You’d love to own your own property, you’ve been considering a move for some time, and now you’ve discovered your dream apartment – fantastic! So what next?
If you’re new to the property ladder and aren’t sure where to start, here’s a step by step guide to help you secure the home of your dreams.
Saving Your Deposit
During the savings process, a mortgage calculator can be extremely helpful to set you off on the right footing. Working out how much you’ll likely be able to borrow is a good place to start before getting serious about anything you see – plus you’ll also get a reasonable idea of your monthly repayments.
Of course, when saving up remember to account for other costs you may incur as part of the moving process – unless you’re getting a great deal on your moving costs with Lean House that is. Our current deal means buyers could save up to £21,150 thanks to a £2,500 contribution towards legal fees, one year of service charges paid for, as well as other perks such as a £750 high street voucher to kit out your new apartment.
Mortgage Offer In Principle
When you have a good idea of what you can afford and the type of property you might like, it’s time to get a mortgage offer in principle from your lender. You can source a mortgage lender directly by approaching a preferred bank, or via a broker who will be able to signpost you to some of the best rates.
A mortgage in principle is your lender providing a clear indication of what you will be able to borrow from them. This figure will be based on the details you provide about your income and spending, as well as any debt.
You most often need a mortgage offer in principle to have a serious conversation with an estate agent or developer about a property you’re interested in.
Taking a Tour
Whether it’s in person or via a virtual appointment, taking a tour is not only one of the most crucial steps when buying a home – but is also one of the most exciting.
While the world may be opening up once again, we know that for many people visiting us in person just isn’t an option right now. For this reason, you can still take a virtual tour of a show apartment without ever stepping foot in the building.
Your virtual tour will guide you through the open plan kitchen and living room, where you’ll get a great feel for how spacious the layout is. As you continue, you’ll take in those 19th floor views as you navigate through to the bedroom, walk-in wardrobe area and adjacent hotel-quality bathroom.
Of course, when you’re ready to view with us safely in person, our Covid-secure measures will ensure you can explore with peace of mind.
Making An Offer
When you’re sure you’ve found the ideal home for you, it’s time to make an offer. Remember to state if you’re a first time buyer and are buying without a chain as this could make you a more attractive buyer. Once your offer has been accepted, you’ll need to formally arrange your mortgage with your chosen lender – which you’ll need before officially exchanging contracts.
You won’t usually get any surprises with the official mortgage, as this is typically very similar to what you were already expecting from your offer in principle.
After making your offer and securing your mortgage, you’ll need to arrange for your deposit to be sent over via your solicitor, who will also navigate the entire legal process on your behalf.
The big day has arrived and you’re on your way to collect the keys to your brand new home – congratulations! However, before you can collect your keys, the money must be transferred and received by the seller. You’ll then be able to start the fun part – moving in and making yourself at home.
Once you’re settled in, why not explore the communal areas like the sky garden to see if you meet any friendly neighbours who can introduce you to the building and neighbourhood. If you’d rather spend your first evening with some peace and quiet after a busy day, simply sit back, relax and watch the sunset through your gorgeous floor to ceiling windows. You’re finally home!