Buying a property is one of the most exciting moments of your life. It is also likely to be the highest value transaction you ever engage in.

So, amidst all the excitement, it’s important for you to understand what’s happening.

Read on to find out what you need to know and what you should do to make the initial steps of the process as smooth as possible...

Appoint a Solicitor: It’s never too early to get in touch with your solicitor. At BTO Raeburn Hope, we can offer advice early on in your house hunt.

We have excellent links with estate agents and mortgage advisers to make sure you have access to the best possible team of advisers.

Also, a top tip for being ready to submit an offer when you find your dream property is to make arrangements with your solicitor to verify your identity early on.

Decide on your budget: It makes sense to find out how much everything is going to cost when purchasing a property. You can build those costs into your budget when deciding how much to offer for a property.

We will provide you with a competitive quote for the conveyancing.

If you are getting a mortgage, then your financial advisor or mortgage broker will explain how much you can borrow and the cost of repayments.

Understand the jargon: Here’s a translation of some of the terminology used when buying a property.

  • Home Report – The survey which the seller obtains to market the property providing you with useful information on the overall condition of the property and a valuation.
  • Note of Interest – When your solicitor lets the estate agent know that you are interested in a property. You will be kept advised of any developments or closing date.
  • Closing Date – If there is more than one note of interest the estate agent should fix a closing date. Your solicitor will submit a written offer for you on a specified date and time.
  • Missives – The formal contract, starting with your offer, between your solicitor and the seller’s solicitor. Missives are concluded when all contractual terms have been agreed.

It is important that you know when this has happened. At this point, both you and the seller will be legally tied into the deal.

Keep the faith - your dream property is out there!

Before you know it, you will find your dream property, have an offer accepted and missives concluded.

My colleagues and I at BTO Raeburn Hope would be delighted to guide you through this process. Until then, we hope this brief guide helps explain the early stages of a house purchase.

Best of luck for your house hunt!