Overview of the process
This content applies to England only.
Housing laws vary between England and Scotland. Get advice relating to Scotland
The process of buying a home is basically the same for all buyers, regardless of the type of property you buy. It usually involves lots of discussions with estate agents, solicitors and your lender as well as with the seller.
The process
Once you find a property, the sale usually involves:
- step 1 - making an offer
- step 2 - getting a valuation if the seller accepts your offer
- step 3 - getting a survey or homebuyers report
- step 4 - doing the legal preparation (conveyancing)
- step 5 - exchanging contracts and paying a deposit
- step 6 - completing the sale and moving in.
Things usually happen in more or less this order, but it can vary slightly.
The costs involved
There are many hidden costs involved in buying. You are likely to have to pay a lot of money on top of the purchase price before you move in to your home. You will also have ongoing financial responsibilities once you become a homeowner.
Common problems
The main thing that buyers complain about is that the process can be complicated and time consuming. Each stage of the process will take time, particularly if you are involved in a chain of people who are trying to buy and sell at the same time. It may be less complicated if you are a first time buyer, or the property you are buying is empty. If you get stuck in a chain, it may be possible for you (or someone else involved) to take steps to speed things up.
There is also a risk that the sale could be called off at any stage before the contracts have been exchanged. For example, the sale might fall through because:
- the seller decides not to sell
- the seller accepts a better offer (gazumping you)
- you can't agree the conditions of the sale with the seller
- a survey or homebuyer's report shows problems with the property and you decide not to buy it
- you can't get the mortgage you need to buy the property.
