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20th December 2017
Buying your first home is a rewarding yet complex process. There are many points to consider in order to ensure a smooth and successful move.
From saving for your deposit to picking up the keys, our property experts are here to offer their expert advice. We’ve brought together a comprehensive guide to the entire buying process, so you can stay in the loop from start to finish and make your home-owning dream a reality.
There are many costs to take into account when buying a house, and it’s important to budget before you start house-hunting so you have a realistic idea of what you can afford.
Consider your deposit, your mortgage, and up-front fees such as stamp duty land tax and fees for valuation, surveying, conveyancing, and transferring funds.
If you are a first-time buyer purchasing a property worth £300,000 or less, you won’t have to worry about paying stamp duty. If you’re paying between £300,000 and £500,000, you’ll pay stamp duty at 5% on the amount of purchase price above £300,000.
Figure out your stamp duty with our handy tool, and get in touch with our independent financial advisor with any questions you might have about mortgages, fees and budgeting.
Seek professional advice as soon as possible, and start your mortgage application process. This will put you in a far stronger position for negotiating to buy a property. Make an appointment with a financial advisor to discuss mortgage types, and find the right option for your situation.
Our mortgage specialist Graham Griffin CeMAP can meet you at any of our branches to explain how much you can expect to borrow and what your monthly repayments might look like.
Your estate agent can help you narrow down your options to the perfect property, but it helps to come to the table with a good idea of what you’re looking for.
Write a list of the areas you’d most and least like to live in, taking into account commute, schools, and local amenities. If you’re moving somewhere unfamiliar, take the time to visit a local estate agent and ask about areas that meet your requirements.
This is also the time to list your “must haves” and “nice to haves” when it comes to the property itself. Consider number of bedrooms and bathrooms, parking, outdoor space, and accessibility. Ask yourself how long you’d like to spend in your first home, and ensure you search for a property that can grow with you and your family.
Take this chance to get to know the areas you’re considering moving to. Spend a day strolling around the area taking in the scenery and getting an idea of the local community. Drop into a local pub or cafe, and imagine yourself as a local. Check out transport links, or work out how long it would take for you to walk or cycle to work.
Our team is made up of proud Brighton and Hove locals, happy to share their knowledge. Check out our area guides for an introduction to Brighton’s varied and vibrant communities, from Lewes Road and Hove to Fiveways and Woodingdean.
A viewing offers a very brief window of time to inform a big decision. Make the most of every viewing by bringing your list of requirements, and coming equipped with any questions for the estate agent showing you around.
Make sure you attend viewings with a partner or friend - an important question or observation might slip your mind, but two pairs of eyes are better than one. Plus, you can bounce ideas around for potential renovation and redecoration as you go.
Above all, be thorough. Check the property for signs of damp such as peeling paint or tide marks above the skirting board, have a peep under the sink, and ask if you can view any loft or cellar space. This may seem excessive, but it could save you a lot of time and money when it comes to surveying and insurance.
Found your dream home? Then you’re ready to make an offer. Before you jump into negotiations, however, it’s worth asking yourself some questions.
Be realistic about whether the property meets all of your requirements. It might have stolen your heart, but it’s important to take a step back and carefully consider all the potential implications of purchasing your new home. If after this it still feels right, you can move forward with the confidence that you’re making the right decision.
This is also the time to consider your own negotiating position - as a first-time buyer, you’re not in a chain, so if you have a pre-arranged mortgage offer, this could be the difference between a seller jumping on your offer or overlooking you. Check the seller’s status, and work out how long the property’s been on the market for. If sellers are keen for a quick sale, they may be willing to accept a lower offer.
Once you’ve made your offer and had it accepted, you will need to contact a solicitor or conveyancer.
It’s important to work with a reliable conveyancer, who will keep you updated at every step. We’ve joined forces with two of Brighton and Hove’s leading conveyancing companies, giving you the option of efficient, transparent online communication throughout the process.
Your solicitor or conveyancer will conduct searches with the local authority and Environment Agency, ensuring that there are no major problems with the property.
Your lender will also require a mortgage valuation from a surveyor, to check any superficial issues with the property. You may have the option to upgrade this valuation into a full survey, which will give you peace of mind about any hidden difficulties before you sign.
Congratulations, you just bought your first home! Make sure moving-in day goes as smoothly as possible by planning ahead.
Pick a moving date and get quotes from removals companies. Find out what’s included in each quote - some companies offer packing materials and insurance as standard, whereas others require you to arrange these yourself.
Inform utility companies of your change of address. Arrange final meter readings and request final bills for your current home. Arrange to have mail redirected.
Make an inventory as you pack, clearly labelling each box with its contents. Keep one box aside for things you’ll need immediately in your new house. We recommend a kettle, teabags and mugs as a good place to start.
Once you’re moved in, it’s time to relax, enjoy your new home, and congratulate yourself for successfully getting your foot on the property ladder.
Ready to own your first home? Contact our friendly local property experts today.