Embarking on the journey of buying or selling a property is an exciting and significant endeavour. Whether you are a prospective homeowner eager to secure your dream residence, or a seller looking to part ways with your current house, a solid understanding of the UK house buying process is indispensable.
The UK House Buying Process
Step 1: Determine Your Budget
One of the initial and most crucial steps in the home buying process is establishing a clear and realistic budget. Calculate the amount you can comfortably afford by taking into consideration your savings, income, and potential mortgage options. This step lays the foundation for your property search.
Step 2: Identify Your Requirements
Next, identify your property requirements. Distinguish between your “must-haves” and “nice-to-haves”. Factors to consider include location, property size, the number of bedrooms, specific features, and desirable amenities. A clear understanding of your needs will help you target properties that align with your lifestyle and preferences.
Step 3: Seek Mortgage Pre-Approval
Getting pre-approved for a mortgage is a crucial step in the house buying process for prospective buyers. This process not only offers insights into your borrowing capacity but also streamlines the buying process. Furthermore, it positions you as a more attractive buyer to sellers, increasing the likelihood of your offer being accepted.
Step 4: Start the Property Search
With a defined budget and a clear list of property requirements, you can begin your property search. Utilise the expertise of a local estate agent like Bush & Co to access a wide range of listings. Our knowledge of the local market and available properties can prove invaluable in finding your dream home.
Step 5: View Properties
Upon identifying potential properties, schedule viewings to experience them in person. These visits provide the opportunity to assess whether the property meets your expectations, and to gauge the overall fit with your needs and lifestyle.
Step 6: Make an Offer
Once you’ve found a property that meets your requirements, you’re ready to make an offer. When offering the agent will usually ask for information about the chain and how you will be funding the purchase. Work with your estate agent to craft a competitive offer. The negotiation process may come into play, and your agent’s experience will guide you through this phase.
Step 7: Once Your Offer Has Been Accepted
Congratulations! Upon having your offer accepted, the transaction progresses through various stages; it is now time to instruct a solicitor of your choice, submit your full mortgage application and arrange any necessary surveys. Ensure that everything aligns and is in order to enable you to move forward with the purchase.
Step 8: Exchange Contracts
The exchange of contracts is the point at which the transaction becomes legally binding and will take place once your solicitor is legally satisfied. A deposit is typically required at this stage, solidifying the commitment of both parties to the sale.
Step 9: Completion and Move-In
The day of completion is when you receive your keys and can move into your new home. It involves the payment of the remaining balance and officially transferring ownership of the property to you.
The House Selling Process
Step 1: Property Valuation
For sellers, the journey begins with a professional property valuation. This process determines the market value of your property, a critical factor in setting a competitive asking price.
Step 2: Choose an Estate Agent
Selecting an experienced local estate agent like Bush & Co is pivotal. We offer valuable insights, marketing strategies, and comprehensive support throughout the process. Your estate agent is your trusted partner in the sale of your property.
Step 3: Prepare Your Property
Before listing your property, it’s advisable to address any necessary repairs and improvements to enhance its overall appeal. First impressions count, therefore we recommend having a general clean and declutter. If you need more of a guide to the sorts of things that can help, have a look at our tips on kerb appeal.
Step 4: Marketing and Listing
Your estate agent takes charge of creating an engaging property listing. This listing includes high-quality photos and detailed descriptions. Once you have approved the marketing material it is then published across various platforms to reach a wide pool of potential buyers. An Energy Performance Certificate (EPC) is legally required in order to sell a house, this gives your property an energy efficiency rating, your estate agent will be able to assist in arranging one.
Step 5: Viewings and Offers
Prospective buyers will schedule viewings, during which your estate agent will manage offers and negotiations on your behalf. Once a suitable offer is accepted, the selling process advances.
Step 6: Legal Procedures
The sale involves several legal steps, including property surveys, contracts, and property searches. A property solicitor, working closely with your estate agent, will guide you through these processes.
Step 7: Exchange Contracts
Upon meeting all legal requirements and ensuring that everything aligns, contracts are exchanged by solicitors. This marks the point at which the sale becomes legally binding.
Step 8: Completion
The completion day is the final step in the sale process and the day you will hand over the keys to the new owner. It involves the buyer paying the remaining balance, officially transferring ownership of the property to them.
Let us make your house buying process as seamless as possible
Navigating the intricate house buying process (or house selling process!) for a property demands astute guidance and local expertise. With our profound knowledge of the Cambridge property market and proven track record, Bush & Co are the perfect partners for this journey.
Whether you aspire to secure your dream home or aim to achieve the best deal for your property, Bush & Co is your trusted local expert. Contact us today, and let’s commence the path to realising your objectives in the Cambridge property market.
