A quick guide
Buying your dream home
We’ve outlined the process of buying a property, from working out a budget to finally getting the keys.
Buying your home.
Buying a home can be daunting and sometimes stressful, but understanding each step of the process will help you and everybody involved.
Get in touch with your local Ocean office if you have any questions or concerns, we'll be happy to help.
Work out your budget. This will be based on the size of your deposit and the amount you can borrow, but you should also factor in costs such as stamp duty, conveyancing and surveyors fees.
Ocean Mortgages can advise on the amount you can borrow and help you plan a budget. Before you meet with an advisor, here's a mortgage calculator to help.
Get your mortgage sorted before you start your search. With a mortgage in principle, you can make a serious offer and sellers will know you mean business.
We can help you choose the right mortgage, based on your situation. See today's best deals.
The fun part – looking for your future home. Enjoy!
During viewings it might be helpful to make notes about the property, and don’t be afraid to ask any questions you have. Here's a few tips on what questions to ask on a viewing.
It’s a good idea to get quotes and research conveyancers in advance, so you can act quickly when you find the property you want.
Ocean Conveyancing can provide you with a complete and competitive quote for your planned move.
And here's an article explaining exactly why you need a conveyancer.
You’ve found the perfect place for you – so make them an offer they can’t refuse.
If the seller accepts your offer – you’re a lot closer to your dream home, the property is now ‘sold subject to contract’ (SSTC).
The agreed price will be confirmed in writing to both parties, but there’s no legal obligation until the contracts are signed.
The property is usually taken off the market.
Now is the time to instruct your conveyancer and get the legal work started, and also secure your financing or mortgage.
To avoid delays, you should appoint your chosen property lawyer if you haven't yet. And inform the estate agent straight away so that they can ensure all parties begin the conveyancing process.
Some Estate Agents might advise their seller to consider re-marketing the property if this important milestone is not met, as instructing a conveyancer demonstrates a commitment to purchase.
A formal mortgage application must be made as soon as possible. The ‘mortgage valuation’ should follow soon after. This is the lender ensuring the property is good security for the loan.
Your mortgage provider will require a basic 'valuation' survey before they make you a formal mortgage offer.
This survey does not check the condition of the property or potential issues in any detail, just that it's worth at least the amount you are borrowing.
For peace of mind, you might want to book a 'major defects' or 'full building' survey. We explain what type of survey here.
If you act quickly you may be able to combine the mortgage valuation with your survey and save money.
Arrange your survey as soon as possible to avoid causing delays and stress with the purchase.
Your property lawyer will check (and double-check) all of the legal documentation, make enquiries and conduct the necessary searches for the property.
You’re nearly there! Once your conveyancing team is happy with all legal aspects and the mortgage offer is received, both parties sign the contracts and you pay the deposit (usually 10%).
You then agree on a completion date to move in.
The mortgage funds have cleared into the seller’s account and you have the keys to your new home. It's moving in day!
Work out the budget for your move, including stamp duty and conveyancing costs.
Moving articles
Check out all the latest deals and book a mortgage appointment with our online assistant.