This Guide is intended to explain the typical steps involved in buying a property. After reading it, you should have enough knowledge to handle your purchase with confidence.

Your questions answered:
What service can I expect from an estate agent?

What costs do I need to consider?

I'm a first time buyer, what' s the process involved?

What survey will I need?

How should I choose a solicitor?

What do I need to arrange at exchange of contracts?

What service can I expect from an estate agent?
The estate agent is paid by the Vendor, so they act for them not the purchaser. He is not obliged to highlight negative aspects of the property to you. The agent will show you suitable property and put any offers to their vendor clients.

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What costs do I need to consider?
There are a number of costs to be taken into account when buying property. Typically these are: -
Solicitor's fees
(including stamp duty, local authority searches, etc)
Part payments on council tax, ground rents, service charges
About 10% deposit
Property insurance and house contents insurance
Mortgage (indemnity premium and arrangement fees - usually can be added to mortgage)
Surveyor's fees
Removal firm
Services
(any utilities that need to be reconnected, mail redirection)

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I'm a first time buyer, what's the process involved?
Roughly these are the steps involved in buying property:-

You find a property
You get a mortgage and appoint a solicitor
The mortgage company will carry out their valuation on the property
You instruct a surveyor to do a home buyers report or full survey
The Vendors Solicitor supplies draft contract, title deeds on the property to your Solicitor
Your solicitor arranges for local search and raises any queries with the Vendor's solicitor.
Once your solicitor is satisfied you can proceed to signing contracts and agreeing a completion date.
You provide the Vendor with the deposit
Signed contracts are sent to you from Vendor
Contracts are exchanged and you arrange insurance for the property
Completion takes place on agreed date
Your solicitor pays remainder of purchase price to Vendor's solicitor
Vendors solicitor confirms that sale is complete and arranges for keys to be handed over.
You move in!

Top tips for home buyers

Keep registering with estate agents.

Appoint a solicitor before you find a property.
This will avoid delay once you've found a property and want to proceed to survey. It also shows the purchaser/estate agent you're serious about buying.

Find out the history of property you're interested in. E.G. How long it has been on the market, if any offers have fallen through etc. This'll highlight any possible problems - for example did the purchaser find a problem at survey stage.

Offers should always be subject to survey.
Make an initial offer of around 10% less than the purchase price and be prepared to go upwards. You may meet somewhere in the middle. However, in a market where demand is high properties usually achieve their asking price and you run the risk of loosing it.

Establish solicitor's costs up front.
Legal costs can mount up so establish what it could cost best and worst case. That way you can budget.

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What survey will I need?
If you wish to appoint a Surveyor to prepare a report on the condition of the property then this should be done when your offer has been agreed. Normally, three types of Report are available, depending on the extent of information you require. You should ask your solicitor which type of survey is appropriate for the property you're buying.
Mortgage Valuation Report - This one is carried out by the mortgage company to determine that they are prepared to lend you money to buy the property. Often their valuation can be up to 15% lower than the asking price - this is because they are always more cautious. It does not mean that the property will not sell for the asking price. It's not advisable to rely on a mortgage valuation - the mortgage company has no legal obligation to you. So you should arrange either a Home Buyers or Full Structural Survey.

Home Buyer's Report - This is the survey which most people arrange. This was made available by The Royal Institution of Chartered Surveyors in the 1980's to bridge the gap between the basic Mortgage Valuation Report and Full Structural Survey.

Full Structural or Building Survey Report - This survey can be a very detailed report depending on what agreed with the surveyor. It goes a few steps further than the Home Buyers report and is often recommended for property that is particularly old.

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How should I choose a solicitor?
It is important to appoint a Solicitor who will deal with the sale of your property promptly. The cheapest might not be the one who looks after your interest best. It is essential the Solicitor is geared to handling residential sales, can be readily contacted and can deal with your work speedily.

What's involved in the Solicitor's role?
You may want to get your solicitor involved as soon as you make an offer (which should be made subject to survey). Your solicitor can then advise what steps to take if there are any problems with the survey.

When the buying processes starts and the Vendor's Solicitor has obtained the property title deeds etc from the Vendor's Building Society or Bank, they will prepare the contract of sale. Your Solicitor will then examine the papers and raise any queries based on the title deeds, and related matters about the property.

When your Solicitor is in receipt of all replies to enquiries, a satisfactory local search, a copy of a mortgage offer, a signed contract and a deposit cheque, they can then proceed to exchange of contracts.

The deposit cheque is normally for a sum of 10% of the purchase value of the property. You therefore need this sum in order for you to progress to exchange. Exchange means the transaction is legally binding.

Completion is normally within 28 days from the date of exchange. On completion your Solicitor hands over the remainder of the purchase money to the Vendor's Solicitor.

At completion, not before that exact time, you can move into your new home. Keys will be handed over by the Vendor or estate agent.

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What do I need to arrange at exchange of contracts?
Arrange removals- The British Association of Removers (est. over 100 years) can give you a list of removal firms in your area. BAR vet and inspect these firms and can therefore testify to their reliability. As services offered and prices differ between BAR members, BAR recommend that you contact 3 of their members to match the one most appropriate to your needs. BAR can be contacted on telephone 0181 861 3331.

Arrange insurance - Buildings & Contents - You will need to arrange insurance for your property usually when contracts have been exchanged. Visit our Insurance Center to obatian an online quotation. Your solicitor will be able to advise.

Services, Maintenance Contracts and Council Tax - It is important, in order to avoid unnecessary costs/avoid disconnection, that you notify the service authorities (gas, water, telephone, electricity) of the date that you will be moving from your property. Also you'll need to notify the service authorities in the area you are moving to of your move in date.

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Disclaimer
This buying guide is provided by thepropertyguide.co.uk. Readers should take any advice at their own risk. thepropertyguide.co.uk accept no responsibility for any action taken, or loss occurring as a result of any advice/information in their guides. This guide does not cover the Scottish estate agency system.