A Step by Step Guide to Buying Your New Home

1.How long will the buying process take?

Below is a typical timeline for purchasing a property in Wales. Timescales vary depending on both parties’ circumstances, and delays can occur if legal or survey issues arise.

Find a property - Research the area, browse estate agents and property portals.

Make an offer - Submit your proposed price and any conditions to the seller.

Typical timeframe: 6 weeks to 8 months

Offer accepted - Arrange a survey to assess the property’s condition. Your solicitor begins legal checks.

Offer to exchange

Typical timeframe: 2 to 6 weeks

Exchange of contracts - You pay your deposit and become legally committed to the purchase.

Exchange to completion

Typical timeframe: Instant to 4 weeks

Completion - The remaining funds are transferred, you receive the keys and deeds, and the property becomes legally yours.

Important: No one is legally bound to complete the transaction until exchange of contracts.

2. Can you afford the property you want?

There’s little point falling in love with your dream home if you’re not sure you can afford it - it only leads to unnecessary disappointment. Before you get too invested, make sure you:

Have the upfront funds you’ll need, and

Can borrow the additional amount required to complete the purchase.

If you’ve got both covered, give yourself a pat on the back and move on to step three.

3.How Much Can I Borrow?  

o strengthen your position — and make yourself far more attractive to estate agents and sellers — it’s wise to secure the right mortgage early.

Getting an Agreement in Principle (AIP/DIP) gives you a clear idea of your borrowing power and shows sellers you’re serious.

With this in place, you can start your property search with confidence and focus on finding the home that truly fits your needs.

 4.Don't spend more than you can afford!

It’s tempting to stretch your budget for the home you love, but over‑extending yourself can cause real problems later. Always factor in the additional costs of buying — not just the purchase price.

To avoid collecting the keys and discovering the house has been stripped bare, make sure everything is confirmed in writing. Ask the seller for a full fixtures and fittings list, covering items such as:

Light fittings — are they staying?

Appliances — is anything included?

Carpets — will they remain?

Clarity now prevents disputes later — and ensures you know exactly what you’re buying.

5.MILESTONE - offer accepted

A mini celebration is absolutely deserved - but don’t get carried away just yet. There’s still plenty to do, and remember: no one is legally committed until contracts are exchanged. This is the point where the real work begins, and staying focused will keep your purchase on track.

Watch Out for Gazumping and Gazanging
Until you reach exchange of contracts, neither you nor the seller is legally bound to complete the purchase. That means there is always a risk of being gazumped or gazanged.

What is Gazumping?
Gazumping happens when another buyer comes in with a higher offer and the seller pulls out of your agreed deal.

To reduce the risk, you can ask the seller to take the property off the market as a condition of your offer - it’s not foolproof, but it helps.

What is Gazanging?
Gazanging is when the seller decides not to sell after all — often because prices are rising and they believe they’ll get more money by waiting.

Can you avoid it?
Unfortunately, there’s very little you can do to prevent either situation. Both depend entirely on the seller’s actions, and if it happens late in the process, you may lose money on legal work and surveys already completed.

What you can do?

The best protection is speed. Move as quickly as possible between offer accepted and exchange of contracts by pushing your:

Solicitor
Mortgage lender
Broker

to progress things promptly.

6. Find your best mortgage

An Agreement in Principle (AIP) is usually valid for 30 to 90 days, depending on the lender. If your property search has taken a while, yours may have expired — but don’t panic. If you were accepted before, you’ll likely be accepted again.

You also shouldn’t feel obliged to return to the same lender. Mortgage products change daily, so it’s always worth checking the market again to see whether a better deal is available.

A small difference in interest rate can cost you thousands. For example, choosing a 4% deal instead of 3% on a £150,000 repayment mortgage over 25 years could cost you £24,000 more over the term.

If you’d like, we can recommend a trusted financial advisor or mortgage broker.

Get a mortgage illustration - Make sure you request a personalised mortgage illustration. This document outlines all the key features of your mortgage — rates, fees, terms and conditions.

You’ll need it later in the process, so scan it, save it and keep it safely filed.

7.Don’t just go direct to your bank 

There are countless lenders on the market — and only one will have the best deal for you. The chances of that being your own bank are slim. If you have a strong credit score, other lenders are likely to want your business just as much as your current provider.

That’s why it’s worth speaking to an independent mortgage broker. This is one of the biggest financial decisions you’ll ever make, so getting the right advice matters.

8.Choose your conveyancing firm (Solicitor) 

Here's a quick check list for you.

Understand conveyancing — It’s the legal process of transferring ownership, handled by specialist property lawyers.

Choose a conveyancer — Look for experience, clear communication, reliability, and lender‑panel approval.

Decide when to appoint — Before or after your offer; having one ready can speed things up.

Avoid delays — Using a solicitor your lender won’t work with can slow everything down.

Ask for recommendations

We can help recommend a conveyancer if you want?

9. The lender will check the property (and you) are worth it...

Moving From AIP to Full Mortgage Application

Once your Agreement in Principle (AIP) is in place, the next step is converting it into a full mortgage application. This is where the lender checks two things:

A) That they’re happy to lend to you

The lender will verify the information you’ve provided by requesting evidence such as:

Payslips
Bank statements
ID and proof of address

They’re confirming your income, stability and overall affordability.

B) That they’re happy to lend on the property

The property is the lender’s security. If you fail to repay the mortgage, they need to be confident they could repossess and sell it.

This is why the lender instructs an independent valuer to assess the property and report back.

Importantly, the valuation is not always the same as the price you’ve offered.

Your loan‑to‑value (LTV) is based on the lender’s valuation — not the agreed purchase price.

C) Property Types Matter

Each lender has its own rules about the types of properties it will lend on. These rules are based on how confident they are that the property could be resold if needed.

For example, some lenders may be cautious about:

Non‑standard construction
High‑rise flats
Properties above commercial units

10.Your solicitor will carry out searches for you - What to Expect

While your full mortgage application is being assessed, your solicitor will begin carrying out the required property searches. These vary by location, and although some are technically optional, it’s strongly recommended to have them all completed. Your lender will insist on certain searches as part of their risk checks.

Typical searches include:

• Local authority search — identifies issues such as planning restrictions, building control problems, enforcement notices or proposed road schemes.

• Drainage and water search — confirms the property is correctly connected to mains water and sewers.

• Environmental search — checks for contaminated land, flood risk and other environmental hazards.

These searches cost money, and solicitors usually request payment early so they’re not left out of pocket. There’s rarely any meaningful way to reduce these costs.

Chase Your Solicitor

To put it politely, some solicitors work at their own pace. Keep things moving by:

Calling regularly to check progress
Requesting updates in writing
Escalating to a senior partner if expectations aren’t being met

11.Do You Need a Property Survey? If Yes, Book It Now

Once you’re confident you can borrow what you need, the next step is checking that the property itself is sound. You canwait until after your mortgage offer is issued, but you should always have your survey completed before exchange of contracts.

A mortgage valuation is NOT a survey!

Many buyers assume the lender’s valuation protects them — it doesn’t. A mortgage valuation is simply the lender confirming the property is worth lending against. It offers no protection for you as the buyer.

If the property were to develop a serious issue the day after you move in, the lender’s valuation wouldn’t help you at all. Yet too many people rely on it.

Why a Proper Survey Matters

A survey gives you an independent assessment of the property’s condition and can highlight issues such as:

Structural movement
Damp or timber problems
Roof defects
Hidden maintenance costs

It’s your chance to understand what you’re buying - and potentially renegotiate if serious issues are uncovered.

Still not convinced a mortgage valuation isn't good enough?

A lender’s valuation can sometimes be as limited as a ‘drive‑by’ check — literally a valuer driving past the property and assessing it from the car window. They may step out for a quick look, but they won’t go inside. In many cases, the purpose is simply to confirm the property exists and appears mortgageable.

This is not a survey — and it offers zero protection for you as the buyer.

Unless you’re an expert, you should always get an independent professional opinion.

If a problem is found, it gives you a legitimate reason to return to the estate agent and renegotiate the price.

There are 3 main types of surveys - A Quick Guide

Homebuyer’s Report — £300–£400 Suitable for conventional properties under 50 years old. Sometimes your lender can upgrade the basic valuation to include this.

Full Structural Survey — Up to £1,000 Best for older, unusual or heavily altered homes. Extremely detailed and often worth the cost - it may give you leverage to negotiate the price.

Snagging Survey - £300+ (sometimes free) Ideal for new‑builds. Identifies defects and unfinished work so you can push the developer to fix issues before completion.

What Surveys Can’t Do

Understand survey limitations — Surveyors can access lofts and visible areas, but they can’t lift carpets, remove fixtures or damage the property unless the seller agrees.

We can recommend a surveyor if you want us to?

12.MILESTONE - You’ve Got Your Mortgage Offer - Time to Celebrate (Carefully)

Another celebration point — you now have a formal mortgage offer confirming the lender is willing to lend you the money to buy that property. Get the bubbly on ice, then go through the offer carefully.

Find Your Original Mortgage Illustration

Go back to your illustration: Find the mortgage illustration you safely stored earlier.

Cross‑check everything: Compare it with the new illustration and the formal offer document from your lender.

Query any differences: If there are discrepancies, contact your broker (or the lender directly if you applied yourself) and question them.

Make Sure the Offer Is 100% Accurate

Everything on the mortgage offer must be correct, especially:

Personal details — names, addresses, dates of birth
Loan amount and term
Interest rate and fees

If anything is wrong, raise it with your broker or solicitor immediately so it can be corrected.

A serious mistake could mean:

The lender insists on running another credit check
You end up borrowing too little, leaving a shortfall at completion
Even a misspelt name could cause delays, extra costs, or in the worst case, the offer being withdrawn.

Check the Mortgage Conditions

Your mortgage offer will include conditions that must be met before the lender releases the funds. These might relate to:

Searches and legal checks
Proof of buildings insurance
Any special requirements about the property

It’s your solicitor’s job to ensure these conditions are satisfied - but that doesn’t mean you can ignore them. Make sure you understand what’s required and respond promptly to any requests for information.

13.Sort out your buildings insurance NOW.

"But I don't even own it yet!" you cry! You might not own it, but once you've exchanged contracts you're legally bound to purchase it, so it's better to be safe than sorry.

Check your mortgage valuation report for the rebuild value the surveyor estimated. It might not be anything like the purchase price, but you need to be sure that you'd have enough cover to rebuild it if something did happen.

14.Negotiate a completion date. 

Your solicitor will update you on the results of the searches. If all is good, the next step is to come to an agreement on a completion date with the seller. The completion date is the date the keys get handed over. This needs to be a date that suits both you and the seller.

Try and be flexible here. Many sellers will want to time it for the start or end of a month to chime in with their mortgage payments.  Of course, if you're selling your current property too, you'll need to take into consideration when you're completing with your buyers.

15.Get some quotes from a couple of Removal companies.

Moving is not as straight forward as you think!  Professional removal companies are a God send, however their prices vary greatly, get some quotes, but wait till you’ve exchanged contracts before you part with any money.

16.Get your deposit money to your solicitor!

You're almost ready to exchange contracts, which means you need to get your deposit to your solicitor. It's easiest to spend the couple of weeks before moving your deposit money into one bank account (ask your conveyancer for advice on this).

Banks don't usually allow you to move more than £10,000 out of an account per day, so if you want to move more than this, you'll need to call your bank and arrange a CHAPS payment to your solicitor.

A CHAPS payment (it stands for Clearing House Automated Payment System) is usually made the same day. You'll need to pay your bank per CHAPS payment, so factor this into your costs (check with your bank their fees). Your solicitor will also get you to sign the contract at this point - this is the point where you commit to buying the vendor's house.

17. MILESTONE - exchange contracts.

When your solicitor and the seller's solicitor swap signed copies of the contract this is known as the exchange of contracts. Now you can really celebrate.

There is now a legally-binding contract between you and the seller. Once this has happened, you can't pull out from the sale. If you do,  you'll forfeit your deposit money. But, on the plus side, the seller can't back out either.

After this point, a lot of simple paperwork happens relatively quickly - so the next few steps are all quick hits.

18. Book & Confirm the removal company.

You are now safe to commit to a removal firm. The date is now set!    We can recommend a couple of companies if you want us too?

19. Get a completion statement from your conveyancer.

Your solicitor will give you a completion statement with a clear breakdown of the money you need to give the solicitor. This will include any outstanding deposit, land transaction tax, solicitors' fees   etc. You'll usually have to pay these on or before your completion date.

 20.Your solicitor will carry out MORE searches...

Before completion, your solicitor has to check that the seller still owns the property and that you haven't been made bankrupt since your mortgage offer.  You now need to sign the transfer deed.

Your solicitor will prepare the transfer deed. You need to sign it, and it needs to be witnessed. It confirms you're willing to take ownership of the property. Your solicitor will send it to the seller's solicitor.

Some buyers won't need to sign this. If you're unsure, or haven't been asked to sign one, check with your solicitor.

21. Your solicitor draws down the funds from your lender.

Your solicitor will request the mortgage money from your lender so that payment has time to clear in the solicitor's account. It's at this point you (well, your solicitor) actually get the mortgage money you've agreed to borrow.

22.Paying for the house.

The solicitor will send the full payment to the seller's solicitor and receive their title deeds and proof that the seller's mortgage has been cleared (this means their bank no longer has a claim on the property).

23.MILESTONE - completion! You have a new home.

The keys are finally yours. Now you have the joy of moving. That's the bit of the process that's supposed to be the most stressful - good luck!

24.Pay your land transaction tax (through your solicitor).

You have 30 days for your solicitor to send the Welsh Revenue Office your transfer deed and for you to pay your land transaction tax, though usually they'll have asked for the cash before completion.  

25.Officially register your ownership.

Your solicitor will register your details with the Land Registry. You'll need to send them a £200-£300 fee to cover this (it can be larger or smaller depending on the price of the property you're buying). Again, this is usually detailed in the statement of completion, and paid by completion day.

26. Get the title deeds, and that's it...!

Your solicitor will get the new title deeds from the Land Registry and forward them to your  mortgage lender (or you if you're mortgage-free). Sometimes they'll keep them on file if you don't request them, or don't want to keep such important documents in the house.