What is the Process of Buying a House?

9 Feb 2016

by Helen Thring

Buying a home in Bracknell is well known for being a potentially stressful experience. But with a little preparation, the whole process can be made quicker and simpler.

First of all, do some research. Perhaps you are looking to be close to a preferred school, bus route or railway station? You might need homes of a particular size or you may prefer larger living space, usually associated with older homes. Once you know what you are looking for, you’ll be better placed to start your search.

Looking at homes that meet your primary criteria, you should quickly be able to establish what you can afford and whether your aspirations are realistically achievable. This is the time to visit a mortgage advisor and establish what you might be able to borrow and how much it will cost. We recommend that you obtain a mortgage offer ‘in principle’ before you start your Bracknell property search. That way you are well placed to buy quickly when an offer is accepted on a specific property. Sellers will usually prefer an offer from buyers with cash or a mortgage offer already in place.

Don’t be afraid to view a number of homes in the first instance. It will give you an idea of what is available in your search area and price bracket and will help you to refine your search criteria. When you have decided on the property that’s right for you, make your offer. The selling agent will want to know whether you have a mortgage offer in place, a sufficient deposit and whether your offer is conditional upon other factors, such as a structural survey or the sale of the buyer’s current home. This is all relevant to the seller’s decision, especially if you are in competition with other buyers.

Once you have an offer accepted you will need to instruct a solicitor or licensed conveyancer to act on your behalf in the purchase. You’ll probably need to progress your mortgage application, which will mean commissioning a mortgage valuation. You may choose to also have a more in-depth ‘Homebuyer’s Report‘ and if there are obvious structural deficiencies or is older in nature, it may be worth having a full structural survey instead.

Once your offer is accepted, the faster you can perform, the less likely you are to find yourself falling victim to a higher second offer from a third party (the dreaded ‘gazump!).

The mortgage valuation, local searches, enquiries before contract and arranging for home removal, etc can all be done in tandem over the next few weeks. There is no reason that a straightforward purchase cannot be completed within 6 weeks of your offer being accepted. However, if you need to sell your home in Bracknell first or the owner of the home you are buying needs to find somewhere to move to, things can slow down dramatically.

Feel free to contact us on 01344 860121 for details of local solicitors and surveyors that we can recommend.