How To Buy In England and Wales / Buying In Spain / The Legal process / First Time Buyer Information

You have decided to buy a home – but what next? The maze of legal work, negotiations, dealing with surveyors and solicitors, finding an appropriate mortgage and worrying about your purchase falling through, on top of actually hunting down the home of your dreams, is enough to make anyone's hair stand on end.

Once you have decided to buy, inform your solicitor estate agent, who will guide you through the complete transaction.

The next step is to consult your SPS solicitor estate agent or independent financial adviser to determine how much you can borrow and commence your mortgage application.

When you have found a suitable property, the next step is to make an offer to the solicitor/estate agent subject to contract and survey. This is followed by applying for a mortgage. Once finance has been secured, the buyer's bank or building society will then commission a mortgage valuation. If the findings are unsatisfactory you may withdraw your offer. If, however, it is satisfactory, you may negotiate your offer. There is no limit to the number of times you can make an offer on a property.

If it is accepted contracts will be exchanged and a deposit paid. This is the time to arrange your home insurance and request mortgage funds. Your solicitor estate agent will help with this by requesting the cheque to exchange and complete.

Once you have signed the mortgage documents and transfer deeds, completion can take place when the balance of monies is paid in exchange for the title.

NB: if you make an offer verbally, this is NEVER legally binding.