Important stages of the house buying process

Start by looking at areas where you'd be happy to live. 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 you start looking at flats or houses, it's sensible to find out how much you can borrow and how much you'll need for your purchase. There are lots of mortgage calculators 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.

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.

Factor in stamp duty

Stamp duty, or Stamp Duty Land Tax (SDLT) to use its full name, is another cost you may need to consider. This is a tax to pay when you buy property or land in England and Northern Ireland above certain price thresholds. It follows a sliding scale, so you pay different rates for different portions of the property value:^{Footnote [1]}

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. You can do this 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, at this point, you'll 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 or contents insurance – or both – 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 are 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. It's important that any insurance you take out covers everything you need it to.

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 money, you'll get the keys, 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 SDLT 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.