The step-by-step guide to buying a house in Medway
Buying a house in Medway is a significant journey that can be made easier by breaking it down into these 8 essential steps. Though it may seem complex, our team is here to guide you at every stage.
Get a Mortgage in Principle (MIP)
The first step toward purchasing a house in Medway is securing a Mortgage in Principle (MIP). This involves meeting with a lender or mortgage adviser, who will review your finances and determine the loan amount you’re eligible for. Having an MIP demonstrates to estate agents and sellers that you’re ready and able to proceed with a purchase.
Depending on the lender, this initial check may be a soft or hard credit check. An MIP typically lasts from 30 to 90 days. You can book an appointment with our partnered and qualified mortgage advisers online here.
Start house hunting and choose your ideal property
With your MIP in hand, the exciting phase of house hunting can begin! Partnering with estate agents, you’ll view houses in Medway that meet your budget and preferences. Once you find a property you love, you’ll submit an offer. The seller may accept, reject, or counter your offer. If accepted, you’re ready to move on to the next step. Check out our available properties for sale to get started on finding your ideal house in Medway.
Complete your full mortgage application
After your offer is accepted, you’ll proceed with a full mortgage application. Lenders typically set a loan-to-value (LTV) limit, defining the maximum loan they’ll offer as a percentage of the property’s value.
Arrange a building survey (optional)
As part of the process of buying a house in Medway, consider arranging a building survey when completing your mortgage application. This helps identify potential issues with the property. The Royal Institution of Chartered Surveyors (RICS) offers access to qualified surveyors, and surveys are available at three levels:
Level 3 – Full Building Survey: Ideal for older or unique properties, this in-depth report provides guidance on repairs, renovation, and maintenance. Cost: £600-£1,500.
Level 1 – Condition Report: A basic inspection suitable for newer properties in good condition. It identifies major issues and urgent repairs. Cost: £400-£950.
Level 2 – HomeBuyer Report: For properties in fair condition, this survey also assesses necessary repairs and provides a market valuation. Cost: £450-£1,000.
Hire a Conveyancer
Next, you’ll hire a solicitor or licensed conveyancer to handle the legal transfer of the property’s title. Conveyancing ensures the legal aspects of your house purchase are completed smoothly.
Be patient during the legal process
This waiting period can often feel like the hardest part. Typically, it takes about 2-3 months to complete all legal searches and documentation. Keeping in regular contact with your conveyancer helps keep everything on track.
Exchange contracts
After the conveyancing is complete, you and the seller will exchange contracts, making the transaction legally binding. At this point, you’ll sign documents to officially transfer ownership and set a date for completion.
Completion day – move into your new home!
On completion day, your mortgage lender will transfer funds to your solicitor, who will then send them to the seller. We’ll notify you once the legal process is complete, and you can collect your keys and move into your new home in Medway!
About us
CR Real Estate offer expert help with buying a house in Medway. With a range of properties across Kent, we’re dedicated to helping you navigate the home-buying process with confidence. Reach out to us here to learn more about how we can help you find the best house in Medway at a great price.
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