Homemovers - Your step by step guide to moving home
This guide aims to cover each stage of moving home, so you know where you stand and what you need to do.
1. Set your budget
Before you start searching for your new home, it’s important you know what size mortgage you can afford; Use the mortgage calculator to see how much you may be able to borrow. How much a mortgage provider will lend you will depend on your individual circumstances and the type of property you are buying.
If you're selling a home, first ask an estate agent for a valuation. Don't forget to find out about their fees and how these compare with other agents.
Try our loan calculator to see how much a mortgage might cost, or check to see how much you can afford to borrow for a new car, in four easy steps.
This applies to repayment mortgages.
Step 1 -
Put the amount you want to borrow in the total box, or the amount you can afford
to pay each month in the monthly cost box.
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2. Check out your mortgage options
There are a number of mortgage and repayment options available. Contact us for a free initial mortgage consultation so we can explain your options. Once you’ve made your choice, we can provide you with a Mortgage Certificate showing what you can borrow subject to some checks such as affordability. This is useful when dealing with estate agents and sellers because it shows you are a serious purchaser.
3. Make an offer
Once you’ve found your perfect home, put in an offer to purchase.
4. Your offer is accepted
If your offer has been accepted, the property you want to buy is said to be 'sold subject to contract'. At this stage the agreement is not legally binding.
5. Appoint a solicitor or licensed conveyancer
When choosing a licensed conveyancer or legal advisor make sure you get a full breakdown of proposed costs, so you can see what they will charge you. We have links with trusted conveyancers who you can use for this purpose.
6. Apply for a mortgage
We will use our specialised individual mortgage programme to find you the most suitable mortgage product available. We will then apply for the mortgage on your behalf.
7. Obtain a property survey and valuation
Your mortgage lender will require a standard Valuation for Mortgage Purposes to be carried out by a surveyor of their choice. You may want to have a more detailed Home Buyer survey or a full structural survey carried out for your own peace of mind – especially if the property is old or needs some work. You may use the surveyor of the mortgage lender to carry out this further work (at an extra cost) or you may appoint your own surveyor.
8. Exchange of contracts
When your solicitor or licensed conveyancer has completed all the necessary checks, you'll be asked to sign a contract legally committing you to the purchase.
At this stage you'll also pay a deposit and agree a completion date. The deposit is usually a minimum of 5% of your property's purchase price. On average, you will have between two and four weeks before you can move in, so this is a good time to tell friends and colleagues, arrange insurance, contact the local authority and make arrangements with utility companies.
9. Sort out your mortgage protection and insurance
To exchange contracts you will need buildings insurance in place. We can arrange this for you. In addition we can provide mortgage protection, family protection and contents insurance. Even if you already have this in place this is likely to need reviewing due to your change in circumstances now you are moving home. As Independent Financial Advisers we have the whole market to choose from thus obtaining the best deal.
10. Drawing down the mortgage
Your solicitor or licensed conveyancer will obtain the mortgage fund from the mortgage lender ready to pay the seller.
At this point you will be required to pay your solicitor or licensed conveyancer for their work and for extra expenses. like Stamp Duty and the Land Registry Fee. Your legal advisor will tell you how much these costs will be.
11. Completion
Congratulations, you made it. You’re now the owner of your new home. Your solicitor or licensed conveyancer will complete the purchase, you collect the keys, move in and relax.
You can visit our sister company website to obtain some information regarding the tax situation.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The Financial Services Authority does not regulate Conveyancing / Legal Services.
There are different procedures for buying a home in different parts of the United Kingdom.
For more information on homemovers contact Kate Beale on:
Tel: 01206 871120
Email: kate@bgafs.co.uk
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