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Although I'm no expert on mortgages and the property purchasing process when using one, I'm even less aware of how the process works when buying a property for cash. I will soon be in the fortunate position of having enough saved to purchase my first house outright, here in the UK.

Can someone who has done this provide a breakdown of how the process works? I imagine and hope it would be easier than using a mortgage; I can release the funds whenever necessary and buy any property I choose and can afford without lender restrictions. Of course a survey would still be required so I don't end up with a lemon plus a solicitor/conveyancer to ensure the paperwork all checks out, but what else should I be aware of?

Looking at this from the other side, during potential negotiations, is a cash buyer better for a seller than a mortgage user?

The other consideration I have is whether to go down this route at all, or instead put down a 50%+ deposit and keep a large chunk of liquidity. I appreciate this is more opinion- and circumstance-based than my main question, but thoughts are welcome.

James
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As average house prices continue to rise, almost 40% of homes in the UK are purchased with cash.

Stage 1 – Finding a property you can afford Stage 2 – Making an offer Stage 3 – Organise a solicitor and surveyor Stage 4 – Finalising the offer and mortgage (in your case, cash with proof of funds, balance due at closing) Stage 5 – Exchanging contracts Stage 6 – Completion and final steps

You don't need to prove where the money came from but, as you have said that you are a cash buyer, you do need to be able to prove that you have the cash to buy the house. So, assuming you have the money in an account with a bank or building society, you should be able to satisfy your solicitors by showing them a recent bank statement or passbook which clearly shows that you have whatever amount it is in cash.

DVD
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