Important stages of the house buying process

The process of buying a home, particularly in today’s market, can feel overwhelming. To help make this less of a headache, we've summarised some of the important steps involved in the process.

Start by researching potential locations. Remember, you can change a property, but you can’t change where it is, so explore different neighbourhoods and think about:

• Local amenities and shops
• Schools and nurseries
• Transport links and commute times
• Noise levels and traffic
• Crime rates and safety
• Future housing developments
• Broadband and mobile signal quality

Before house hunting, it's sensible to find out how much you can borrow and how much is required for the house purchase. There are lots of mortgage calculators available online that can give you a rough estimate. Or you might like to consider getting advice from a whole-of-market mortgage broker, who’ll be able to access deals that aren’t available on the high street.

If you’re a first-time buyer, you’ll need to save for a deposit.

It’s important to be aware that most sale and purchase contracts require a buyer to pay a deposit - typically 10% of the purchase price - at the point of exchange of contracts. We recommend speaking with your solicitor early in the process to understand what’s required in your specific situation.

You'll also need to factor in Stamp Duty Land Tax (SDLT). It's important to accurately calculate the SDLT by carefully checking the legislation as it can be applied differently depending on your circumstances. As of April 2025, first-time buyers won't pay SDLT on homes up to £300,000, and just 5% on the portion between £300,000 and £500,000. Above £500,000, standard rates apply*. ^{Footnote [1]}

Once you know your budget, apply for a Mortgage Agreement in Principle (AIP), which is confirmation that a lender will likely lend you the amount you need. It also shows potential sellers you’re serious about buying a new home.

*As at July 2025.

Register with local estate agents and browse property websites. Estate agents offer valuable local insights, so it’s worth building a relationship with them. View multiple properties to understand what’s available in your price range. Be open-minded, photos don’t always tell the full story.

When you find a property you love, it’s time to make an offer. In today’s market, it's possible there could be more than one potential buyer, so you may find yourself negotiating on price. Don’t be discouraged if your first offer is declined.

Once your offer is accepted, apply for your mortgage straight away. This can be done through your bank, building society, or broker.

You’ll need to instruct a solicitor or conveyancer to manage the legal transfer of ownership. There are lots of companies to choose from, so do your research and also consider quality and communication - not just price.

Your lender will arrange a valuation survey to confirm how much the property’s worth. In addition to this, it’s recommended that you get a homebuyer survey to check for any structural issues. 

With your purchase going through the legal process and your mortgage approved, the next step is to exchange contracts. You’ll transfer your deposit to your solicitor and will have a legal obligation to buy the property. On the day of exchange, you’ll usually agree on a completion date with your seller, and it’s recommended you take out buildings and/or contents insurance to protect your new home. Most mortgage lenders require buildings insurance to be in place from the date of exchange.

We’ve got different types of cover to help you protect what matters most.

Home insurance

When it comes to insuring your home, there’s generally two types of cover – buildings and contents. Buildings insurance covers the main structure of your home – things like external walls, roof tiles and fitted kitchens and bathrooms. Contents insurance will cover possessions such as furniture, jewellery and electrical items. Our Aviva Signature home insurance combines the two (full terms and conditions apply), giving our customers the cover they need all in one place. Customers must ensure the cover meets their individual needs.

Life insurance

Your mortgage provider might suggest you take out life cover as part of the house-buying process.

There’s no one size fits all when it comes to life insurance, and the options you have can change as you get older. 

On completion – moving day – your solicitor transfers the remaining money (including your mortgage funds) to the seller’s solicitor, who will inform the estate agent.

Once your solicitor confirms the seller's solicitor has received the purchase monies, the keys are then released, and the property is yours! To tick off the last jobs on your to do list, you’ll pay your solicitor, who then pays the stamp duty land tax on your behalf. They’ll also register a change of ownership with HM Land Registry, and forward the new title deeds to your mortgage lender.

Your hard work has paid off, it’s time to relax and enjoy your new home.