Buying a house guide

Whether you’re a first time buyer, or looking to make the next move on the property ladder, buying a house can be both an exciting and stressful time. The following information provides a simple overview of the buying process (N.B. this is a typical example only and your particular circumstances may differ).

1. Work out how much you can afford

Open House Online Estate Agents can help you calculate how much you can afford to borrow. We will also go through other costs associated with buying a property, to make sure that you are fully informed. See our Mortgages page to get FREE independent mortgage advice.

• Click here for mortgage information

First-time buyers – House prices across the UK have risen significantly over the last 8 years (even with a fall in prices throughout the end of 2008 and 2009). But there are ways to make it more affordable, such as buying with a partner or friends. Open House Online Estate Agents can offer advice to help you get your foot on the ladder.

2. Get a mortgage agreement in principle

This will demonstrate that you are in a position to buy, and put you in a stronger position if you make an offer on a property.

3. Choose your home

Open House Online Estate Agents do all the legwork to make buying a house as simple and stress free as possible. Search our properties online and register your details with us to receive the latest property details via email, text, phone or mail.

• Click here to search our available properties
• Click here to register with us

We cover the whole of the UK through our national network of dedicated property professionals.

Viewing properties – view the properties you are interested in as soon as possible. Leave it too long and you could lose the house. Search our properties online and click on the ‘arrange a viewing’ button and we’ll contact you to arrange a suitable time – it couldn’t be any simpler! Alternatively, our phone lines are open 24 hours a day, which allows you to arrange property viewings at your convenience.

Make good use of your lunch hours or make appointments on the way to and from work. However, unlike some other High Street and Online Estate Agents, Open House Estate Agents work flexible hours and will always try to arrange viewings when it’s most appropriate for you.

4. Hire a solicitor

Solicitors conduct all the legal work required to buy a property. ‘Conveyancing’ refers to the legal and admin work required to transfer ownership of land and buildings from one owner to another. Most solicitors will also conduct the ‘Searches’ on the property.

 Buying a new home is an exciting time. Once you have found your ideal property you will be eager to finalise all the formalities and move in as quickly as possible. To enable you to do so, you'll need to ensure that you have the right professional conveyancers working on your behalf.

Open House Legal & Conveyancing provides a highly professional and efficient service at a competitive price; meaning that buying a house happens quicker at a cost that won’t break the bank! Find out more about conveyancing and how to instruct the Open House legal team.

• Click here for conveyancing information

5. Make an offer

It's human nature to try to strike a deal, but if you find your ideal home and it seems to be priced correctly, consider offering the full asking price. This means you'll be taken seriously by the vendor (seller), there won't be any time wasting and it will lessen the possibility of another party stepping in. However, if you genuinely don’t think that the property is not worth what the vendor is asking for, then you have nothing to lose by making a reasonable offer.

The offer must be put forward to ourselves, never directly to the owner. Be prepared to provide us with as much information as possible. In addition to the actual amount you wish to offer; we will need to know your purchasing position (for example if you are a first-time buyer, if you are trying to sell an existing property or if you have accepted an offer on your current home). We will also need to know the full details of your financial situation with regard to the purchase, including who will provide and arrange your mortgage (if applicable) and what percentage will be lent, how much deposit will be provided and whether these funds are encumbered in any way. It is also essential that any timescale requirements are conveyed at the first point of offer. If there is another party making an offer on the same property you will be informed. We cannot, however, divulge the specifics of other interest.

6. Negotiation

Any offer received will be put forward to the property owner verbally at the first available opportunity, and in writing within twenty-four hours. You will be informed verbally of the owners' response as soon as they have made one. If your initial offer is rejected and you decide to increase, the process is simply repeated. It is at this stage that you will be made aware of any chain implications and the likely timescale of any agreed transaction. Due to nature of the buying process, any information provided by us concerning the transaction chain is not guaranteed and can change at any time.

7. Have a survey and valuation done

Both you and your mortgage lender need to know whether the property you intend to buy is actually worth the amount you have offered and whether there are any problems that could potentially reduce the future value of the property (e.g. structural problems). All lenders require a basic survey / valuation, but it’s advisable to get a full structural survey.

8. Legal work conducted (see point 4)

9. Finalise your mortgage

10. Exchange contracts

Once you and your solicitor are satisfied that everything is in order, the contracts can be exchanged. Once contracts have been exchanged both parties are legally bound to follow through with the transaction. At this point you hand over a non-refundable deposit as security to the seller in case the contract is not carried out. This is normally 10% per cent of the purchase price

11. Organise the move

Packing, sorting the removal, and arranging utilities are just a few of the things you need to consider! Open House can help you with this.

12. Finalise your contract details

On the day of completion you receive the keys, pay the balance on the price of the house, receive the transfer document and title deeds, and pay any additional costs (e.g. Stamp Duty, Land Registry Fees, Solicitor / Estate Agent fees).

13. Arrange buildings and contents insurance

It’s highly advisable to protect your new home and its contents from the unexpected by arranging the appropriate insurance cover. Give us a call on 08444 100 444 for a free quotation

14. Move in and enjoy your new home!

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Costs you may encounter

You will need to allow for costs that are incurred throughout the process, which may include, but may not be limited to:

• Mortgage Arrangement Fee (not usually charged by Open House Financial Services)
• Mortgage Valuation / Survey Fee
• Conveyancing Fee
• Search Fees
• Deposit (Usually 10%+)
• Buildings Insurance Premium
• Stamp Duty - Click here to work out your stamp duty
• Removal Costs
• Utilities Connection Charges

Call 08444 100 444 to see how Open House Online Estate Agents can help you find the perfect home and guide you through the complete process.