What are the different stages of a house purchase?

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Buying a home can certainly seem like a daunting task. There are many stages to go through and many hoops to jump through. It will be the most expensive thing you ever buy and the largest amount of money you’ll ever borrow. Here, briefly, are the stages you’ll go through.

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  1. Get a deposit. No bank or building society will lend you all the money for a house. You generally need to have at least 10% of a property’s value upfront. For example, if you see a house on sale for £250,000, you’ll need to have £25,000 saved.
  2. Apply for a mortgage. You can contact a bank or building society for a mortgage if you have the deposit. They will want to know all of your financial income and outgoings plus your monthly budget for paying off the loan.

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  1. Valuing the property. The home you want to buy has to be seen as a safe investment and this is the way that the lenders confirm that it is. A qualified surveyor will visit the home and make sure that all is as it should be. This is a cost to you in most cases. There are 3 levels of survey. Level one is for new builds and homes below 15 years old. Level 3 is for those at 40 years plus.
  2. Overseeing all of the later stages of the purchase are the Conveyancers. A Conveyancing Cheltenham based company like www.montpellier.legal are perfect.   They will deal with all of the legal aspects of the sale and the transfer of monies between the lender and the seller. You never see the money for the purchase in your bank account!

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