So what is the moving house process? This is a question a lot of home buyers find themselves asking.
If you are planning on purchasing a property in the near future, then you will already know that it is a huge financial commitment, so getting it right is incredibly important.
If you are buying a property for the first time, then I suggest that you utilise an online mortgage calculator. These are a great way to get a better understanding of your affordability and what sort of figures you can expect a traditional mortgage lender to give you. These are also open source and available to anyone.
Of course, like anything – nothing is free (as much as we would like it to be) so you need to make sure that your monthly mortgage repayments are affordable. Use this Mortgage Calculator from The Money Advice Service as a guide.
When you are purchasing a property – there are usually five key areas. These are:
- 1. Finding a Property
- 2. Making an Offer
- 3. Arranging Solicitors
- 4. Finalising Offers and Mortgages
- 5. Exchanging Contracts
Finding a Property
When you are trying to answer the question – what is the moving house process – it can be frustrating. If you are anything like me when I was first considering buying a property, then you will find yourself looking at properties that are currently available on useful sites such as RightMove.co.uk and Zoopla.
Once you have decided on the area that you would like to live in – check out the recently sold properties. These will give you an idea of what the house prices are like. Then just ask yourself a few questions. Can I afford this area? Will I be able to make regular repayments on time? Does my budget allow for it?
These are all questions that need answers and will make your life as a homeowner a hell of a lot easier.
Making an Offer
Now that you have found a property that you like, is based in an area that you can afford and sits within your budget – you will need to make an offer to the seller and their chosen agent.
If you are a seller – you will need to pay the estate agent. This is usually between 0.5% and 3% of the selling price. For example: If you were selling a property that was priced at £135,000 you would need to pay an estate agent a minimum of £675.00 plus any VAT.
However, you do not need to worry about any estate agent fees when you are the buyer and you want to make an offer.
Solicitors and Surveyors are in place to make sure that there are no problems with the property that you want to buy – if there is an issue, it could affect the value of the property. Your chosen solicitor will handle any legal work around the property. Solicitor fees can range anywhere from £500 up to £1500 exclusive of any VAT.
The solicitor will then submit a number of checks and searches with the local council. This is to check whether there is any planning or local problems that may affect the property value. Council checks can range between £250 and £300 depending on who you choose to do business with.
Finalising Offers and Mortgages
Depending on the results of your solicitor’s surveys – you may want to renegotiate the price of the property. For example: If you have placed an offer of £135,000 and the survey reports that there are a number of faults that require significant investment in order to repair it, you may ask your solicitor to change your offer, reducing it down to £128,000 leaving you with some cash to refurbish the property.
Alternatively, your mortgage lender may not deem the property as valuable as the seller. This could result in a smaller budget and mean that you are unable to match the asking price.
Unfortunately, problems do arise and as a result the seller may withdraw the property from the market, your offer may be rejected or your mortgage application might fail. Unfortunately this is common with the moving house process. We appreciate that this isn’t always the correct answer to what is the moving house process.
As long as there are no issues with your purchase and application – everything should run pretty smoothly. If this is the case, you should expect to receive the contracts from your solicitor to sign and return in order to complete the sale/purchase.
So What Is The Moving House Process?
Hopefully we have been able to provide an answer the what is the moving house process?
Finding a property you like is easy – finding a property that you can afford is different. Use open source mortgage calculators to see how much you can borrow from a lender and go from there.
Once you have found a property that you can afford, you will need to make an offer. This is usually done through an estate agent. If you are the seller, you will need to pay the agents on completion.
Solicitors and surveyors will complete a number of checks on the property. Depending on the results, you may be able to negotiate the price of the property with the agent/seller. Once you are happy with everything that has been agreed – your solicitor will confirm the offer on your behalf and finalise any prices and mortgages.
As long as everything goes smoothly, you will sign and exchange contracts to confirm the sale.
If you are moving into a property – using a removal team is the cheapest option if you require transportation. Use these Removals in London as a guide. Moving on a weekday is cheaper and often means that you are able to get better rates.