfer your Stamp Duty money in the week leading up to moving in day.
8. Settle your remaining bills
There might be some payments still to make, including your solicitor’s bill and mortgage arrangement fee (if you have one).
9. Register the sale
Your solicitor will also register the sale with Land Registry. This proves you are the legal owner of the property, as well as making it easier for you to sell your home in the future.
10. Moving in day
When your moving in day arrives, your solicitor will arrange for the funds to be transferred to the buyer. Once this has been completed, you will receive your keys – then it’s time to start moving in! Take a look at our guide to preparing for moving home.