The process of buying a house in Cambridge

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The process of buying a house in Cambridge
The process of buying a house in Cambridge

Owning a house of your own is the dream of every person. There are many steps involved in the process of buying a house. One has to ensure that everything goes smoothly throughout the process. In this article, we will assist you with the step-by-step guide that is specifically designed to benefit you along with chasing your dream of buying a home. It also includes what are the things that you look for and the procedure to apply for the mortgage until you collect your house key and move into your new home. The process that involves buying a home is different for each individual as the circumstance of every person is distinct. The mortgage advisors will assist and guide you in the right direction.

1- The first step is taking the Mortgage appointment 

This is the initial step that one has to take which is to book an appointment and discuss your current situation with the Cambridge Mortgage Advisor. Both the income and the expenditure must be discussed and look into your budget, your savings amount, and the monthly repayment potential before you finalize your house.

2- The second step is a decision in principle 

As per your needs and your circumstances, your mortgage advisor will recommend the mortgage for you. The decision in principle may be provided in certain cases. This could be a sign or a confirmation that the mortgage is approved.

3- Begin your search for the house 

As you start your hunt for your house, you can search online, visit the local property agency, or the local press. If something catches your interest, you can capture its picture or take note of it. It’s a good idea to take a loyal friend or a family member to accompany you as they may give some advice or relate things that might not be noticed by you.

4- It’s your turn to make an offer

 After you have decided to buy a certain home of your choice, it is time to make an offer by telling the Estate Agency how much you are willing to pay for the house. You must always try to negotiate the price. It is also appropriate to ask what other things are included like the curtains, carpets, fixtures, and other fittings, etc. Don’t be disheartened if they turn down your offer, you can always negotiate and if it gets accepted you can proceed further.

5- Assign a solicitor  

To complete all the legal requirements a conveyancing solicitor in Cambridge has to be assigned who can assist you with the mortgage application and in the completion of your house buying process.  Cambridge has an approved solicitor’s panel which consists of attorneys from parts of England and across East Anglia who act on behalf of you.

6- To apply for the Mortgage 

If you have confirmed your decision to proceed with the purchase of the house then it’s time to make all the necessary arrangements to complete the application process. There are certain things you need to provide which include your documents for the verification of all your information, your identity, and your income.

7- Protection for your home and family 

To ensure the peace of mind of the family and to protect them from the eventuality of death or any serious illness of the owner of the house, prudential financial planning offers the relevant advice. Your mortgage advisor will make the necessary arrangements in appointing a consultant at your convenience over the phone or at the branch as they are experts, qualified, and experienced in providing the proper advice. You can also take the help of a financial advisor to get the best advice to manage your finances.

8- To make the property valuation and the survey 

Before lending the money, it is mandatory to evaluate the property that is being mortgaged to know the right value of the property. It is required by the law and hence the property evaluation survey is carried out which is called a standard valuation. The various evaluation surveys include standard evaluation, homebuyer survey, building survey, etc.

9- Solicitor  searches 

The solicitors will continue their searches which include informing the land registry about the change in the ownership of the property, the local authority and environment agency searches, etc.

10- Nearing the finish and completion 

The mortgage offer will be sent after the completion of the formal property evaluation. A mortgage offer is a formal contract which confirms the loan amount which has been approved.  Once you go through the contract, sign it, pay the legal fees, and any other charges, finally the contracts can be exchanged. Within two weeks of exchanging the contract, the legal transfer of your house ownership is completed and you can collect the keys to residing at your new home.

Conclusion 

During all this above process, it is important to protect your finances. The Cambridge building society has been regulated by the financial conduct authority and the prudential regulation Authority to provide quality service for the customers. The experts give practical advice on buying your dream house in Cambridge.