Buying a property for the first-time

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Outline of Process Buying a UK Home

• Process Stage 1: Finding a property

• Process Stage 2: Having your offer accepted

• Process Stage 3: Exchange

• Process Stage 4: Completion

Stage 4: Completion

What happens	What you pay
Between exchange and completion your mortgage lender will transfer the amount of your mortgage into your solicitor’s account which will be sent to the seller’s solicitor on completion day. The solicitor does the necessary paperwork to register you as owner.	Your solicitor’s bill - normally about £400 to £600 but more if you are buying a leasehold property and about twice as much if you are also selling a property.
Your solicitor pays stamp duty on your behalf.	Currently bands are zero on property’s worth up to £125,000, 1% on properties sold for between £125,001 and £250,000, 3% on properties costing between £250,000 and £500,000 and 4% for transactions of more than £500,000.
Your mortgage is up and running	Monthly payments from now on – for 25 years or whatever term you agreed with the lender.
Your broker’s work is done	The broker’s fee – sometimes free, sometimes a flat rate or a percentage of the loan amount.
You hire a removal van to move your stuff to your new house.	Anything from £200 upwards depending on how much stuff you want to move and how far.

To read more on this subject please see the list below or your mortgage guide or your home buying guide

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Value of Property	£
		(eg 125000)

Borrow How Much?	£
		(eg 92500)

Your Mortgage Type

First time buyer?		Yes No
Have you found property?		Yes No
Country

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Value of Property

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(eg 159000)

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(eg 125000)

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Mortgage Sorter is part of The Money Sorter group, which specialises in giving independent, consumer-friendly, information on UK personal finance. Mortgage Sorter gives impartial information, not advice, on all aspects of UK mortgages, helping normal people who are trying to make sense of all the jargon you tend to come across when buying any personal finance product. Online since 1999.

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Outline of Process Buying a UK Home

Process / Outline / Flow Chart of Buying a Home

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