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The process of buying a house can be exciting but it can also be stressful at the best of times.
Each purchase is different, but we’ve created this guide to help you understand the general steps involved in the house buying process.
Before you start looking for a property, it’s important to get your finances in order.
Speak with a great mortgage broker who can let you know your maximum affordability and mortgage options (we’d love to help with this of course), along with getting an understanding of any associated costs involved.
You can then have an agreement in principle (AIP) in place for your property search.
You’ll notice that instructing a solicitor is step 5 in this process, however, we believe it’s important to find a mortgage broker and solicitor early into the process. This will help avoid delays further into the process.
There’s no need to instruct your solicitor until your mortgage application has been submitted.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
Now that you know your budget & have your AIP in place, you can begin your property search with the assurance that you’ll be in a good position to make an offer.
You can then provide your AIP certificate to the seller/estate agent.
Once you’ve found the property you want to buy (exciting!), now is the time to make an offer.
We recommend having a good look online to see what else has sold or is selling within the area to get a good idea of what to offer – don’t get pressured into paying over the odds.
Your mortgage application will be submitted and your mortgage broker will liaise with the lender, sending in any documents they request.
The lender will then underwrite the case and will instruct their mortgage valuation.
Once your offer has been accepted and your mortgage application is submitted, you will need to instruct your solicitor.
Your solicitor will handle the legal side of the purchase, including searches, enquiries and the exchange of contracts.
Depending on how quickly the mortgage lender can process your mortgage application, you may wish to wait until you have your mortgage offer in place before instructing your solicitor. Your mortgage broker can help guide you on this.
Providing the valuation is satisfactory & the underwriters are happy with the case, your mortgage offer will be issued!
Separate copies will be sent to you, your solicitor and your mortgage broker.
This is completely optional, however we recommend having a private survey booked in for your peace of mind, as the mortgage valuation is for mortgage purposes only (you might not even get to see the report).
We typically recommend waiting until you have received your mortgage offer before booking in your private survey, as you’ll save yourself money if the mortgage survey highlights any immediate issues with the property that can impact your chance of getting a mortgage.
Once your solicitor has completed all the necessary checks and searches, and you have received your mortgage offer, it’s time to exchange contracts.
At this stage you’ll become legally bound to buy the property and the seller becomes legally bound to sell it to you.
It’s important to have any protection policies in force, now that you’re responsible for the property.
It’s also compulsory to have buildings insurance in place, which we recommend is in force by exchange of contracts.
On completion day, your solicitor will transfer the funds to the seller’s solicitor and the keys to the property will be released to you. Congratulations, you now own your new home (or investment)!
We hope this guide proves helpful. It’s very important to ensure you fully understand the process and the mortgage that you’re applying for, as it’s a typically a large sum of money.
Always ask lots of questions, and remember that no question is a silly question!
We focus on building long-lasting relationships with clients.
We therefore charge a reduced fee for our existing client remortgages.
Click here for more detail.
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As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home or property. The Financial Conduct Authority does not regulate commercial buy to lets and some forms of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage
We typically charge a fee for our services, which is dependent on the amount of administration required. Please refer to our terms of business for further information.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The purpose of any content on this site is to provide technical and generic information and should not be interpreted as a personal recommendation or advice.
We aim to provide the best possible service to our clients. However, if you have a complaint that we’re unable to resolve, please see our complaints policy.
Rose Hill Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. You can find us on the Financial Services Register https://register.fca.org.uk/ under reference 912303. Registered office address: 1 Bell Street, 2nd Floor, London, England, NW1 5BY. Registered in England and Wales. Company registration no: 11997519.
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