The 9 Steps to Buying Your New Home
Buying a new home will most likely be the biggest investment you ever make. You’ve seen lots of homes, explored the fine details and specs, and after all that, you’ve settled on your dream home, and it’s a new build.
So, what comes next?
At Anthology, we pride ourselves on helping our customers navigate through the buying process with ease. In fact, 91% of buyers at Deptford Foundry rated their experience as ‘Excellent.’
Come with us as we take you through the steps of buying a new home.
1 – Reserving your new home
So, you’ve decided on your dream home. If buying with Anthology, you will have engaged with our friendly Anthologists: your next step is to inform them of the home you wish to reserve.
Our Anthologists will be with you whenever you need them and will be by your side to guide you through the process. As quoted by one of our customers: “Everyone has been incredibly helpful, nothing is too big or too small that can’t be dealt with or answered. I couldn’t have asked for a better experience.”
The reservation fee will be either £500 or £2,000, dependant on if you’re using Help to Buy or not, so make sure you have enough in the bank.
Before reserving, make sure you are aware of the expected completion date. If buying off-plan, you will need to consider your current living arrangements, the timescale you may need to sell an existing property, or the possibility of negotiating a current rental agreement to fit moving into your new home.
2 – Speak to a mortgage advisor
We always strongly advise you to speak with a mortgage advisor. You may even want to do this before reserving, as they will advise you on costs involved with buying a property (such as stamp duty costs) and will calculate whether it is affordable to you. If you’re reserving through the Help to Buy scheme, you will need a mortgage broker to assist you in making your application to Help to Buy.
Once you have reserved, a mortgage advisor can assist with advising on the best mortgage for you and will answer any questions
Congratulations, you are almost there!
3 – Instruct a conveyancing solicitor
Buying a new home can be a complicated process, with lots of legal mumbo jumbo involved. Luckily, a qualified expert can assist and break everything down for you.
They will deal with all the legal work associated with the conveyancing process. Once the reservation is confirmed, they will work towards exchanging contracts with legal completion following in due course.
4 – You can secure your mortgage
Once you’ve decided on a mortgage product with the help of your financial advisor, arrangements will be made to secure a formal offer of finance. Your lender will arrange for a surveyor to complete a valuation of the home. If buying off-plan, this is based on plans and specifications and if the home is complete or nearly complete, they will visit the property itself. Mortgage offers are usually valid for up to 6 months, so depending on the completion of your new home, you might be able to apply sooner than you think!
5 – Paying your deposit
Next up, you’ll need to pay your deposit. If using Help to Buy London, you pay a 5% cash deposit, otherwise the deposit will typically be 10% of the property’s overall value.
6 – Exchange time!
You’re almost there. Remember, within 21 days of reserving your new home, you will need to exchange contracts.
Your solicitor will have been discussing details with you the whole way through. Once everything has been signed and agreed, your solicitor will send the information to the developer’s solicitor, and a mutual agreement to ‘exchange’ will take place over the phone.
7 – Completion
Now, if your new home is ready to move into from the date of exchange, you may be able to move straight forward to completion. If that’s you, congratulations!
If not, then it’s likely you bought the property off-plan and will need to keep talking to the developer to confirm when this is expected to take place. At Anthology, our Anthologists are always on hand to help. As two of our previous customers said:
“The Anthology team has been so accommodating of us popping in, as they have been along the whole process. They truly have been great and made the buying process enjoyable rather than daunting, which it could possibly be for first time buyers.”
Completion is the time when you pay all outstanding solicitor fees, the balance of the purchase price of your home, and other associated costs. Once this has been received by the developer’s solicitors, you’ll receive the keys and be the proud owners of your new home.
8 – It’s time to move!
Moving in can be very stressful, with plenty to sort and set up. Make sure you use the opportunity to have a clear out and recycle any old clothes or furniture that you won’t be using. Labelling boxes and packing methodically can help relieve some of the stress the other end.
9 – Home sweet home
You have your legs up on the sofa and can finally look around and admire your new home. It’s time to pop open the champagne. Congratulations!
Remember that moving home doesn’t need to be complicated. If moving with Anthology, our Anthologists will be there with you every step of the way. Like one of our customers said: “Anthology have been there every step of the way with me. Everyone has been incredibly helpful; nothing is too big or too small that can’t be dealt with or answered. I couldn’t have asked for a better experience”