FOL Wealth Management London - News & Insight

Buying a Property in 10 Steps

Purchasing real estate in the United Kingdom can be a complex exercise. With an expert fighting in your corner, however, you can avoid the stress and enjoy a much smoother transaction. With all property sales, the entire process can be broken down into the following 10 steps:

  1. Calculate Your Budget
    Understanding your budget is key. It's important to review your payslips and bank statements to see how much you can afford.

  2. Find Your Ideal Mortgage
    Every borrower has unique needs. We research your finances and deliver a tailored home loan as an Agreement in Principle (AIP).

  3. Make a Property Offer

    Find your perfect property and leverage your AIP to make an offer. Once accepted, we will help with your mortgage application.

  4. Get Legal Support
    Every mortgage requires a solicitor. We connect you with legal experts to handle paperwork, manage searches, and deal with sellers.

  5. Valuations and Surveys
    Property checks are essential. Valuations offer an accurate value estimate, and surveys provide information on property condition.

  6. Official Mortgage Offer
    Your lender will issue you with a mortgage offer. You have seven days to review this offer and decide whether to accept it.

  7. Protect Yourself
    Limit your risk by taking out insurance. We can help you with building insurance, mortgage insurance, critical illness cover, and more.

  8. Completion Day

    Ownership is passed to you. On the completion date, contracts are signed and exchanged, and funds are transferred between parties.

  9. Registration and Payments
    Final steps are required. After the contract is signed, your solicitor registers the sale, and you pay stamp duty and other fees.

  10. Collect Your Keys and Move In
    Congratulations, you're the proud owner of a new home. Organise the movers, collect the keys, and break out the champagne.

Payslip Requirements

  1. The name provided should be the same as the name on the application. If it's only listed in the detachable section, a copy of this section must be provided.
  2. The name used on the payslip must match the employer and application, including the detachable section and cover sheet. If the employer’s name is not on the payslip or bank statement, a current P60 form will be required.
  3. All middle names used must match those on passport documents.
  4. All payslips must be current at the time of application and show both the pay date and tax period.
  5. When relevant, the annual salary must match the figure from the application form. If additional basic income is used (e.g., shift allowance), it must be included as an addition.
  6. Payslips must show basic pay. If this is the only payment, only your most recent payslip is required.
  7. Extra payments, including bonuses, overtime, and commission, may also be included.
  8. For these extra payments, the number of payslips depends on the frequency of the payment:
    Monthly/4 weekly: the last 3 payslips
    Weekly: the last 8 payslips
    Quarterly bonus or commission: the last 3 consecutive quarterly payslips
    Annual bonus or commission: the last 2 consecutive annual payslips
  9. The address used on the payslip must match your residential address. If not, the lender may request further information.
  10. Payslips must show both net pay and gross pay.

For more information about our mortgage criteria, please use the contact form below

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Abi Ladele
Abi LadeleMSc, APFS, CertPFS (DM)
Abi Ladele
Abi LadeleMSc, APFS, CertPFS (DM)
Abi started at HSBC in 2006, offering a compelling insight on a range of topics, including asset allocation, investment strategies, market dynamics and wealth management.

Folwealth is the trading name of Abi Fol Consulting Limited which is Authorised and Regulated by the Financial Conduct Authority (FCA) No 613305
Registered in England and Wales number 08195342. Registered Office: One Mayfair Place, London W1J 8AJ
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