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Most of us don’t regularly buy a new home, so it’s no wonder the process can seem a little confusing at times. However, it’s not as complicated as it can seem – honest! We’ve laid out the steps for you below.
The very first step for buying a new home is to check how much you can borrow, see how much your deposit will need to be and get a mortgage agreed in principle. This doesn’t tie you into anything – you can always choose a different provider later.
It’s a good idea to have a look at our offers at this point too, as you may be able to move sooner than you think. For example, FirstBuy could help if it’s your first move. Or if you already have a home you need to sell first, you could Part Exchange it.
Now you know what kind of price range you can afford, you can start the exciting bit. Search for your Barratt Home by location, development or nearby school.
Once you have a shortlist, make some time to explore our show homes.You can also register with us to keep track of your favourite homes, and be the first to hear about new homes and offers.
You will need a solicitor to take care of all the legal aspects of the buying process. Remember to shop around for the best rate and make sure the one you choose specialises in conveyance (preparing the property transfer documents).
In the traditional home-buying process, this stage is similar to the ‘make an offer’ stage. Once your home is reserved, no one else will be able to reserve it.
There is a lot of choice when it comes to choosing your mortgage – which lender to go with, how you’d like to repay your mortgage, how you’d like the interest calculated and which offers to take advantage of. Do plenty of research online or through a mortgage broker. Your mortgage will be formalised once your lender is satisfied with the valuation and survey.
The valuation confirms to your mortgage lender that your new home is worth what you’re paying for it. Your lender will organise the valuation but you’ll need to pay a fee. The survey checks the condition of your new home.
While we have been named the highest quality major national housebuilder – and all our homes come with a superb 5 year warranty – it’s best practice to have a survey carried out.
This is when your solicitor steps in to officially transfer the property from the seller to you – known as ‘conveyancing’. Amongst other things, this involves making sure you’ll have complete ownership of the property and that there aren’t any local plans afoot that may affect the value of the property.
The final part of the conveyance step is the exchange of contracts.
This is when you pay your deposit and means both you and the seller are committed to the deal.
On your completion date, you become the legal owner of your new home. This is when the full cost of the property is transferred from your mortgage lender to the seller. Now you can organise the big move.
Before you move in we’ll invite you to your New Home Tour and Demonstration. We’ll demonstrate your new home to you, ensuring that when you move in you know where everything is and how it works.
Find out how else we help you through the buying process in our Customer Service Charter
Find out how much you could afford to spend on a new home.
Answer a few simple questions to see which of our buying offers could help you.
Of course, your mortgage isn’t the only cost you need to plan for when you move. Go to step 3 to plan your costs.