Steps to Buying a House

bigronnie9

I just wanted to see if I've forgotten anything/overlooked anything here! For my own peace of mind but also might be useful for others new to this, feel free to edit or add anything:

1. Get Mortgage Approval from Bank / or through broker
2. Find a house
3. Bid on house / houses
4. Have offer accepted on house
5. Inform Bank and solicitor of house
6. Get engineer to do survey / report
7. Inform Auctioneer you are happy to proceed
7. Inform Bank and let them send away final loan application once rate/term etc have been decided
8. Auctioneer to inform sellers and confirm we are to proceed

9. Is it at this stage that you are officially sale agreed???

10. Auctioneers send on any certs etc that engineer has requested
11. Auctioneer to send on Bank details for booking deposit to be paid
12. Transfer booking deposit

Or is it at this stage you are Sale Agreed?? I'm not sure

13. Solicitor to contact auctioneer and sellers solicitor

From what I gather there is a good few steps here regarding deeds etc for the solicitors to complete

14. Contracts signed by both parties
15. Transfer money to solicitor
16. Solicitor pays stamp duty and then transfers deposit to sellers solicitor
17. Arrange House insurance (mandatory)
18. Arrange Mortgage Protection (mandatory)
19. Arrange Life Insurance (optional)
20. Draw down mortgage from Bank


Have I left anything out or gotten any steps mixed up?

theboringfox

bigronnie9 wrote: »

I just wanted to see if I've forgotten anything/overlooked anything here! For my own peace of mind but also might be useful for others new to this, feel free to edit or add anything:

1. Get Mortgage Approval from Bank / or through broker
2. Find a house
3. Bid on house / houses
4. Have offer accepted on house
5. Inform Bank and solicitor of house
6. Get engineer to do survey / report
7. Inform Auctioneer you are happy to proceed
7. Inform Bank and let them send away final loan application once rate/term etc have been decided
8. Auctioneer to inform sellers and confirm we are to proceed

9. Is it at this stage that you are officially sale agreed???

10. Auctioneers send on any certs etc that engineer has requested
11. Auctioneer to send on Bank details for booking deposit to be paid
12. Transfer booking deposit

Or is it at this stage you are Sale Agreed?? I'm not sure

13. Solicitor to contact auctioneer and sellers solicitor

From what I gather there is a good few steps here regarding deeds etc for the solicitors to complete

14. Contracts signed by both parties
15. Transfer money to solicitor
16. Solicitor pays stamp duty and then transfers deposit to sellers solicitor
17. Arrange House insurance (mandatory)
18. Arrange Mortgage Protection (mandatory)
19. Arrange Life Insurance (optional)
20. Draw down mortgage from Bank


Have I left anything out or gotten any steps mixed up?

you are sale agreed at step 4

both parties legally committed at step 14

best of luck with house hunt

philderbeast

bigronnie9 wrote: »

18. Arrange Mortgage Protection (mandatory)

I would move this higher up the list. Our sale is being held up by needing specialists reports for a pretty common pre-existing condition. Insurance companies can drag things on dotting their i's and can take weeks to get signed off. Better to get this sorted before paying your 10% deposit.

LirW

If you're a cash buyer you can skip a lot of steps. But basically you're right, you're Sale Agreed once you have an offer accepted and the booking deposit paid and you're legally bound to close after signing contracts.