The House-Buying Process – Part 3

During the last two weeks, we have released Part 1 and Part 2 of our step-by-step guide to house-buying and have looked at the following topics:

  • Organising your finances
  • Finding your perfect home
  • Making an offer, and
  • Getting a survey.

This week, as shown below, we release the third and final installment of our house-buying guide.

The Step-by-Step House-Buying Guide – Part 3


5. Instruct a solicitor

To help you complete the house-buying process, you will need to use a solicitor that specialises in property. Your solicitor will be able to complete all of the property searches that are required and will facilitate the exchanging of contracts between you as the buyers and that of the house sellers. Once property contracts have been exchanged, the sale of the house is legally binding and and it’s extremely difficult for either you (as the buyers) or the sellers to get out of the contract.

Your solicitor will also take responsibility for transferring your deposit funds from your bank account to that of the sellers. They will also oversee that your mortgage funds are transferred from your mortgage lender to your seller’s bank account.

Another transaction that your solicitor will usually take responsibility for is that of paying your stamp duty land tax. This is a tax that is currently paid on all property purchases over the value of £125000. The amount of tax paid is a percentage of the property price and so the amount paid by buyers varies with each property purchased.

Once contracts have been exchanged and all of the financial transactions have taken place, the property being purchased is now yours and the keys can be released to you as the new homeowners.

6. Moving Day

The day you’ve waited for has now arrived! Contracts have been exchanged, money has been transferred and the keys have been released to you – you are now the proud owner of a property you can start to call ‘Home’.

The decision you know have to make is whether you want to complete all of the removal process yourself by hiring a self-drive van and convincing family and friends to help or you can take some of the stress out of moving by paying for the services of a professional removal company.

Once you are finally settled into your new home, as long as you keep up with your mortgage payments, the property will remain yours until you decide to start the house-buying process all over again and move to your next property.


We hope that you found this step-by-step House-Buying Guide useful. If you have questions regarding any aspect of mortgages and would like some mortgage advice, please get in touch.