The Complete Guide to Buying a Home
Buying a home is exciting, but there is a lot to keep track of between your first viewing and collecting the keys. Whether you are moving for more space, downsizing or buying for the first time, knowing what happens next can make the process feel much more manageable.
At Paul Graham, we help buyers find homes across Carshalton, Wallington, Sutton and the surrounding areas. Here is our straightforward guide to buying a home in England, from setting your budget to moving day.
1. How much can you afford to spend?
Start with the monthly payment you would be comfortable making, then work back to a realistic purchase budget. A mortgage lender or broker can explain how much you might be able to borrow and help you obtain an agreement in principle. This is useful when arranging viewings and making an offer, although it is not a guaranteed mortgage offer.
Allow for more than the deposit. Your budget may also need to cover solicitor or conveyancer fees, searches, a survey, mortgage fees, Stamp Duty Land Tax where applicable, removals, insurance and any immediate work to the property. If you are buying a flat, look closely at its ongoing service charge, ground rent where applicable and any planned major works. Check current stamp duty rules for your circumstances before committing to a price.
If you also have a property to sell, understand its likely sale price and your position in the chain. Being clear about both sides of your move makes it easier to act when the right home appears.
2. What should you look for in a new home?
Decide which features you need and which you would simply like. Bedrooms, outdoor space, parking, access to a station and room to work from home may matter more to you than the current décor. Consider how long the property is likely to suit your needs, as well as how it works today.
Explore the area in person. Walk to the station or local shops, check your likely commute and spend time on the street at different points in the day. If schools matter to your search, check admissions and catchment information directly with the relevant school or local authority rather than assuming proximity guarantees a place.
Browse our properties for sale or register your requirements. Tell our team what matters to you so we can speak to you when a suitable home becomes available.
3. How do you get the most from a viewing?
Picture your normal day in the property. Is there enough storage? Does the layout work for your furniture? Where would you park, and what is the route to work or school like? Try to see beyond cosmetic changes while paying attention to signs of maintenance issues.
Useful questions to ask include:
- Why is the owner selling, and is there an onward chain?
- How long has the property been on the market, and have there been changes to the asking price?
- What is included in the sale, such as appliances, blinds or a garden shed?
- Have extensions or significant alterations been carried out, and is the paperwork available?
- When were the boiler and roof last serviced or replaced, if known?
- What parking arrangements, rights of access or shared areas should you know about?
- For a flat, how long is the lease, what are the service charge and ground rent, are there any restrictions, and are major works planned?
The agent may need to check some answers with the seller or managing agent. Ask for important points to be confirmed through your conveyancer before exchange. If you are seriously interested, a second viewing at a different time of day can be worthwhile. Make a few notes after each visit so the properties do not blur together.
4. How do you make an offer?
An offer involves more than a number. Tell the estate agent the amount you are offering, how you intend to fund the purchase, provide evidence of purchase funds and whether you have a property to sell. Give the details of your mortgage broker and conveyancer if they are appointed, along with any proposed timescale or conditions. If you would like certain fixtures included or the property removed from active marketing, say so clearly; the seller will decide whether to agree.
Base your decision on the property, comparable sales, its condition and what you can comfortably afford. A strong position, such as having an agreement in principle or a buyer for your own home, can be helpful, but every seller's priorities are different. We will put offers to the seller and keep you informed of their response.
In England, an accepted offer is usually subject to contract. Neither party is legally committed to the sale until contracts are exchanged, and the seller decides whether to stop marketing during that period.
5. What happens after an offer is accepted?
You will need to formally instruct a solicitor or licensed conveyancer and, if you are borrowing, complete your full mortgage application. The estate agent normally issues a memorandum of sale showing the agreed price and the parties' conveyancer details. You will also be asked to provide identification and evidence of your funding as part of the checks involved in a property purchase.
Your conveyancer examines the contract and title, orders relevant searches, raises questions with the seller's conveyancer and reports to you on what they find. If you are buying with a mortgage, your lender will also assess whether the property is suitable security for the loan. A mortgage valuation is for the lender and is not a substitute for a survey of the home's condition.
Consider instructing an independent surveyor, particularly for an older property or one with visible alterations or defects. If a survey reveals a concern, find out what it means and what any remedy might cost before deciding how to proceed. Your surveyor and conveyancer can help you identify which issues require further investigation.
Paul Graham, has a dedicated sales progressors. Once a sale is agreed, they stay in contact with buyers, sellers and their representatives, follow up outstanding steps and help keep everyone informed as the chain progresses. Your conveyancer remains responsible for legal advice and the conveyancing work.
6. What deserves extra attention when buying a flat?
Most flats are leasehold. Before you commit, ask your conveyancer to explain the lease length, ground rent terms where relevant, service charge accounts and budget, reserve fund, building insurance, rules on pets or letting, and any proposed major works. If the property is described as having a share of freehold, ask how that share is held and what responsibilities come with it.
The seller's conveyancer may need information from the freeholder or managing agent. This can affect the timescale, so it helps to ask about the management arrangements early. Your mortgage lender may also have requirements relating to the lease and building.
7. When do you exchange contracts and complete?
Exchange takes place when both sides are ready, the outstanding legal matters have been resolved and a completion date has been agreed. Your conveyancer will talk you through the contract, deposit, mortgage and insurance requirements before you authorise exchange. Once contracts are exchanged, the purchase becomes legally binding.
Completion is the day the remaining purchase money reaches the seller's conveyancer and the legal transfer takes place. Once the seller's conveyancer confirms completion, the estate agent can release the keys. Avoid assuming a particular key collection time when booking removals, especially if there is a chain.
Before moving day, arrange utilities and insurance as appropriate, book removals, update your address and ask about any final visit you need to measure up. On arrival, take meter readings and check that the agreed fixtures and fittings remain. Your conveyancer will deal with post-completion work, including the Stamp Duty Land Tax return where required and registration of ownership.
Frequently asked questions
Do I need a mortgage agreement in principle before viewing?
It is not always required, but it helps establish your budget and can make your position clearer to a seller. It is a preliminary indication, not a final lending decision.
Is an accepted offer legally binding?
Usually not in England. The purchase becomes legally binding when contracts are exchanged, subject to the terms of the contract.
Do I need a survey if the lender has valued the property?
A lender's valuation is carried out for lending purposes and does not give you the same information about the property's condition as an independent home survey.
How long does buying a home take?
There is no reliable single timeframe. Searches, mortgage arrangements, enquiries, leasehold information and the length of the chain can all affect progress. Your conveyancer and our sales progressor can help you understand what is outstanding in your particular purchase.
Can I view the property again after my offer is accepted?
Usually, a further visit can be arranged with the seller's agreement. Let us know what you need to check, whether that is furniture measurements or a question raised by your survey.
Ready to start looking?
Speak to the Paul Graham team about your plans. We can help you understand the local market, arrange viewings and keep in touch as suitable homes come onto the market. Call Carshalton on 020 8773 7200 or Wallington on 020 8669 5201, or contact us online.
