A brief checklist for buying a house:
1. Workout how much you can afford from your savings plus any mortgage.
2. Deduct the estimated cost of legal fees, valuations, stamp duty etc see below.
3. Find a house within negotiating distance of your budget.
4. Make an Offer.
5. Do your own mental survey of the location, shops, schools, transport and environment to make sure it is where and how you want to live.
6. Instruct a solicitor.
7. Make a formal application for a mortgage.
8. Pay a token deposit.
9. Get the property surveyed.
10. If necessary renegotiate the price or get owners to rectify problems or look for a new property.
11. Check that the solicitor has found no hitches.
12. Exchange contracts.
13. Check with utilities that meters will be read just before you move in.
14. Complete- this is the final contracting process and you then get the keys.
15. Move In.
Extra Costs may Include
- Solicitors fees including Land registry, Searches etc. Get a fixed quote first.
- Stamp Duty – watch the thresholds for increases in the % rates
- Mortgage related costs and arrangement fees. Some may be added to the mortgage.
- Survey and valuation fees – the Home improvement pack probably wont be adequate.
- Building & Contents Insurance – Mortgage provider will insist and be expensive if bought through them.
- Removal costs
- Essential household items – light bulbs, curtain rails, cleaning materials, tools and repair kit etc.
- Reconnection fees for utilities , gas, Water, Electric, Telephone, Broadband, TV (licenses can be transferred from your old property but this doesn’t happen automatically).
- Council Tax – may be paid by installment.
- Contingency – it is always more likely you will forget something than have money unspent so keep a bit of spare cash.