When it comes to buying a new home, it’s important you understand each and every step of the process. Having lots of questions when buying is completely normal, so here are some examples of the most frequently asked questions.
Q. I want to buy a new home. Where do I start?
A. The first thing to consider before you start searching for a property is what kind of mortgage you’ll be able to afford. You can use our affordability calculator to help calculate costs. For information on how the home buying process works, see our ‘Buying a new home’ section.
Q. I’ve found a property I love. What next?
A. You should first apply for a Decision in Principle (DIP) and we can nominate an independent mortgage broker to help you. In simple terms a DIP is a certificate from your mortgage lender that states they ‘in principle’ are able to lend you the funds you need.
Q. Will I need a survey?
A. A survey provides information prepared specifically for you that answers all of the questions you might have for whether the property is suitable for your loan. Your lender will require a survey for mortgage valuation purposes.
Q. What are conveyancing searches?
A. Conveyancing searches are carried out by your solicitor, they will normally check for planning history, drainage, mining and potential developments in your area.
Q. How long will it take to complete my purchase?
A. We'll give you an anticipated window for completion when you reserve your property. This can be subject to change, but your sales advisor will keep you updated as the build progresses.
Q. When will my mortgage lender release the funds?
A. After your solicitor requests the funds from your mortgage lender, the release of funds will take around 4-5 working days, depending on the lender. Your solicitor will take this time into consideration in conjunction with the anticipated completion date.
Q. When should I organise my insurance?
A. People often think that insurance cover starts the day you move in. However, it actually starts the day you become legally responsible for the property, which is the day you complete or settle.
We recommend that you arrange home and contents insurance for your new home before you complete the purchase.
Q. When does the buyer or seller become legally bound to the sale or purchase?
A. Both solicitors must agree on the missives of the sale. Once the missives have been agreed or ‘concluded’, both parties are then legally bound to the sale/purchase.
Q. When will I sign the contract?
A. Once the sale has been agreed, the seller’s solicitor will draft a disposition (the document that transfers legal ownership). Your solicitor will then carry out all of the appropriate searches, and draw up the Standard Security deed (the document securing the loan). After all of this is complete, you’ll be ready to sign.
Q. How is my completion date decided?
A. Your completion date will be in line with the build programme for your new home. Your sales advisor will clearly explain the process to you at point of reservation and keep you updated during your buying journey. On settlement day, once the full purchase price for the property has been transferred to our solicitor, we will release the keys to you. Your new home awaits!