First Time Buyer FAQs
-
Freehold:
You own the building and the land it stands on.
No ground rent or service charges.
Full responsibility for maintenance.
Leasehold:
You own the property for a fixed term.
Pay ground rent and service charges.
Lease length impacts property value and mortgage eligibility.
Permission may be required for major alterations.
-
Save for a deposit – Typically 5-10% of the property value.
Get a mortgage agreement in principle – Helps determine your borrowing power.
Search for properties and book viewings – Find a home that meets your needs and budget.
Make an offer – Negotiation may be required.
Offer accepted – Begin the legal and financial processes.
Legal process (conveyancing) – Solicitor reviews contracts and performs searches.
Surveys and searches – Identify any issues with the property.
Exchange contracts – Legally commit to the purchase.
Completion and move-in – Receive the keys and take ownership.
-
Mortgage agreement in principle: 24-48 hours
Property search: 2-3 months (on average)
Offer to completion: 3-6 months
-
Upfront Costs:
Deposit: Minimum 5-10% of property value
Stamp Duty: If applicable
Solicitor fees – Legal work costs
Survey costs – Ensure the property is in good condition
Mortgage arrangement fees – Lender charges for setting up your mortgage
Ongoing Costs:
Monthly mortgage payments
Buildings and contents insurance – Protect your home and belongings
Council tax – Paid to the local authority
Utility bills – Electricity, gas, water, internet, etc.
Maintenance and repairs – General upkeep of the property
-
External Checks:
Roof condition – Look for missing tiles or leaks
Window quality – Double glazing? Any condensation?
Drainage – Signs of blockages or flooding
Garden aspect – Sunlight, privacy, and maintenance
Parking facilities – Driveway, street parking, or permits
Internal Checks:
Signs of damp – Musty smells, peeling paint, or mould
Electrical systems – Check sockets, fuse boxes, and wiring
Plumbing condition – Test taps, water pressure, and heating
Room sizes – Does the space meet your needs?
Storage space – Built-in cupboards, loft access, etc.
Natural light – Check room orientation and window size
-
Mortgage valuation – Required by lenders to assess property value
RICS HomeBuyer Report – Mid-level survey covering condition and defects
Full Building Survey – Detailed structural inspection (recommended for older properties)
-
Property searches – Identify any legal or environmental issues
Title and contract review – Ensure clear ownership and legal standing
Lease review (if leasehold) – Check restrictions, fees, and lease length
Handling deposit transfer – Secure exchange of funds
Registration with the Land Registry – Legal transfer of ownership
-
Structural issues – Cracks, subsidence, or shifting foundations
Japanese knotweed – Invasive plant that can damage property
Non-standard construction – May affect mortgage approval
Short lease (under 80 years) – Can reduce property value
History of flooding – Check flood risk maps
Subsidence concerns – Uneven floors, sticking doors/windows
Poor energy efficiency rating – High utility costs and insulation issues
-
Research similar property prices – Ensure you're making a competitive offer
Assess property condition – Factor in any repairs or upgrades needed
Have a mortgage agreement in place – Show sellers you're financially prepared
Line up a solicitor in advance – Speed up the buying process
Show proof of deposit – Sellers prefer buyers with finances ready
Highlight your position as a chain-free buyer – More attractive to sellers
-
Change locks – Ensure security
Take meter readings – Avoid overpaying on bills
Set up utilities – Electricity, gas, water, broadband
Register for Council Tax – Notify your local authority
Update address details – Banks, employer, DVLA, subscriptions
Review insurance coverage – Ensure you’re fully protected
Plan for essential improvements – Prioritise any repairs or upgrades