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How Buying A House Actually Works

Updated: Feb 3, 2022

Buying a house is super straight forward.

Said no-one ever.

Home ownership is a goal for so many millennials, with millennials representing the largest share of the home buying market for the past 5 years in a row, with the 2018 share at 36%. We’re told home ownership is the goal but we are not really told how to reach the goal. This short and snappy journey will take you through the key steps of purchasing a house.

So, here it is your step by step guide to buying (it might differ by country but the general gist is the same)

1. Establish your goals & needs

What kind of house do you want? Where do you want to live? Establish some reasonable and realistic goals for your house.

2. Work out how much you can afford (incl. Fees and stamp duty)

Examine your financial situation and estimate how much you can afford in a home.

3. Get the paperwork together

Start collecting all the documents you will need for the mortgage application process. This might include: Utility bills; Proof of benefits; P60 form from your employer; Your last three months’ payslips; Passport or driving license

4. Get a mortgage in principle

This is a statement from a lender saying that they’ll lend a certain amount to you before you’ve finalised the purchase of your home

5. Find the right property

Use an estate agent to make your home buying experience as smooth as possible.

6. Get your dream team in order

Your agent would probably recommend your dream team i.e. Solicitor, Conveyancer,


7. Negotiate

Like a house? Work with the agent and solicitor to put together an offer (Purchase contract, Loan approval, Copy of initial deposit)

8. Make a offer

9. Secure that mortgage

10. Talk to your conveyancing firm.

What is a Conveyancing? This is legal process of transferring property from one owner to another

11. Solicitor checks take place

Your solicitor will also carry out local authority searches and environmental checks.

12. Surveying

This will determine if the property is of fair market value also determining if the house has damp or condensation etc.

13. Negotiate a completion date

14. Get ready to pay the solicitor your deposit

15. Insure your home

16. Exchange of contracts

It’s yours. You and the seller are not legally bound to complete the purchase until you have reached exchange of contracts. After you exchange contracts, you should get a completion statement from your solicitor.

17. Sign transfer of deed

18. Completion

Pop the champagne

19. Pay your stamp duty (through your solicitor)

Fempire Finance

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