House Buying Process: A Full Timeline and What to Expect When Buying a Home in Preston

Whether you're a first-time buyer or moving up the ladder, buying a home can feel like a maze of paperwork, waiting, and jargon. This guide walks you through every step of the house buying process — from setting your budget to getting the keys — with a focus on the Preston property market.

Estimated timescale: 8–14 weeks (but it can be longer if you’re in a chain)

Step 1: Prepare for Buying a House

Buying a house is a significant milestone that requires careful planning and financial preparation. Before diving into the home buying journey, it’s essential to prepare yourself for the journey ahead. Here are some steps to help you get started:

1. Check Your Credit Score: Your credit score plays a crucial role in determining your mortgage eligibility and interest rate. A good credit score can help you qualify for better mortgage deals, making your house purchase more affordable in the long run.
2. Gather Financial Documents: Mortgage lenders will require various financial documents, such as pay stubs, bank statements, and tax returns, to support your mortgage application. Having these documents ready can streamline the process of buying.
3. Determine Your Budget: Calculate your affordability by considering your income, expenses, debts, and savings. This will help you determine how much you can realistically spend on a house.
4. Research Mortgage Options: Look into different types of mortgages, such as fixed-rate and variable-rate mortgages. Compare interest rates and terms from various mortgage lenders to find the best deal for your situation.
5. Get Pre-Approved for a Mortgage: Apply for pre-approval with a mortgage lender to get an idea of how much you can borrow.

Step 2: Work Out What You Can Afford

Before anything else, figure out your budget. That means looking beyond just the deposit and including:

• Mortgage repayments (based on your income and outgoings)
• Deposit (usually 5% to 20%)
• Stamp duty (first-time buyers may pay less)
• Legal fees and searches
• Survey costs
• Moving costs

Tip: A larger deposit can help you access cheaper mortgage deals and lower monthly repayments. But opting for a larger deposit depends on your financial situation.

Step 3: Get a Mortgage in Principle

A Mortgage in Principle (sometimes called an Agreement in Principle or Decision in Principle) is a quick statement from a lender showing how much you could borrow compared to the property value. It’s not a guarantee from your mortgage company, but it’s important when you start house hunting. Comparing different mortgage lenders is crucial to secure the best mortgage offers and financing options, as each lender has different lending criteria that can influence the terms and rates available to you. You should always compare rates when borrowing money especially for a long term commitment.

Having a mortgage in principle shows you are a serious buyer. It provides sellers and estate agents with the assurance that you have the financial backing to proceed when buying a house. This can give you an edge in competitive markets, as sellers are more likely to consider offers from buyers who have demonstrated their commitment and financial capability. Additionally, having a mortgage in principle can help streamline the home buying journey by allowing you to act quickly when you find the right property, reducing the risk of losing out to other interested parties. It also gives you a clearer picture of your budget, helping you focus your search on homes within your financial reach.

Time needed: 1–2 days

At Key & Frame, we can put you in touch with local mortgage advisors who understand the Preston market and can help you compare lenders.

Step 4: Selecting Your Ideal Home

Most people begin their property search using online property platforms or by consulting local estate agents. When evaluating properties, consider a range of criteria:

• Affordability – What is your budget for a property? Consider checking house prices in the local market.
• Location – Decide on the region or town where you want to live. Consider the ambiance of the area (quiet streets or social hubs) and the amenities in the vicinity (local shops, medical facilities, schools, etc.). Checkout our helpful step by step guides to find discover if Chorley is a nice area to live.
• Transport Links – Assess your commute to work or school, whether by public transport or other means.
• Flat or House – Flats are typically leasehold, which means you'll have to pay a regular service charge and might need to renew the lease periodically.

• Tenure – Is it Leasehold or Freehold? What are the differences, and which is preferable?
  A freehold property means you own both the property and the land outright. In contrast, a leasehold property grants ownership of the property for a specific number of years, but not the land it stands on. You have the right to reside there, yet must adhere to the conditions set forth in the lease agreement. While flats are typically leasehold, houses can also be leasehold.

• New Build or Pre-Owned – Opting for a new build can offer a clean, energy-efficient living space, with the added bonus of having a say in elements like kitchen cabinets, tiling, and lighting fixtures.
• However, they may come with a ‘new-build premium’, making them more expensive than similar pre-owned homes. Existing homes might offer more opportunities for customization and value addition.
• Number of Bedrooms – Think about your current and future needs for bedrooms.
• Energy Performance – Assess the energy efficiency of the property and identify any necessary improvements. This information can be found on the property's Energy Performance Certificate (EPC), though some properties, such as historic buildings, may be exempt from providing an EPC.

• Living Space – Consider your lifestyle and storage needs. Do you own a bike or a pram? Where will you store it?
• Internet Speed – Is high-speed internet necessary for work or leisure?
• Parking – If available, is parking on-street, on a driveway, or in a garage? Are there any costs for parking permits?
• Potential for Extension – Is it possible to extend the property or convert spaces like the loft or garage for more room?
• Garden – Do you desire outdoor space? How much maintenance are you prepared to handle? Will the space be private or shared with other properties?
• Conservation Area or Listed Building Status – It's important to check if the property is listed on the National Heritage list, as this could limit the modifications you can make to both the interior and exterior. Properties with such status might be exempt from providing an Energy Performance Certificate, and you can find more information on the government’s website.

• Condition – Some properties are in perfect condition and require no work, while others might need updates or extensive renovations. Consider how much time and effort you're willing to invest in necessary repairs.
• Potential Drawbacks – Properties on busy roads, near railway lines, or far from shops and public transport are often cheaper. Ensure you're comfortable with any compromises before purchasing, as these properties might take longer to resell.

Gather as much information as you can about any properties of interest to help you decide whether to purchase. Questions to ask the estate agent include:

• Are there any important details about the property I should know before making an offer? They are legally obligated to share material facts about the property with you.
• How long has the property been on the market? If it’s been listed for over three months, ask why it hasn’t sold. Is there something deterring other buyers, or is the price too high?
• Is the property part of a property chain, involving multiple simultaneous transactions? How many people are in the chain? Do the sellers need to coordinate with their own purchase?
• How long have the current owners lived there? If it's a short duration, find out why – there might be issues, like noisy neighbours.
• Has the property been sold frequently, or have previous sales not gone through? If so, why? You can check previous sales data online using 'sold property price' information, which also shows what the seller paid for the property.

• When do the sellers plan to move out?
• Were all necessary consents obtained for any work already done on the property?
• Can you communicate directly with the sellers? They can offer valuable insights into property-related issues.
• Is the property leasehold or freehold?
  If leasehold, how much time remains on the lease? What are the ground rent and service charges? Will they change, and if so, when and by how much? Are there any upcoming building works requiring a lump sum budget?
  Is the seller open to a reservation agreement to show commitment to selling the property and willing to provide compensation if they back out?

If you're interested in a property, consider visiting it multiple times if the seller agrees. Visiting at different times of the day can be insightful – for instance, traffic may be heavier at certain times.

Buying a New Build Property

Purchasing a new build property can differ significantly from buying a pre-owned home. Often, you might be buying off-plan, meaning the property hasn't been constructed yet. Some key differences to consider include:

Money

• When you decide to buy a new build home, you might need to pay a reservation fee to secure the property. Be aware that this fee may only be refundable under certain conditions, so it's important to read the fine print carefully before making the payment.
• Many developers require you to exchange contracts and make a deposit soon after reserving the property. Ensure your lender and legal representative are informed of the deadline and can meet it.
• Developers often have referral arrangements with specific mortgage advisors and legal representatives. However, you are not obligated to use these firms if you prefer other options.
• Additional charges, such as estate facility charges, may apply to new build properties. It's crucial that your legal representative thoroughly explains the contract details so you understand what you're agreeing to.

Timescales

• If your property is under construction, your developer will typically provide a completion date. However, this date can sometimes be postponed or moved up. It's essential to understand the implications of either scenario. Should there be delays, your mortgage offer might need to be renewed, as they generally have a limited validity.
• You can request a long-stop date to be included in your contract, allowing you to withdraw from the purchase if the completion is significantly delayed.

Snagging Issues

• Snagging issues refer to defects or unfinished tasks in a new build home.
• It's advisable to agree at the exchange stage that a snagging survey will be conducted after construction and before completion.
• This survey can be performed by a professional company or by yourself. Any identified issues should be reported to your developer for rectification before moving in.
• Most new build homes come with a 10-year warranty for major structural issues and a 2-year warranty for general defects. However, this may not cover the entire property and any associated land. Ensure you understand what is included in the warranty before placing a deposit.
• Before making an offer, clarify what will be addressed before completion and the resolution process for any disputes with the builder.

Make sure you ask the developer for all material facts relating to the property before you commit to buying.

Step 5: Make an Offer

Once you find a property you like, make an offer. You don’t need a solicitor yet — just your Mortgage in Principle and proof of deposit.

The seller may accept, reject, or negotiate. It's crucial to approach this stage with a clear understanding of the property's value and market conditions. Research similar properties in the area to ensure your offer is competitive yet reasonable. Be prepared for potential negotiations, as sellers may counter your initial offer. This is where your Mortgage in Principle can strengthen your position, demonstrating to the seller that you are a serious buyer with the financial backing to proceed.

Additionally, consider any conditions you might want to include in your offer, such as a completion timeline or contingencies related to the property survey results. Effective communication with your real estate expert throughout the process of buying a property can help facilitate a smoother negotiation and increase the likelihood of reaching an agreement that satisfies both parties. Once the seller accepts, you need to apply for a mortgage.

Time needed: 1–5 days

Step 6: Instruct a Solicitor

Once your offer is accepted, you’ll need to appoint a property solicitor or conveyancer to handle the legal process.

They’ll handle:

• ID checks
• Local authority and environmental searches with Land Registry.
• Reviewing and managing contracts
• Communicating with the seller’s solicitor

Your conveyancer will arrange property searches to give you more information about the house before you proceed with your purchase.

Need help? We only recommend local Preston solicitors who’ve proven themselves to be fast, responsive, and thorough.

Time needed: 2–10 weeks (overlaps with later steps)

Step 7: Submit Your Mortgage Application

Now it’s time to submit your full mortgage application. The lender will do a valuation of the property to ensure it’s worth what you’re paying.

If all goes well, you’ll receive a formal mortgage offer. As part of the closing process, it is crucial to review and sign the mortgage agreement, along with other necessary forms, to officially transfer ownership of the property.

Time needed: 2–4 weeks

Step 8: Get a Property Survey

Surveys are optional, but strongly advised — especially for older homes. You can choose between:

• Homebuyer’s Report (mid-range, suitable for most properties)
• Building Survey (in-depth, for older or unusual homes)

A survey can highlight issues that may affect your decision to proceed or renegotiate the price.

Time needed: 1–2 weeks

Why Get a Property Survey?

While a property appraisal is not legally required, it serves as a critical step in buying a house. By commissioning a survey, you gain a comprehensive understanding of the property's condition, potentially uncovering hidden issues such as structural defects, dampness, or faulty wiring. This information is invaluable, as it allows you to make an informed decision about your house purchase and may even provide leverage to renegotiate the purchase price or request repairs from the seller.

Types of Surveys Explained

1. Homebuyer’s Report: This survey is ideal for modern properties or standard homes in reasonable condition. It provides a general overview of the property's state, highlighting major defects and urgent problems. The report also includes a valuation, helping you assess whether the offer price aligns with the property's value.
2. Building Survey: Recommended for older, larger, or non-standard properties, this survey offers a detailed examination of the property's fabric and structure. It covers potential issues extensively and provides expert advice on necessary repairs and maintenance. Although more expensive, a building survey offers peace of mind, especially for buyers considering significant renovations.

Benefits of a Property Survey

• Avoid Unexpected Costs: Identifying problems early can save you from costly repairs after moving in.
• Informed Decision Making: A survey equips you with the knowledge needed to make confident decisions about your investment.
• Negotiation Leverage: Use survey findings to negotiate a better price or request that the seller address specific issues before finalizing the deal.
• Future Planning: Understanding the property's condition helps you plan for future maintenance and improvements, ensuring the property remains in good condition and retains its value.

By investing in a property survey, you protect yourself from unforeseen issues and ensure that your dream home doesn't turn into a financial burden. Always consider the type of property and your personal circumstances when choosing the most suitable survey option.

Step 9: Legal Work and Searches

While you're waiting on the mortgage and surveys, your solicitor will carry out legal checks, including:

• Local authority searches (planning, highways, etc.)
• Checking boundaries and property title
• Environmental and flood risk assessments

Time needed: Property searches can take 2-4 weeks to complete.

Step 10: Exchange Contracts

First, You will need buildings insurance before the exchange of contracts. Once all the legal work is done and your mortgage offer is with the seller's solicitor, you’ll sign the contract and pay your deposit (usually 10%). At this stage, exchanged contracts signify that both parties have committed to the transaction, bringing about legal and financial responsibilities.

This is the point where the sale becomes legally binding. The buyer is now legally bound to complete the purchase, including financial implications such as the risk of losing the exchange deposit if they decide to withdraw. A completion date is agreed.

Time needed: 1–2 days

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Step 11: Completion (You Get the Keys)

On completion day, the rest of the money is transferred to the seller. The property legally becomes yours — and you get the keys.

You’ll usually collect the keys from the estate agent.

Time needed: Completion usually occurs 1-2 weeks after the exchange of contracts.

When buying a house, it's important to be aware of the various additional costs that may arise during the buying process. These expenses can significantly impact your overall budget, so it's crucial to plan accordingly. Some of the key additional costs to consider include:

Stamp Duty

Stamp duty is a property tax that varies depending on the purchase price and property type. First-time buyers may benefit from reduced rates or exemptions, but it's essential to factor this into your budget, as it can be a substantial cost. Your solicitor will advise you on if you need to pay stamp duty.

Legal Fees

Hiring a solicitor or conveyancer to handle the legal aspects when buying a house is necessary. Legal fees can vary depending on the complexity of the transaction, so it's wise to obtain quotes from different local firms to find a competitive rate.

Survey Costs

Conducting a property survey is highly recommended to identify any potential issues with the property. Survey costs can vary based on the type of survey chosen, such as a Homebuyer's Report or a Building Survey, and the property's location. Conveyancing fees when buying a house range from around £400 to £1,500, depending on various factors.

Mortgage Arrangement Fees

Most lenders charge a fee for arranging a mortgage, which can vary depending on the lender and mortgage product. This fee may be added to your mortgage balance or paid upfront, so it's important to understand the terms and conditions before proceeding.

Moving Costs

Moving costs can include hiring a removals company, renting a van, and purchasing packing materials. It's advisable to obtain quotes from different removals companies to ensure you get the best deal for your move.

Home Insurance

Securing buildings insurance is a requirement for most mortgage lenders. Alongside buildings insurance, you might also want to consider contents insurance to safeguard your possessions. By comparing quotes from various insurance providers, you can find the best coverage at a competitive price.

Ongoing Costs

Once you've moved in, you'll need to budget for ongoing costs such as utility bills, council tax, and maintenance expenses. These costs can vary depending on the property's size, location, and energy efficiency, so it's important to factor them into your long-term financial planning.

By considering these additional costs, you can better prepare for the financial aspects of buying a house and ensure a smoother transition into homeownership.

What is a Chain?

A "chain" means other buyers or sellers are involved in your transaction. If someone in the chain delays, the whole process can be held up. That’s why good communication between estate agents and solicitors is crucial if you are wanting to buy a house.

At Key & Frame, we work closely with local solicitors to reduce delays and keep things moving.

FAQs

How long does it take to buy a house?

It is common for the house buying process to take around 6 months., but this can vary depending on mortgage approvals, solicitor workloads, and whether you're in a chain.

Can I pull out after an offer is accepted?

Yes — until contracts are exchanged, either party can withdraw without legal penalty.

However, withdrawing after an offer is accepted can have several implications. For buyers, it's important to understand that while there are no legal repercussions, you may lose any fees already paid for surveys, mortgage applications, or legal advice.

Before deciding to withdraw, consider discussing any concerns with your estate agent or solicitor. They may provide solutions or alternatives, such as renegotiating the offer or addressing specific issues highlighted in the property appraisal. This approach can sometimes resolve the situation without the need to back out of the deal entirely.

Ultimately, while you have the freedom to pull out before exchanging contracts, it's crucial to weigh the decision carefully and consider all potential consequences.

What’s the difference between a solicitor and a conveyancer?

They do the same job in this context. Solicitors are usually law firms; conveyancers are specialist legal professionals focused on property.

Do I need a survey?

Not legally, but highly recommended. It could help you avoid unexpected costs down the line.

A property survey is an essential part of the home buying process, providing a detailed assessment of the property's condition. While not a legal requirement, a survey can be invaluable in identifying potential issues that might not be immediately apparent. These could include structural problems, dampness, or other defects that could lead to costly repairs in the future.

Moreover, a survey offers peace of mind, ensuring that you're making a sound investment. It can also serve as a powerful negotiation tool. If significant issues are uncovered, you might be able to renegotiate the purchase price or request that the seller address these problems before the sale is finalized. This proactive approach can save you money and stress in the long run.

There are different types of surveys available, such as the Homebuyer’s Report and the more comprehensive Building Survey. The choice between them often depends on the age, size, and condition of the property. First-time buyers, in particular, can benefit from the insights provided by a survey, gaining a better understanding of the property's true value and any hidden costs that could impact their financial planning.

Ultimately, while a survey is an additional expense, it is a worthwhile investment that can protect you from unforeseen issues and contribute to a smoother, more informed home buying experience.

Next Steps

Considering a home purchase in Preston, Penwortham, Fulwood, or Longton? At Key & Frame, we offer more than just property sales — we support buyers throughout every stage of the process of buying a house. From finding your dream home, through to the completion date then finally moving house..

Personalized Guidance

Our team of experienced agents is dedicated to providing personalized guidance tailored to your specific needs and preferences. Whether you're a first-time buyer or looking to upgrade, we ensure that your journey through the house buying process is as smooth as possible. From understanding the local property market to navigating the complexities of exchanging contracts, our experts are here to assist you every step of the way.

Local Expertise

With in-depth knowledge of the Preston property market, our agents are well-equipped to help you find the right property that matches your criteria. We understand the nuances of each neighbourhood, from the bustling streets of Penwortham to the serene landscapes of Longton, ensuring that you find a home that fits your lifestyle and budget.

Financial Help

We also offer access to trusted mortgage brokers who can help you explore various mortgage options and secure the best deal. Whether you need assistance with mortgage applications or advice on your monthly payments and monthly mortgage costs, our financial partners are here to simplify the process and provide you with the best possible terms for your mortgage agreement.

Comprehensive Aftercare

Our commitment to you doesn't end once you've found your dream home. We provide comprehensive aftercare services, including assistance with arranging buildings insurance, coordinating with local solicitors for legal work, and even recommending removals companies to facilitate your move. Our goal is to make your transition into your new home as seamless and stress-free as possible.

Embark on your home buying journey with confidence, knowing that Key & Frame is here to guide you through every challenge and celebrate every milestone. Contact us today to start your adventure in Preston, Penwortham, Fulwood, Chorley or Longton, and let us help you turn your homeownership dreams into reality.