The Property Buying Journey Step-by-Step

Waqas Ali
Nov 3
3 min read

Transforming Aspirations into Assets

Navigating the property market can seem overwhelming — filled with technical terms, paperwork, and potential setbacks. Whether you’re purchasing your first home or adding to your investment portfolio, every transaction follows a similarly organised process.

At Genius Academy, we believe that grasping this process alleviates anxiety and instills confidence. Knowing what to expect allows you to remain composed, compliant, and in control.

The Importance of Understanding the Buying Process

Acquiring property involves intricate legal dealings with solicitors, lenders, surveyors, and agents. Each phase impacts your timeline and financial stability.

Overlooking a minor detail — such as verifying the lease duration or submitting a document late — can lead to significant delays. Familiarity with the process enables you to be proactive and communicate effectively with the professionals involved in your transaction.

A Step-by-Step Guide

Step 1: Organizing Your Finances

Before you start viewing properties, it's essential that you organise your finances.

Obtain a Decision in Principle (DIP) from a lender or broker to clarify your borrowing capacity.
Collect necessary documents — proof of income, identification, bank statements, and evidence of your deposit.
Consider additional expenses such as solicitor fees, survey costs, and stamp duty.

Having this foundation in place strengthens your offer and accelerates your timeline.

Step 2: Searching for Properties and Making an Offer

Once your finances are in order:

Register with local estate agents and online property platforms.
Explore properties with a clear objective — whether it’s investment potential, location, or lifestyle compatibility.
When you identify the right property, submit a formal offer (typically in writing).

If the agent accepts your offer, they will provide you with a memorandum of sale, which serves as a summary of crucial details for solicitors and lenders.

Step 3: Selecting Your Solicitor and Broker

At this point, you’ll need two crucial professionals:

a solicitor or conveyancer— to manage contracts, searches, and legal verifications.
A mortgage broker is required to submit your complete application and facilitate communication with the lender.

Your solicitor will ask for identification, proof of funds, and your mortgage offer once it’s available. Meanwhile, your broker ensures your lender receives the necessary valuation and underwriting documents.

Step 4: Conducting Surveys, Searches, and Valuation

The lender will arrange a valuation to confirm the property’s value. You may also opt for a more comprehensive HomeBuyer’s or Building Survey to uncover any structural issues.

Your solicitor will perform:

Local authorities search— to check for planning or environmental concerns.
Drainage and water searches— to confirm the property has proper connections.
Land Registry Check"—to validate ownership and boundaries.

Most delays occur during this stage, so being responsive to document requests can help expedite the process.

Step 5: Receiving the Mortgage Offer and Final Checks

Once the lender approves your application, you’ll receive a formal mortgage offer — detailing your loan amount, interest rate, and terms.

Your solicitor will:

Review the contract and raise any questions.
Ensure all search results and responses are satisfactory.
Agree on a completion date with the seller’s solicitor.

When both parties are satisfied, you can proceed to exchange contracts.

Step 6: Exchanging Contracts

At this point, both buyer and seller are legally bound. You’ll pay a deposit (typically 10% of the purchase price) and sign the contracts.

Important points to remember:

If you withdraw after the exchange, you forfeit your deposit.
Your solicitor will confirm that building insurance must commence from this date.

This is when your purchase becomes legally binding — congratulations, you’re almost there!

Step 7: Completion Day

On completion day:

The remaining funds are transferred from your lender to the seller’s solicitor.
Keys are handed over — usually around midday.
Your solicitor registers the property in your name with HM Land Registry.

This signifies the official conclusion of the buying process and the beginning of your ownership journey.

From Uncertainty to Assurance

Every successful property acquisition is founded on preparation, communication, and patience.

The distinction between a stressful experience and a seamless one isn’t mere chance — it’s understanding the process. By familiarising yourself with each stage, you’ll recognise what is standard, what is urgent, and what merits inquiry.

At Genius Academy, we encourage every buyer to view this journey as part of their property education — a solid foundation for every future transaction. ows.