The Home Buying Process

You'll undoubtedly realise that buying into the housing market is likely to be the biggest single investment you'll ever make. It may seem a tad scary but it doesn't need to be. You're just buying your own place -- that's all -- and it's really not that difficult once you know how all the pieces fit together.

Our step-by-step guide will help you get your foot on to the housing ladder. What follows should answer most of your preliminary questions, as well as encourage you to ask a few more in the right places. It's the sort of stuff that we think you should know about right from the start.

Here's a quick checklist of the main stages you need to go through:

• Determine how much you can borrow
  
  
• Determine how much you can afford
  
  
• Start househunting
  
  
• Decide on the sort of mortgage you want
  
  
• Find a mortgage provider
  
  
• Agree a mortgage in principle, and obtain a mortgage certificate
  
  
• Find and appoint a solicitor
  
  
• Decide on the property you want
  
  
• Double-check all your estimated payments
  
  
• Make an offer for your desired property, which will hopefully be accepted!
  
  
• Get a survey done, if necessary
  
  
• Sort out any additional insurance, contact utility suppliers & removal men etc.
  
  
• Agree contract terms with the seller
  
  
• Exchange contracts and pay a deposit to the seller
  
  
• Complete final paperwork, pack the cat etc.
  
  
• Completion and moving day

But the first question many people have is... how long will the whole process take?

Unfortunately the answer is "it depends". The average amount of time is reckoned to somewhere between four and five months. Typically it will take a month or two to find a property that you like and for which your offer is accepted. It could then take a further two or three months to agree the contract, exchange it and then complete the deal.

One of the best ways to shorten the amount of time it takes to move is to be prepared and to do a little homework beforehand. Keep in regular contact with the people you're buying from if possible, so that potential problems can be nipped in the bud. Another way to reduce the time it takes is to try and avoid situations where there is a long "chain" of buyers and sellers, as no moves can take place until everyone's paperwork is in order. If you're in a chain of three or more property sales, things can get messy and your move could be delayed by factors outside of your control.