The buying process

1. Work Out Your Budget

Before you start browsing properties, it’s important to know how much you can afford. This includes:

• Deposit: Typically, you'll need at least 5–10% of the property's value.

• Mortgage: Speak to a mortgage advisor or lender to get a mortgage in principle.

• Additional Costs: Don’t forget about stamp duty (if applicable), legal fees, survey costs, removal fees, and other expenses.

2. Start House Hunting

Once you know your budget, you can start searching for properties that meet your needs. Use online portals, estate agents, or even attend local property auctions.

Things to consider:

• Location and transport links

• Local amenities (schools, shops, parks)

• Size and layout

• Condition of the property

Arrange viewings and don't be afraid to ask questions during your visit.

3. Make an Offer

When you find a property you love, you can make an offer through the estate agent. This is usually done verbally, followed by confirmation in writing. You may go back and forth negotiating until both parties agree on a price.

Once accepted, the property is marked as "Sold Subject to Contract" (SSTC).

4. Instruct a Solicitor or Conveyancer

A solicitor or licensed conveyancer will handle the legal aspects of your purchase. Their responsibilities include:

• Carrying out searches (local authority, environmental, water & drainage)

• Checking the title deeds

• Drafting contracts

• Liaising with the seller’s solicitor

It’s advisable to choose a solicitor with property experience and good reviews.

5. Arrange a Survey and Finalise Your Mortgage

Your lender will arrange a valuation survey to confirm the property is worth the loan amount. You can also choose to have a more detailed homebuyer’s report or building survey to uncover any potential issues.

Once your lender is happy, they’ll issue a formal mortgage offer.

6. Exchange Contracts

Once your solicitor is satisfied with the legal checks, and your mortgage is in place, you can exchange contracts with the seller. At this stage:

• You’ll pay your deposit (usually 10%)

• A completion date is agreed upon

• The sale becomes legally binding

If either party pulls out after exchange, there can be serious financial penalties.

7. Completion Day – Get the Keys!

On the agreed date, the remaining funds are transferred to the seller’s solicitor. Once confirmed, ownership officially transfers to you.

Randalls Residential Estate Agents in Basingstoke work closely with local mortgage advisors, solicitors and surveyors so if you have any questions regarding buying or selling a home please get in touch with either Simon or Ben on 01256 345635