New Year, New Home

Being able to move into a new home in time for the New Year is a great feeling. You may have negotiated all of the vital details over Christmas, and have finally had an offer accepted and contracts exchanged. This means that you can take the keys from the estate agent and settle in to your dream home just as the New Year celebrations begin and the festive season winds down.

Steps to Purchasing a Home

People who wish to buy homes in time for the New Year are advised to remember the several vital steps to purchasing a home. First-time buyers will first have to contact mortgage companies such as building societies about getting a mortgage. Such companies will assess your chances of obtaining a mortgage on the basis of details such as your job and salary. You are also advised to ensure that you have the finances in place for related costs such as the deposit, mortgage application fees, solicitors’ fees, surveyors’ fees and removal costs.

You will then need to start looking. Get in touch with an estate agent, and be sure be view the full range of properties that interest you. Once you have found the place that you want, put in a first bid that is around 5% to 10% less than the initial asking price.

An accepted offer remains subject to satisfactory survey and contract exchange. At this point you have to both apply for your mortgage and contact a solicitor who can work on your behalf. The mortgage company will talk with you about the level of survey that you desire to have done for the property. A surveyor will then be instructed to perform the survey, the report from which is then returned to the mortgage company. A successful survey results in a formal offer-of-mortgage being sent to you. Your solicitor, who also receives a copy, will then prepare contracts for the purchase and send the completed ones to you.

Exchanging Contracts

The two parties’ solicitors then exchange contracts for the property. You will generally have to provide the funds for the deposit at this stage. A completion date is then set, which is likely to be between a week and a month away. The mortgage company will then send the remainder of the purchase funds to the solicitor so that they can be transferred. The funds will be forwarded by your solicitor to that of the house seller on the completion date, allowing you to retrieve the keys from the estate agent and move in.