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The property buying experience can be confusing for some people so we have put together a list of the processes when using this site and the order in which they should occur. Click on the links for additional information.

Register with Propertyfriends

Take the first step by registering with Propertyfriends.co.uk! It is a good idea to start looking for your propertyfriend straight away as it may take some time to find a match. You will want to be in communication with your propertyfriend, meeting up and getting to know each other before committing to buying property together, which might also take time.

Check that you have completed your profile in full, including uploading photos, to encourage members to read all about you.

Work out how much you can afford

This is an important step in the property buying process and once you have a realistic idea of how much you can Borrow, you can start looking for your ideal propertyfriend.

Speak with a Mortgage Broker to determine your borrowing capacity and review the costs involved in purchasing a property.

Please look at our Mortgages section for more information.

Find a Conveyencer / Solicitor

Conveyancing is the legal term for transferring ownership of land or property from one person to another.

You have the choice of either using the services of a conveyencer or a solicitor. Both are able to provide a full property buying/selling service and handle all legal paperwork from start to finish. Choosing the right conveyancer/solicitor is an important aspect of purchasing any property, one of the biggest financial commitments you will ever make, and requires some time researching.

Get a Mortgage Agreement in Principle

Now that you have found your propertyfriend, you can apply for a Mortgage Agreement in Principle. This will allow you to work out realistically how much you will both be able to borrow and then you can start your property buying process together.

Choose your property

When choosing your property leave yourself sufficient time to find the right one. Depending on what time of the year, how many relevant properties are on the market and how much available time you have, will all play a part in finding your ideal property. Once you have found your ideal property, it may well take two or three months for the sale to go through. Therefore, ensure that you take this into account when planning your purchase. There are various ways in which you can search for property. Clicking on property options will help you find out more.

We have created a 'Property Viewing Checklist' to use when viewing properties - this can be found under Useful Information.

Make an offer

Once you have found a suitable property to buy you can make an offer through the Estate Agent. Under the Estate Agents Act, an estate agent is legally bound to present any offer to the vendor, which in some cases may not be accepted. You will then go back and forth until both parties agree to a price. If you make an offer on a property, make sure that it is 'subject to contract' - this means you can pull out of the purchase, if you need to.

Once your offer has been accepted, you will need to submit a full mortgage application. You will be required to supply your Mortgage Broker with payslips, proof of identification and utility bills with proof of address, among other documentation specifically requested by your particular lender. It can then take a few days to a few weeks for the lender to process your application in full.

At this stage, you will be required to pay your application fee (sometimes known as 'arrangement on application') which varies in cost, depending on which lender you use. It is worth noting that some lenders will allow you to add this on to your mortgage.

Your lender will then require you to have a valuation completed on the property.

Instruct your conveyancer/solicitor to start work and provide them will full property details.

Contact your Estate Agent and give them your conveyancers/solicitors details.

Have a survey and valuation done

There are 3 types of surveys to choose from; the basic valuation, the homebuyers report and the full structural survey.

At the same time your lender is collating your documentation your valuation/survey will be carried out. Once the valuation results have been received by the lender and they have processed all identification, you will receive a mortgage application.

Do any necessary legal work

Now that you've had your offer accepted your solicitor will conduct searches (local authority, land, drainage...) on the property and take forward any enquiries with the vendors solicitors.

Arrange your insurance

When you buy a freehold property funded by a mortgage, you are obliged to take out buildings Insurance. This cover will pay for the cost of rebuilding, should for example, your property be burnt to the ground or shoring up if it suffers subsidence.

It is highly recommended to opt for Building & Contents Insurance to cover you in the event of theft, damage or loss and to take out a Life Insurance policy, which will pay off your mortgage in the event of your death.

You may also consider insuring your mortgage payments against you or your propertyfriend being unable to work due to an accident, sickness, unemployment (ASU), or chronic illness, entitled Payment Protection

Finalise your mortgage arrangements

Once you have received a mortgage offer from your lender your conveyancer/solicitor will draw up a mortgage contract which all participants will be required to sign and you will give your solicitor the deposit.

Complete your cohabitation agreement & Deed of Trust

Cohabitation Agreement, (also known as Cohabitation Contract), is a formal written agreement entered into by parties living together and wishing to clearly regulate their property rights.

The major benefit of a Cohabitation Agreement is that it helps to clarify financial commitments. Balancing the budget between incoming and outgoings, working out who pays what and how responsibilities are shared in running the home - all need organising to ensure a stress free and harmonious home life.

A Deed of Trust, or a Trust Deed (as it is sometimes known), is a legal document entered into by parties living together, which details the share of equity to which each owner is entitled upon sale. You can draw up your Deed of Trust however you like, including reference to different contributions to mortgage payments, maintenance and household bills, as well as initial contributions to the purchase price. The major benefit of a Deed of Trust is that it help's clarify what each owner is entitled to upon sale.

Complete your will

If you die without having made a Will the law will decide who inherits your assets and this may not be in accordance with your wishes. Dying without having made a Will may lead to delays, hardship and worry to those you love and can result in increased costs due to confusion and disagreeement between those who consider they should benefit on your death.

Exchange contracts

When you exchange contracts you will have to pay an agreed down payment deposit to the vendor which is usually 5% or 10% of the sale price but can differ. The deposit is usually the biggest up-front cost when buying a home.

The day has come for you to collect your keys and move in to your new home! Congratulations to both you and your propertyfriend. You are now the legal owners and are free to enjoy your step on to or up the property ladder.

Organise your move

Now that you have a confirmed move date you can start planning your move - enlist family and friends to help; purchase furniture, if required; book a removalist etc.

We have put together a very handy 'Moving Home Checklist' to help organise yourself in the final weeks.

Completion

Completion is the final part of your property transaction and once you have completed you are the legal owner of your new home. The completion date will have been agreed prior to exchange and is on average 2 to 4 weeks after exchange. You can even exchange and complete on the same day, if you prefer. The completion date is dependant on each parties personal requirements and whether or not they are in a chain.

Upon completion, you will be required to pay Stamp Duty Land Tax, which is a tax on the documents that transfer ownership of a property. Stamp Duty Land Tax is the tax paid to the Government when purchasing houses, flats, other buildings and land. If the purchase price is less than £125,000 you will not have to pay any Stamp Duty Land Tax but if it is over £125,000, you will pay between 1 and 4% (on a sliding scale) of the total purchase price.

Inform people that you have moved

The 'Moving Home Checklist' has been designed to help you inform those who will need to know your new address details, from your doctor to your workplace.

Well done with your property purchase and thank you for using the services of Propertyfriends. We hope we have helped you in your journey in to the property world.

For more information relating to the Property Buying Process, click on the links below:

Useful Links

• Make an Offer
• Organise Move
• Gazumping
• Completion
• Stamp Duty

More links that may interest you

• Co-buying
• Case Studies
• Property Buying Process
• Property Options
• Mortgages
• What Can I Borrow?
• Legalities
• Insurance
• Useful Information
• Affordable Housing
• Press
• Discounted Services
• FAQs
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