Perhaps this page should be called "the house buying process explained - of which the mortgage process is a significant part", but that's a bit of an unweildy title, anyway, here it is:

• Decide on the maximum purchase price that you can afford
• View suitable properties
• Bid on suitable properties
• Have an offer accepted
• Complete mortgage application
• Obtain mortgage offer
• Appoint a solicitor
• Exchange contracts
• Complete the transaction

The average time from submitting a mortgage application to completion in the UK is around 13 weeks. For my clients, the average is around 9 weeks. The fastest I've managed it is 2 weeks, the slowest took a year! due to legal complications. The worst points in the process for the purchaser are the time lags between submitting the application and receiving the valuation report - 2-3 weeks, and between receiving the mortgage offer to exchanging contracts - 1 - 8 weeks.

Decide on the maximum purchase price that you can afford

Add the equity in your existing property, any cash you wish to commit, and the maximum that you can borrow, subtract all fees, and any cash you wish to retain, or earmark for home improvements. That's your maximum purchase price. Check using an online mortgage calculator, whether you can afford the monthly payments. If you can't, reduce your maximum. Bear in mind the stamp duty bands of 0% up to £120,000, 1% from 120,001 - £250,000, 3% from £250,001 - £500,000, and 4% from £500,001 upwards.

If you're a first time buyer, ignore the bit about equity in your existing property.

View Suitable Properties

There are three things that are important when selecting your new property - LOCATION, LOCATION, LOCATION.

Go for the worst property in the best area, rather than the best property in the worst area. Why?, you'll find it easier to sell, when the time comes to move on.

View a number of properties to get an idea of what's available, and the prices being asked. You'll get a feel for what represents value for money. Look for faults and problems with the structure and useability of the property. Most vendors will for example re-decorate areas where there are damp problems, in order to hide them. That's not to say that a re-decorated house has problems, just be aware, that it's a possibility.

Most viewers get a feel for a property, and know very quickly if they'd like to live there. It pays to go beyond your "gut feelings". Have a builder friend take a look around, or do it yourself. If the sockets are round, the electrical fixtures are old and the property will need re-wiring.

Check the heating. If there are storage heaters, you're going to have a large electric bill. If the central heating boiler is old, it will need replacing at some point. Either way you need to take account of this. 

Flat roofs last 20-25 years if you're lucky, then they leak. When they are repaired, they leak. Ask how old the roof is. You'll often find whole streets with flat roofs replaced by pitched roofs. If the property that you're interested in is the exception, bank on major cost soon.

Take a pair of binoculars, and if possible, have a good look at the pitched roofs. If the roof line sags, remedial work or a new roof may be necessary. If there extensive repairs to the tiles, it's because they have slipped, and the roof may be failing. Grants are sometimes available for roof repairs, check with the local council. Whilst your enhanced gaze is cast skywards, check the guttering, and facia board (wooden bits that are stuck on the edges of roofs) Are they rotting? if so that's more cost.

Any large trees near the property? The roots might be growing into the foundations, look for cracks in the walls, and bear in mind that the tree may need some attention.

Back inside, look for signs of damp and condensation, it will rot woodwork eventually. Sniff the air, you can smell damp sometimes, it smells musty. Whilst you're smelling around, try and detect any obnoxious odours, it may indicate problems with drains.

Take a good torch with you, and if you can, inspect the roof space. There will be an access hatch somewhere, usually above a landing. Be careful, don't try and walk on beams if the roof space is not boarded out, just poke your head in an shine the torch. Look at the woodwork for signs of damp and or woodworm. Is there any insulation?. If you can see the tiles, look at them then turn the torch off, can you see any daylight coming through small holes in the roof?.

Back outside, check for cracks in brickwork or render. Most older houses have them, usually spreading from the bottom corner of windows which are structural weakpoints. Don't be alarmed if there are small cracks, but anything you could get your finger into is a cause for concern.

View extensions with suspicion. Some will have been built without planning permission (It's not always neccessary) and building regulations control. Does it look right?

Check window frames for rot. Open the windows if you can. Do they work, or will they need replacing?

Congratulations, you're now a surveyor. Actually, the surveyor will take the general condition of the property into account when valuing the property, and may make a one line comment. If you will only be paying for a mortgage valuation, don't rely on the survey to point out all these things. You might instead find a general comment on the valuation report along the lines of "the property needs general maintainence work carried out". Majors problems should be reported by the valuer, but if he misses them (and often he will not be able to properly inspect roofs, or the roof space) you have no comeback.  

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