What are the stages of property purchase?

Estimated read time 2 min read

When it comes to buying a home in the UK, there are several stages that you need to be able to pass before you can own a home. Let’s have a look at each of them in some detail. There are several to go through be for you need the services of the Removal Company Cheltenham based firm www.brightmoveservices.co.uk/services/removal-companies-near-me/removal-service-cheltenham/.

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  1. Find a house you like. Try not to be too ambitious in what you are after. Remember that it is unlikely that you will find an entirely perfect place.
  1. Get a deposit. Most lenders will only accept a ten per cent deposit as a minimum (there are some schemes and exceptions to this). The average house price in the UK today is £264,000. Therefore you will need to have saved or have access to £26,400. Lenders will go up to ninety per cent of the properties sale price, providing you pass the criteria for them to lend.
  1. Get a mortgage. You start with a Mortgage Promise; this gives you an idea of how much the lender is prepared to go to.

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  1. Make an offer on the house. This is usually via an estate agent. They will tell you if the seller agrees.
  1. Complete the mortgage application. Go back to the lenders and have a conversation with a Mortgage advisor. They will recommend an interest rate and discuss the term of the mortgage depending on your monthly budget.
  1. Pay for a valuation of the house you want to buy. You can choose the level of scrutiny and how much detail you want them to go into.
  1. Instruct the Conveyances to act for you. The money for the lender never actually hits your account. It is passed via the solicitors to the sellers.
  1. Move-in!

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