The Picnic Guide To Buying a Home

Buying a home isn’t just a big deal; it’s your big move. While it’s easy to feel overwhelmed, with the right preparation, support, and guidance from us, getting the keys to your new home can feel a lot less like a maze and more like a walk in the park.

We’ve broken down the entire process into five key stages. Within each stage, you’ll find all the essential steps you need to make your home-buying journey smoother and more straightforward. 

Stage 1. Be Prepared!

Preparation will be your best friend throughout this process. Think of it like packing for a trip. The more you sort now, the smoother your ride will be later. Plus, when things happen that are out of your control (and they will), being organised means you’ll be ready to bounce back and keep moving.

Patience will also be a strong ally when you buy a home, as certain sequences will take as long as they’ll take. So, the first thing to understand is the overall timescale involved. 

How Long Does It Take to Buy a House?

The home-buying process typically takes 3 to 6 months, but it can be quicker or slower depending on various factors. A straightforward sale with no chain (where neither you nor the seller is waiting for another sale to complete) could take 8 to 12 weeks. 

However, if you’re in a long property chain—where several sales need to be completed in sequence—it can take up to six months or more. Breaks in the sales chain, issues with mortgage applications, legal checks (conveyancing), and property searches are the most common causes of delays.

Check Your Finances

Before you even start booking any property viewings, you need to take a close look at your finances. At the absolute core of every mortgage application is your ability to prove to a lender that you can afford the monthly repayments. Perhaps more importantly, you have to prove it to yourself. 

There are three essential steps you need to take at this point that will help provide some clarity: 

1. Check Your Credit Score*. Your credit score shows lenders how reliable you are at repaying borrowed money. If your credit record is in good health, you’re all set! If your credit score is too low, your application could get rejected. So, it’s best to check at this stage and make any necessary improvements BEFORE you apply.

2. Review your income and outgoings. Lenders will review your salary, any existing debts (including loans, credit cards, and car finance), and all your regular expenses (utility bills, childcare, subscriptions). The lower your debts and outgoings, the better your mortgage affordability will look to lenders.

3. Set your budget. After reviewing your income and outgoings, the next move is to think about how much you feel you can comfortably afford to spend each month on your mortgage. As a guide, look at how much you could borrow for a mortgage and then work out what the repayments will be (see below).

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Find Out How Much You Can Borrow

It’s a good idea to have an indication of the property values you should be looking at, and a big part of this will be knowing how much you can borrow for a mortgage. 

As a general rule of thumb, most lenders offer mortgages based on 4 to 4.5 times your annual income. For example, if you earn £50,000 per year, you might be able to borrow between £200,000-£225,000 (not including your deposit). 

If you’re buying with a partner, their income will be added to the calculation, allowing you to borrow more. However, your outgoings and debts will also be considered further down the track when assessing overall affordability.

To see how this might work out for you, based on your annual income, take a look at our quick and easy-to-use affordability calculator. 

Apply for a Mortgage In Principle (MIP)

You can take finding out how much you can borrow a stage further than a calculator by applying for a Mortgage In Principle (MIP) (also known as an Agreement In Principle (AIP)) with a lender. 

A MIP is a statement from a mortgage lender estimating how much they might lend you. It’s not a guarantee, but having one in hand shows sellers you’re a serious buyer. It’s also the first real step in applying for a mortgage and is worth doing early on in the process.  

Are you ready to apply for a Mortgage In Principle? Great, just click the button below to make an enquiry and we'll be in touch to help you get started. 

Start Saving! (And Not Just for a Deposit) 

You’ll typically need at least 5% of the property price as a deposit. Larger deposits mean lower mortgage repayments and access to better interest rates, so the more you can put down, the better. 

If you’re struggling to save all of the money from your income or don’t yet have enough personal savings, mortgage lenders will accept a range of other deposit sources, such as: 

• A gift from a close family member (usually cannot be a loan)

• Inheritance

• Proceeds from the sale of a property

• Equity released from a property

• Sale of other assets (jewellery, antique furniture, fine art, etc.)

However, a deposit isn’t the only upfront cost. You’ll also need to budget for:

• Stamp Duty (for properties over £125,000*).

• Solicitor fees (usually range between £500–£1,500).

• Mortgage arrangement fees (can be anywhere from £0 to £2,000).

• Property survey (£300–£1,000).

That’s pretty much it for the first stage. It can be tempting to skip parts here, but this could only lead to bigger bumps in the road later in your journey. Remember, the more prepared you are, the smoother the rest of the ride will be, so promise yourself that you won't skip a step!

Stage 2. Finding a Property

Now comes the fun part—finding your new home! Once you have your deposit, you can use this amount, plus the estimate of how much you can borrow from your mortgage in principle, as an indicator of the property values you can search for. 

You’ll likely have a preferred location(s) and type of property already in mind, but where do you start, and what should you be looking for when you’re viewing properties? Here’s some handy tips to help. 

10 Tips to Help You Find Your Dream Home

1. Do your online research. Property websites like Rightmove, Zoopla, and OnTheMarket are the obvious places to begin. These sites also have useful information on each property listed (such as previous sale history, broadband speeds, etc.) and maps of the immediate area.   

2. Don’t overlook your local estate agents. Some of us still feel more comfortable sitting down with someone when buying a property. So, make an appointment with your local estate agent (or one in the area you want to buy) and see what advice they can give. 

3. Think outside the box. If you’re feeling brave, you could grab yourself a bargain at an auction. Keep in mind the ‘Homes Under The Hammer’ golden rules: view the property BEFORE bidding / ALWAYS check the legal pack / arrange for a DETAILED property inspection if your bid is successful. 

4. Location, location, lifestyle. Look beyond the four walls and think about what you’ll need from the surrounding community. Check out transport links, local schools, green spaces, cafes - whatever's important to you. 

5. Do your detective work. Any history of flooding in the area? Nearby developments? Noisy roads? Have a look on local government websites and review recent reports. You can do the same for any upcoming planning proposals that might impact on the property you’re interested in. 

6. Make multiple visits. Use your own eyes and ears, visiting at different times of the day, to get a better feel for the place. You could even speak to the local police about typical crime rate levels for the area. 

7. Take photos. These days, most sellers wouldn’t be offended if you want to take pictures of the house you’re viewing as you look around. They’re useful reminders for later, particularly if you’re aiming to view A LOT of properties. 

8. Ask plenty of questions. Try and glean as much information from the seller as necessary - How long have they lived there? Why are they selling? What work have they done to the house? How many viewings have there been? Is it a leasehold or freehold property? If it’s a leasehold, how long is remaining?

9. Check everything! Don’t be shy to lift up a rug, flick all the electrical switches, test the door locks, flush the toilets, ask for the central heating to be turned on, or the living room fire. Are there any visible signs of dampness or structural issues—cracks in the plastering or signs of mould?

10. Look ‘over the fence’. Noisy neighbours can turn a dream home into a living nightmare. Check for any signs of tension between the seller and next door. If your prospective new home is pristine but it's anything but on either side, then alarm bells should ring. 

Ready to Make an Offer?

Once you’re happy and convinced you’ve found the right home, it’s time to make an offer. There are really no ‘hard and fast’ rules for deciding exactly what offer to make other than to be as low as you feel you can get away with (and without being silly to the point of offending the seller). 

If you’ve asked the right questions during the viewing, this can give you an insight into the seller’s situation. Are they looking for a quick sale? Has the house been on the market for a while? Have previous offers fallen through? All of this information can be useful when making your offer. 

Remember, if you’re in a chain, you will have experienced this scenario when selling your existing property. So, you’ll know how it feels from both sides. 

What Happens When You Make an Offer?

If an estate agent has been involved, you should make your offer through them. If the seller accepts, the property is "Sold Subject to Contract" (SSTC), meaning the deal isn’t legally binding yet (that comes only when contracts are exchanged). The offer will also usually be ‘subject to survey’, in the event the surveyor uncovers something that could alter the original offer.  

The seller may reject your offer, or other buyers could make competing bids. In competitive situations, you might be asked to submit a sealed bid, where you offer your best price privately.

With your offer accepted, you’re clear to arrange your mortgage, property survey and all the legal/conveyancing requirements to complete your house purchase.

Stage 3. Getting Your Mortgage

At this point, you have two options: You can either arrange your mortgage directly with a lender or use the services of a mortgage broker (like us!). 

The key difference between the two is that your mortgage lender can only advise on their own suite of products, whereas a mortgage broker has access to the entire mortgage market, giving you a better chance of securing the most competitive rates and terms available at that time. 

Do Mortgage Brokers Charge a Fee?

Yes, most do. The amount depends on how complex your case is. But remember: you’re not just paying for advice, you’re getting someone who’ll guide you through the process, handle the admin, and help you avoid the usual pitfalls.

Choosing Your Mortgage 

There are a few things to consider when choosing a mortgage: 

• Repayment method: Capital repayment OR Interest-only?

• Mortgage term: Traditionally, most mortgage terms are 25 years, but you can take out a home loan for shorter (some lenders offer 5-year mortgages) or longer periods (up to 40 years) than this. 

• Mortgage type: Do you want a fixed-rate mortgage deal, so you know exactly what your repayments will be month to month, or a variable-rate deal, such as a tracker mortgage, which can move up or down in line with base rates?

• Mortgage schemes: Are you eligible for any government-backed mortgage schemes such as Shared Ownership or First Homes? 

For more information on your mortgage options, take a look at our guide: Choosing Your Mortgage.

Getting Mortgage Ready

Mortgage applications need a fair amount of documentation to go with them, so it’s a good idea to start organising your paperwork beforehand and avoid any unnecessary delays. The typical requirements are: 

• Your last three months' bank statements

• Your last three month's payslips

• Proof of any bonuses/commission you’re including as part of the affordability checks 

• Your latest P60 tax form (showing income and tax paid from each tax year)

• Your last three years' certified accounts or SA302 tax calculation and tax year overview (if self-employed)

• Proof of deposits (e.g., savings account statements)

• ID documents (usually a passport)

• Proof of address (e.g., utility bills or credit card bills)

You can read more about what's involved with the mortgage application process in our guide: How to Get a Mortgage.

Receiving Your Mortgage Offer

Once the lender has your application and documentation, they will review your details, including your income and outgoings, to assess your affordability, check your credit history, and ensure that the type of property you’re buying is fit for purpose and adequate security for the home loan. 

When your application has cleared the lender’s criteria, they will issue a formal Mortgage Offer in writing to confirm how much they will lend to you. A copy will also be sent to your solicitor/conveyancer, who will check everything is correct before you accept the offer (usually within seven days). 

After you accept your mortgage offer, all that remains is to arrange a survey of the property and complete the legal/conveyancing part of the process.

Property Survey

It’s advised that you arrange for your own property survey (using a surveyor accredited by the Royal Institution of Chartered Surveyors (RICS)) AFTER receiving your mortgage offer and BEFORE exchanging contracts - at which point you become legally committed to completing the sale. 

If the surveyor identifies any issues with the property, this will allow you an opportunity to highlight these issues with the seller. You can then either renegotiate the price or the seller can agree to carry out any repair work needed. If the issues are severe, you can withdraw your original offer and walk away. 

There are three types of property surveys. It’s recommended to choose the one most suitable, based on the age and condition of the property you’re buying (not cost): 

• RICS Home Survey Level 1 (Condition Report): A basic survey, best for newer or well-maintained properties.

• RICS Home Survey Level 2 (Homebuyer Report): A more detailed survey that identifies visible defects and includes advice on repairs.

• RICS Home Survey Level 3 (Building Survey): The most comprehensive survey, recommended for older, larger, or more unusual properties.

Stage 4. Conveyancing

Your appointed solicitor or conveyancer handles all the legal work involved with buying a property, mainly the transfer of ownership with the Land Registry from the seller to you (the buyer) and, perhaps most importantly, arranging all the necessary payments to complete the sale. 

They also take care of all the local authority searches (checking for flood risks, planning restrictions, etc.) and coordinate with the seller’s solicitor for the exchange of contracts. 

The conveyancing stage usually requires the most patience and can take anywhere from a matter of weeks to 2-3 months to complete, depending on various factors involved with the sale, particularly if there’s a long property chain involved. 

With this in mind, it’s worth appointing your conveyancer really no later than after your offer on the home you want to buy has been accepted and you begin the mortgage application process. Your conveyancer will also need to be on your mortgage lender’s approved legal panel.

You can find out more about this crucial stage in the home-buying process in our guide: How Conveyancing Works.

Stage 5. Completion

Before you can exchange contracts, there are a few things you need to do:

• Confirm with your solicitor that they have received the results of the local searches and all outstanding legal requirements have been satisfied.

• You have your mortgage offer in writing and have accepted the lender’s terms.

• Your deposit funds are ready to be transferred to your solicitor.

• You’ve agreed on a completion date with your seller’s solicitor.

• Both parties have agreed to a list of all items (fixtures and fittings) that will remain in the property.

Once all legal checks are complete, both you and the seller sign contracts and exchange them via your respective solicitors. At this point:

• You pay your deposit.

• The sale becomes legally binding—if you pull out now, you’ll lose your deposit, with the potential for further financial penalties and possible legal action.

• A completion date is set (usually 1–4 weeks later).

And now…breath!! The exchange of contracts is a major milestone in the home-buying process. From this point, it really is all over, bar the screams of joy when you’re finally handed the keys to your new home. 

What Happens on Completion Day?

On completion day, your mortgage lender transfers the remaining balance to the seller’s solicitor. Once the funds are received:

• The seller hands over the keys.

• You officially own the property.

• Your solicitor registers your name on the Land Registry.

• If the property sale is subject to Stamp Duty (SDLT), any payments must be made within 14 days of the completion date (30 days for properties in Wales). 

You did it!! Now it’s time to start planning the housewarming party - congratulations!!