House Buying ProcessYour House Buying Journey with Hallcroft Finance

Here at Hallcroft, we help our clients throughout the house buying process to buying a property of their dreams. Whether that’s their first home, a house move, or an investment property to diversify their income.

In all cases, below is a summary of what you can expect the average journey to buy a home can look like.

Once you find a property, and before you apply for a mortgage, we would obtain an Agreement in Principle (AIP), sometimes known as a mortgage-in-principle, getting your offer ready for the property that you have found.

Upon acceptance of an offer, we then provide advice and recommendation for the new mortgage and formally apply to the most suitable lender for the new mortgage. This process includes the credit assessment by the lender and valuation of the property, also known as the property survey. Depending on various factors, this could take up to 14 days to be approved and the mortgage offer issued.

Then, it’s over to your solicitors, these may be solicitors that you have found or previously worked with, or you may wish for us to recommend one of the firms we work alongside. The solicitors will undertake all the conveyancing work, before reporting back to you and confirming that all is satisfactory or that any potential queries have been suitably answered. When you are happy, they will also report to the lender to make sure all is in order. Following this, you can exchange contracts and proceed to buying a house of your dreams.

Exchange of contracts is where you confirm you are happy to purchase the property with an agreed completion date that suits you and the vendor of the property.

From application to exchange of contracts, the current timeline for buying during an ‘average transaction’ would take approximately 12 weeks. However, this can vary if you are part of a larger chain and reliant upon several others.

Upon exchange of contracts, you need to insure the new property, after all, you’ve just signed to confirm that you will purchase this on the agreed date – don’t panic, our advisers can assist with all your building insurance requirements.

Throughout the process, we are happy to update your estate agent and hopefully, keep the whole process as stress-free as possible.

To set up a meeting, contact Andrew for a no-obligation introductory call.