The Entire Home Buying Process. Explained.

Buying a home can be a very daunting and scary thing to embark on. Here at Estatio, we want the information to be readily available whenever you need it.

Maybe you are a first-time buyer getting on the property ladder, or you may not have been through this process in years and want to know if the process has changed.

Here is a step-by-step guide on the process of buying a home.

Step 1: Define your goals – The first step is determining what home you want to buy. To figure this out, work out what the non-negotiables are for you. How many bedrooms do you want, how many bathrooms? Do you want a big garden?

Another good way to look at it is to think about things that you don’t mind that other people might. For example, school areas are big deciders in home buying for families; if you don’t have children, the school catchment areas don’t matter. Being near busy roads won't bother you if you area heavy sleeper. Coming up with a list of things you don’t mind and must have will considerably shorten your search.

Step 2: Get pre-approved – When buying a house, a lender needs to look at your financial information and see if they would like to agree to lend you a certain amount of money conditionally.

Hello Mortgage, our partner company, hosts a team of expert mortgage advisers that can help you to find the perfect deal for you based upon your unique situation and be able to find you an agreement with a lender that perfectly suits your needs and your finances.

Once a deal has been agreed upon the lender will check your financial documents and your credit score. From this information, the lender will determine how much you can borrow.

Step 3: Hire an Agent (if you are also selling your property. If you are a first-time buyer, you can bypass this step): Hiring an estate agent to showcase your home and hand let he back and forth between the buyer and yourself.

Step 4: Find a home – Find the perfect home for you using your list previously created. Most people book viewings through listing websites like Rightmove; here at Estatio, it can be done online. All listings on our website will then be shown to you by the same person, allowing for that sense of familiarity as they get to know tastes and opinions.

Step 5: Make an Offer –Finding a home you love and making an offer can be challenging, especially when it comes to pricing. Speaking with us at Estatio and Hello Mortgage can offer guidance on determining the right offer for your desired home.

Step 6: Offer Accepted – The seller of the property agrees to your offer. The seller's estate agent will give you a memo of sale which begins the legal process.

Step 7: Legal work commences.

Conveyancers carry out the legal work involved in transferring property ownership. They manage all the necessary legal processes to transfer a home from one person's name to another. The conveyancing process includes conducting searches and checks to ensure that the property meets legal requirements and is suitable for living.

At Estatio, we have partnered with the conveyancing firm Sort Legal to streamline this process. By having everything done under one roof, we aim to make the property transfer as simple and efficient as possible for you!

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Step 8: Mortgage application – Speak with a Mortgage Broker to secure a mortgage. You must provide all the information necessary to review and verify your finances. This will investigate your capacity to repay the loan and any liabilities that may stop you from doing so. These documents include bank statements, Proof of deposit and ID checks.

Step 9: Mortgage Evaluation – After the mortgage application has been submitted, the lender will conduct a property evaluation to ensure that the mortgage offer is fair for the property you have proposed.

Step 10: Arrange another viewing if it feels needed for furnishing the home – Many people do this to ensure the furniture will fit in the rooms you want it to etc, giving yourself more information to plan a decorating plan on moving day. This step is not completely necessary but is advised.

Step 11: Exchange of contracts – This is where the seller and buyer exchange contracts so the legal agreement can be made. This is also the point where you'd pay your conveyancer.

Step 12: Home insurance – Home insurance protects your new home and personal possessions. While building insurance is mandatory and covers the home structure, it does not cover personal belongings. It's advisable to get home insurance to ensure everything is protected in the home. Make sure to have your insurance in place before moving day to protect against potential damages.  

Step 13: Sign the closing documents – Sign all the necessary documents to legally change the legal information into your name and then pay your closing fee.

Step 14: Moving Date - On completion day, the seller vacates the property, and your keys will be available for you to move in. Now it’s time to enjoy your dream home!

The home-buying process can be daunting, but it is not helped by the long list of people you need to contact at the start and throughout the process.

At Estatio, we have established strong partnerships with Hello Mortgage and Sort Legal, providing a comprehensive solution for all your needs throughout this journey. This collaboration creates a central hub for all the information required during the home-buying process.

By working with the same team of professionals, we ensure clear communication between estate agents, mortgage advisers, and legal experts, making your experience more streamlined and efficient.

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To start this journey, Contact us today!

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