Homebuyer's checklist

 Homebuyers Checklist: Your Guide to Buying a Home in the UK

      Assess Your Finances

• Check your credit report and score.
• Calculate your budget considering your income, savings, and existing debts.
• Determine how much you can afford for a deposit (usually 5-20% of the property price).

     Save for Your Deposit and Additional Costs

• Start saving for your deposit and consider additional costs such as legal fees, survey costs, and moving expenses.

     Understand Mortgage Options

• Research different types of mortgages: fixed-rate, variable-rate, interest-only, etc.
• Use online mortgage calculators to estimate your monthly repayments.

     Consult a Mortgage Broker

• Schedule a meeting with a mortgage broker to discuss your options and get pre-approved for a mortgage.

     Gather Necessary Documents

• Proof of identity (passport or driving licence).
• Proof of address (utility bills, bank statements).
• Proof of income (payslips, tax returns).

     Obtain a Mortgage Agreement in Principle (AIP)

• Get an AIP from your broker to show sellers you are a serious buyer with financial backing.

     Define Your Requirements

• List your priorities: location, number of bedrooms, type of property, etc.
• Research areas and properties within your budget.

     Start Viewing Properties

• Arrange viewings for properties that meet your criteria.
• Take notes and photos during viewings for comparison.

     Make an Offer

• Once you find a property you like, make a formal offer through the estate agent.
• Be prepared to negotiate on price and terms.

     Hire a Solicitor or Conveyancer

• Appoint a legal professional to handle the conveyancing process, including searches, contracts, and completion.

     Apply for Your Mortgage

• Submit your full mortgage application to your lender with the required documents.

     Arrange a Property Survey

• Book a survey to assess the condition of the property and identify any potential issues.

     Review and Exchange Contracts

• Your solicitor will review the contract and once satisfied, exchange contracts with the seller. You’ll need to pay a deposit (usually 10% of the purchase price) at this stage.

     Arrange Home Insurance

• Organise buildings insurance to start from the date of exchange.

     Finalise Mortgage

• Your lender will release the mortgage funds to your solicitor.

     Complete the Sale

• On the completion date, your solicitor will transfer the purchase funds to the seller, and you’ll receive the keys to your new home.

     Pay Stamp Duty

• Ensure you pay the Stamp Duty Land Tax (SDLT) within 14 days of completion, if applicable.

     Plan Your Move

• Organise a removal company or enlist friends and family to help with moving.

     Settle In

• Update your address with relevant institutions (banks, DVLA, etc.).
• Register with local services (GP, dentist)

     Review Your Mortgage

• Ensure you understand your mortgage terms and set up any necessary direct debits for repayments.