The Home Buying Process

If you're a first time or inexperienced property buyer, you may find the following steps helpful when buying a home. If you choose Park View Mortgages Ltd we will be here to help you every step of the way.

Step 1 - Find your ideal home. But visit at least twice before making an offer. Drive past at different times of day to identify things like parking problems or heavy traffic.

Step 2 - Research similar properties in the area to make sure the price is right, and then make an offer through the Estate Agent.

Step 3 - Contact Park View Mortgages Ltd so we can get you a mortgage agreement in place. We can confirm to the vendor (a vendor is the person who is selling the property) or estate agents that you are in a position to buy.

Step 4 - Offer been accepted? Great. Call us right away to get your mortgage application moving, and find you a solicitor if you haven't already got one.

Step 5 - Your mortgage lender will instruct the property valuation / survey to ensure the property is mortgageable.

Step 6 - Once the valuation / survey report has been received by the mortgage lender and all other lending criteria has been satisfied, they will issue the formal mortgage offer.

Step 7 - Watch and wait, while all of the searches and other legal aspects are taken care of.

Step 8 - Exchange of contracts. You're now committed to your purchase and should arrange your building insurance and life cover to be put on risk.

Step 9 - Completion. Well done, you now own your home.

Important facts about buying a property

Stamp duty - This is paid on completion of the purchase via your solicitor, so make sure you budget for it in advance. Stamp duty is an indirect tax, it is payable on the purchase price of your property at:

• 1% from £125,000 up to £250,000
• 3% from £250,001 up to £500,000
• 4% above £500,000

Solicitor's fees can be expensive. Make sure you get a quote in advance, so you can budget for these costs, which include third party disbursements for things like search fees. Park View Mortgages Ltd can introduce you to a solicitor who we have had a good working relationship with.

Insurance for the building must be in place on the day you exchange contracts. We are happy to arrange competitive buildings insurance for you and make sure your solicitor and new mortgage lender has the details prior to your exchange date.

Give Park View Mortgages Limited a ring on 0161 773 1069 or email us with an online enquiry.

Solicitors are not regulated by the Financial Services Authority. A fee may be payable.