Guide to buying your home

Buying a new home is an incredibly exciting time, whether you're a first time buyer or a seasoned property trader knowing what you can afford and the associated costs is of utmost importance. Stamp duty rates vary not just with purchase prices but also for second homes and investments, so it’s wise to check your figures are correct. Speaking to a financial advisor can set the guidelines to what properties you view and where, knowing your figures puts you in a strong position when making an offer.

Pricing, architecture, lifestyle, transport and many other factors can change vastly depending on location. Its good to figure out where you want to be because it could dictate the type of property which will suit you best.

This is the fun bit! Search the portals Rightmove and Zoopla are great place to start. Register with estate agents in the area of your search and check their websites. Good estate agents should get to know you and your search intimately and sometimes may even have unadvertised off market property.

You’ve found the one.. Now its time to make an offer, we’ll guide you through the process to make sure your offer is put forward in its best light. Having information about your timescales, financial and situation all help with forming a picture of your offer. Though probably most important its not exclusively about the offer amount but quite importantly how capable a buyer is to proceed and execute the purchase.  

Once you have found your ideal property you should make an offer to the agent.  You must carefully consider how much you can realistically afford. Add up the mortgage offer plus any equity you have in another property. Don’t forget to allow for Stamp Duty and Solicitors fees.  Once the vendor has accepted your offer you should instruct a solicitor to start the buying process. If you don’t already have a conveyancer or solicitor in mind, we can recommend one to you.

Exciting times! Now we need get this transaction done. You’ll have appoint a conveyancing solicitor. We’ll prepare a memorandum of sale to get all parties communicating with each other. There are a few things that should be done quite quickly as we rely on third parties; you’re solicitor should apply for local authority searches and you should inform your lender that you’ve had your offer accepted so they can send their valuer to formalise your finance. On average the process from offer acceptance to exchange of contracts takes 6-8 weeks. We’ll be here to oil the wheels all the way.

If you’re getting a mortgage, your lender will appoint a valuation survey. This is to confirm the price for the lender and yourself.  This is not necessary if you cash buyer but you may choose to have one. You may also wish to have more detailed survey which usually comes in the form of of a condition, home buyers or structural survey. As a rule, the older or less maintained a property is, the more detailed survey you may need.

Conveyancing is carried out by your legal representative, checking that the property you intend to purchase is what it's meant to be. This includes checking that leases, boundaries, extensions and alterations are all legal and have the correct permissions. Your conveyancer will also handle the deposits and  final sales contract.

We’re almost there! Exchanging contracts is when both the seller and buyer have come to final  contractural agreement. Contracts will be signed and exchanged along with a deposit which is usually around 5-10% of the final value. A final completion date will be set with the exchange of contracts and the balance of the final money will be paid on completion when you’ll finally get the keys. Now’s the time to get fully excited - you’ll be moving soon

You’re there, completion is day that the property is all yours.  Your conveyers will liaise to make sure the money has all been received. Once that’s done, your free to move into your new home. We’ll arrange keys pick up or drop off for you.  Congratulations!

Disclaimer:  This information is provided as a guide only and may not reflect your individual circumstances. You should obtain professional advice when buying or selling a property and Lyons London accept no liability if you rely on the content of this guide and do not obtain professional advice.