First-Time Buyer Guide
Buying your first home can feel daunting, but understanding each step of the process can make it far more manageable. This guide walks you through what to expect, from working out your budget through to getting the keys to your new home.
Step one
Work out your house buying budget
Find out how much you can borrow, then you know what sort of home you can get. You can often use a mortgage lender borrowing calculator or you can go to a mortgage broker to get a Decision in Principle .
A Decision in Principle is a more detailed summary of what you could potentially borrow, but it isn’t a guarantee, that comes later following credit checks and detailed assessment of your income and outgoings.
It’s also a good idea to see how much you can afford to pay monthly on your mortgage and consider the potential extra costs of moving and how you will pay for those.
Some lenders charge a fee to secure a particular mortgage rate, product or rate. This may not be refunded if the mortgage application is rejected.
Some lenders charge a mortgage product fee on some of their mortgages. This usually can be added to the mortgage, or you can pay it up front. These are usually refunded if the transaction doesn’t go through. They can be expensive though, often they’re between £200 and £1000.
In some cases, you may need a surveyor to value the house to satisfy your mortgage lender that the house is worth the value you’re offering for it. Some lenders will pay this for you and others will ask you to pay it. Costs for this can be over £1000 so its best to be prepared to pay it just in case.
In a lot of cases, the first mortgage payment may be two months payment plus initial interest.
Paid to a lender for transferring the mortgage money to your solicitor.
Fees for searches with the local authority to check whether there are any planning or local issues that might affect the property's value amongst other things.
These are paid by you as the buyer to have a surveyor check for structural defects and general condition of the property. There are different levels of survey available and the cost can vary.
These are our fees for doing the legal work for your property to make sure you are protected from risk.
Stamp duty is the tax paid when you buy a property. How much it is depends on the price of the house you’re buying.
These vary depending on if you want someone to do the moving for you or whether you choose to hire a van and do it yourself.
Step two
Finding your dream first home
You may already know exactly where you want to live, and if you do that’s great and really helps narrow down your search. Some of the things to think about when buying a home include:
Once you have found properties on estate agent websites/search platforms you can start going and doing viewings. When you’re viewing a property some useful things to think about include:
If you are buying a flat, there are some extra factors to review:
When you find a property that you want to buy, it’s time to put in an offer. This is usually done by either calling the agent by email and includes your offer amount, proof of funds and your position (e.g. first-time buyer).
You can offer below the asking price but be aware it may be declined, some people offer the asking price and others will offer more. Often it depends many people are interested, if there are already other offers, and how long the property has been for sale. If there are things to fix e.g. windows need replacing, it’s worth considering this in your offer. The estate agent will tell the seller your offer and see if they’re happy to accept it.
Step three
The legal and financial process
A conveyancer or conveyancing solicitor is key to a smooth transaction process. It’s our job to make sure you know all you can about the house you’re buying and that you’re comfortable with the purchase before you’re committed.
You will need to make sure your deposit monies are ready in order to exchange contracts.
It is advisable on a property to have a survey done so you can find out if there could be any issues before you commit to purchasing.
Once all checks are complete and both parties are satisfied, contracts are exchanged. You will need to make sure your deposit monies are ready in order to exchange contracts. It is advisable on a property to have a survey done so you can find out if there could be any issues before you commit to purchasing.
When everything is agreed we will set the exchange date. On your behalf we exchange contracts with the sellers solicitor and your deposit is paid to your lender making the property purchase legally binding. At this point you can’t back out without financial loss.
When everything is agreed we will set the exchange date. On your behalf we exchange contracts with the sellers solicitor, using your deposit which is sent to the sellers solicitors, we fix the completion date and the purchase is legally binding on all parties. At this point you can't back out without financial loss.
Step four
Completing your home purchase
Completion day is often a stressful but exciting time. On the day the following happens:
After completion, your solicitor will register your ownership with the Land Registry and handle any remaining formalities.
Buying your first home is a big step, call us today on 0800 1380458 or using our form and let us help get you moving.
Joint head of residential conveyancing, Sarah Cookson, appeared on BBC Look North yesterday, offering practical guidance for people considering the purchase of a new build home and addressing common concerns around quality, warranties and buyer protection.
Buying your first home is an exciting milestone, but the legal process can feel complex. One of the most important stages you’ll encounter is known as “exchange of contracts” often simply called “exchange”. Understanding what this means, and why it matters, can help you move forward with confidence.
Buying your first home is an exciting milestone, but it can also feel overwhelming – particularly when unfamiliar legal terms begin to surface. One of the most important (and often misunderstood) parts of the conveyancing process is “searches”. In this guide, we explain what property searches are, why they matter, and what you can expect as a first-time buyer.
Switalskis has appointed four solicitors to its residential conveyancing team, including two directors, adding further property expertise to its Wakefield, Bradford, Sheffield and Grimsby offices.
Want to know more? Just give us a ring on 0800 012 9085 , or get in touch through our website.
If you're thinking of buying or selling a home and need clear, expert advice, Switalskis is the team for you.
Dealing with property can be confusing. But don't worry, we're here to make it easy. We'll answer all your questions, break down the legal talk and keep you in the loop. That way, you'll always know what's going on and feel confident about your choices.
Buying your first home is a big deal, and we get that. We're here to listen, understand what you need, and give advice that fits you. You're not just another case for us; you're a person going through a big life moment, and we want to make it as stress-free as we can.
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