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A Step by Step Guide to Moving House

(The following is a guest post)

If you’re looking to buy, generally, mortgage lenders will lend you between 75% and 95% of the total value of the property, with the remainder paid up front in the form of a deposit. Here’s a step by step guide to what you can expect when moving house  (at least here in the UK).

1. What is your budget?

If you are selling an existing property, get a valuation and use this figure as a guide. Look into the amount you can borrow; this is usually up to three times the size of your annual income, though in some cases this is higher. Look at the amount of savings or investments that you can use, and also be aware of one off costs such as legal and arrangement fees. There are mortgage calculators available online at Leeds Building Society, where you can find out monthly repayments and total costs based on interest rates, and the amount that you are planning to borrow.

2. Get a decision.

Once you have had confirmation in principle, you will know how much you are able to borrow and can begin looking for a suitable property. If you already own a property, put this on the market and wait until you have had an offer before making an offer on the new property.

3. Finalise a Mortgage Application.

There are three main types of mortgage; fixed rate, variable rate, and interest only. Once you have confirmed the type of mortgage that you require, you can use a broker, or shop around yourself to find the best deal. More information can be found here: http://www.direct.gov.uk/en/moneytaxandbenefits/managingmoney/mortgages/dg_10014973.
4. Find a solicitor.

A Licensed conveyancer or solicitor will assist with the legal and administrative side of transferring ownership. These professional services are crucial to the process and ensure any possible problems are resolved.

5. Assessment and Valuation.

The property will need a basic valuation and your application will need to be assessed. It’s possible to have a more detailed survey, and this can be carried out at the same time.

6. Receive a mortgage offer.

Once the mortgage has been valued and formally approved, you will receive an offer letter detailing the amount and terms of the loan.

7. Exchange Contracts.

Once you have organised building insurance, your solicitor will finalise legal preparations and you will be able to exchange contracts. A completion date will be agreed upon and a provisional moving date will be set.

8. Completion.

The funds will be released, and the keys handed over.

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