First-time buyer's guide

7th April 2016

Demand from first-time buyers shows no sign of slowing down, as more people attempt to scale the property ladder. Over the past year, the number of keen-to-be home-owners has risen by 38.8%, putting upwards pressure on the property market - the average price of a first-time home in the UK now stands at £165,945.

Brighton and Hove tells a different story, with the average cost of properties hitting an incredible £300,000, 53% higher than the national average. And the market shows little sign of stopping, crying out to those hesitating on the side-lines, “buy now, while you still can.”

With such a large amount of money in question, it is unsurprisingly daunting for first-time buyers, torn between rapidly increasing rent in the city and the difficult task of scraping together enough money to afford a minimum 5% deposit. However, if you are in a financial position to buy but are put off by the unknown process, let us initiate you into the secret society of property purchase:

Get your ducks in a row

It is best to secure a decision in principle before you start your search. A decision in principle is a certificate from a lender to say that ‘in principle’ they will lend you the money. This gives you a better position when making an offer. Competition is high, particularly in Brighton and Hove, and it’s possible you will find yourself in a best and final bid situation, sometimes bidding against many keen buyers.

Vendors will be advised by their estate agent on the best buyer, which is based not only on the amount of cash you put down, but also on your position - are you in a chain? How big is your deposit? Can you guarantee a mortgage?

When embarking on your mission, make sure you have enough points in your favour to give yourself the best chance possible of securing the home of your dreams.

Budget for the extra costs

The cost of buying a property doesn’t stop with the deposit and it’s a good idea to keep a chunk of your savings aside for the extra bits. These include:

     Mortgage arrangement - some mortgage advisors charge for their services. However, others, such as our in-house CeMAP qualified mortgage specialist, Graham Griffin, offer free advice with no obligation. This isn’t the norm so it’s best to determine the cost from the offset.

     Valuation fees - your mortgage lender will need an independent valuation of the property to determine whether the price you’re paying is what the property is actually worth. This is important, if you bid too high, you could risk not getting the full mortgage. Valuation fees will often be added onto your mortgage; the costs depends on the provider you go for.

     Survey fees - there are three options available and the price depends on how thorough you wish to go. Surveys show you the condition of the property and, for first-time buyers who don’t always know what they’re looking for, it is advisable to go for a homebuyer’s survey (see below for more information).

     Stamp Duty - calculate the cost of this using our stamp duty calculator.

     Solicitor’s fees - ask for recommendations and read online reviews. Don’t just go with the cheapest, a good solicitor will make a huge difference during the buying process. Check out our conveyancy advice.

     Life insurance - this is particularly important if you’re buying a house with another person. The cost of this depends on the provider and premium you go with.

     Removal costs.

     Buildings insurance - if you’re buying a flat, this is usually included in your monthly maintenance costs. You will still be required to buy contents insurance.

View with a clear view of what you want

Before you contact an estate agent, and after you’ve decided on a budget and location, determine a list of must haves - outside space, two bedrooms, good school area; nice to haves - a sea view, parking space; and absolutely can’t haves.

Searching for your first property can be exhausting. Your list of requirements will help you be more targeted and, if communicated effectively, will help your estate agent put you in front of the most appropriate properties for you.

Make an offer

Brighton and Hove is a seller’s market and properties get snapped up quickly, which means you need to act fast or miss losing out. Although we’d never advise rushing your decision, we have seen desirable properties get sold STC on the same day they went on the market, with numerous people making an offer.

If you like a property, make an offer. But be prepared to keep some of your budget aside in case you need to go above asking price with a best and final bid

Arrange for a survey

Although you don’t legally have to, we would always recommend getting a homebuyer’s survey completed before you advance with the sale, particularly as a first-time buyer. This will tell you if there is anything wrong with the property and could save you money further down the line.

The average cost of a homebuyer’s survey is £350. For a more basic review of the building condition, you can also opt for a condition report, and for a more detailed review, go for a building survey. Here’s a more detailed explanation of the difference between the three. 

Exchange contracts

Once you exchange contracts, the vendor can’t legally pull out of the sale without significant financial repercussions. This also means you are bound to the transaction and pulling out after this point could cost you 10% of the price of the property.

You usually exchange contracts between 7 and 28 days before completion. Before exchanging, you should make sure everything is in place and you are 100% happy with the purchase. You should only exchange contracts after:

     You have agreed an offer, including all fixtures and fittings

     You have completed all surveys and followed up with anything that has been flagged on the survey eg. electrics and gas checks

     You have been formally offered a mortgage in writing and your solicitor has obtained all relevant documents to secure this

     You have arranged funding for the mortgage deposit

     You have sorted funding for the contract deposit (this is typically 10% of the property cost and is the first amount of money that comes out on exchange. The rest will be released by your solicitor on completion)

     Your solicitor has done all relevant searches

     You have organised building insurance, if necessary (after you exchange, you are liable for the property and so you need building insurance in place before hand)

     You have agreed a completion date and time, which will be written into the contract (see below for more information)

     You have read, understood and signed the contract and transfer documents

Completion and final steps

Completion day is here, but what should you expect?

This is the day the money is transferred to your solicitor. Your solicitor will then pay it forward to the vendor’s solicitor, who will use it to pay off the remainder of their mortgage, giving them the difference. You will then get the keys and the task of moving can begin. 

The time of completion will be agreed in your contract and it’s important to ensure all money reaches your solicitor’s account before this time. If you do not meet the deadline, you will be charged interest on the full amount, which will not be insubstantial.

Once you have completed, the property is yours’ and you are free to make it your own. 

Testimonials

  • The whole team were very committed from start to finish.

    Mr Pilgrim Brighton

  • Very, very happy we chose you, felt right from the start! Thank you!

    Miss Blackadder Hove

  • An efficient, professional and friendly service. Helpful and a pleasure to do business with.

    Mr Beddington Brighton

  • Very professional and friendly. The only estate agents I would trust and recommend.

    Jean Hurley Brighton

  • All staff extremely helpful and polite. They made our move very smooth and less stressful.

    Mr & Mrs Gosling Woodingdean

  • Best Estate Agents ever experienced - professional, approachable, competent and exemplary. 

    Mr & Mrs Guest Brighton

  • Maslen's were amazing estate agents. Through,...

    Sarah Goodfellow Brighton

  • Very impressed with the efficient and friendly service, the staff were a pleasure to deal with. 

    Mr & Mrs Gill Brighton

  • The team worked very hard over a long period to ensure my sale went through - excellent service!

    Mr Patrick Brighton

  • It was an amazing experience, everyone involved were fantastic. 

    Mr & Mrs Knight Brighton

  • Thank you to all the team at Maslen, especiall...

    Gabrielle Gardner Brighton

  • Excellent Service from start to finish.

    Mr T Mole Hove

  • Had a great experience with the purchase of ou...

    jennifer Willson Brighton

  • You are the best estate agent I have ever dealt with and we will be recommending you to anyone moving!

    Hazel Young Hove

  • This was the best experience I’ve ever had of estate agents. Professional, calm and understanding.

    Elinor James Hove

  • Maslen's were extremely helpful and profession...

    Bridget Allen Brighton

  • In what could have been a very stressful situation it has been a pleasure dealing with you and I can’t speak highly enough of the service provided.

    Gill Frost Hove

  • All very professional, kept updated throughout. Very pleased - Would recommend. 

    Mrs Hammond Brighton

  • Thank you Maslens, you were all excellent!

    Miss Jasper Brighton

  • The best estate agents we have ever used. Friendly, efficient and above all truthful! You are in danger of giving estate agents a good name!

    Jacquie Ellis-Jones Shoreham

  • Sold within 2 weeks for asking price "excellent!"

    Mr Grundy Hove

  • Best Agents in Brighton.

    Mrs Field Brighton

  • We were delighted with the service received from all the staff with whom we had contact,

    Dr Crichton Brighton

  • Good team. Straightforward. No nonsense.

    Mr Standing Brighton

  • Compared to your rivals, your service was excellent

    Ms McGrigor Brighton

  • Delighted with the service provided. Very professional and skilful.

    Nicky Conlan Hove

  • Superb service as usual, I would always recommend you.

    Ms S Hike Brighton

  • I found the service to be courteous, friendly and efficient.

    Mr Upton Brighton

  • Maslen's were very good at keeping in touch an...

    Penny Ashby Brighton

  • Several leagues above any other estate agent I have had contact with. Kept fully informed every step of the way.

    Paul Cade Haywards Heath

  • Thank you. We found all the staff knowledgeable and really pleasant to deal with. 

    Ms Ansloos Brighton

  • Everyone at Maslen's were amazing, from Sam's...

    William Slingsby Brighton

  • I have bought and sold 7 properties, and this was the best experience of an estate agents services I have found.

    Mrs Shepherd Brighton

  • All the staff were professional, cheerful and supportive throughout the long process.

    Mr R Turner Shoreham

  • The staff were very helpful, an excellent service. I would recommend you to others.

    Miss Hockly Brighton

  • From start to finish the sale was dealt with in a thoroughly professional manner.  

    Mr Gibbs Brighton

  • Very polite, good communication, excellent service.

    Alicia Van der Sluis Surrey

  • I was new to the area and viewed a lot of properties with a lot of different agents. Maslens were by far the best I came in contact with, so when i...

    Mr & Mrs Heer Brighton

  • Excellent communication and advice throughout. It felt very reassuring to be in good hands.

    Mrs Brooker Brighton

  • Donna was our vendors sales progressor. We cou...

    Allan Da Silva Brighton

  • Thanks for all your help and assistance. Very friendly and professional service.

    Lisa Downary Brighton

  • Excellent customer service throughout. I will definitely recommend you, and use you again. Thank you.

    Ms Longley Brighton

  • A very committed team who made the sale process very easy.

    Ms Rees Brighton

  • It was a long, drawn out process that the people at Maslen helped me through, without the impression that it was a chore. So extremely professional...

    Mr McLagan Brighton

  • Paul Wilkinson was extremely helpful and efficient. The only problem was the vendors solicitor and Paul warned me of this. A good transaction all r...

    Mr Lavender Brighton

  • Quality advice about when and how to sell, which was spot on. Thank you.

    Miss Coleman Brighton

  • Very thorough & very informative.

    Mr Michnowicz Brighton

  • The sale was dealt with swiftly, professionally and successfully. Thank you Maslen!

    Mrs Lincoln Brighton

  • Your advice, support and understanding whilst dealing with the property were invaluable, making everything so easy.

    Janine Suttner Brighton

  • Very helpful and patient team.

    Mrs Shea Brighton

  • In my situation, moving the sale of my home to Maslen Estate Agents really was a case of third time lucky!

    Lise Henderson Hove

  • Excellent service as always

    Mr Field Brighton

  • Thank you for everything!

    Ms Tucker Brighton

  • Service exceeded my expectations overall at all stages of the process - I wouldn't hesitate to recommend you. Thanks. 

    Ms Greene Brighton

  • All agents at Maslen were extremely helpful and polite from the beginning to the completion of sale. 

    Mr Johnson Brighton

  • From first valuation to completion day the Mas...

    Sam Brighton

  • The team provided the best service I have ever received from an estate agent. I would not hesitate to recommend them to anyone.

    Nicki Myers Woodingdean

  • A completely painless experience from start to finish. Thank you.

    Mr Woolven & Mrs Bessant-Woolven Brighton

  • Very pleased with the experience. I would definitely recommend you and use you again.

    Ms D Edmonds Brighton

  • Maslen made the selling of my flat as easy as...

    Victoria Bradley-Barnard Brighton

  • As always, an excellent service. 

    Mr & Mrs Field Brighton

  • You were amazingly helpful throughout - a real pillar of strength with a very difficult sale.

    Mrs Parkin Brighton

  • Thanks for an excellent service. 

    Mr King Brighton

  • First class service from a first class team.

    Mr & Mrs English Brighton

  • I found everyone helpful, positive and courteous.

    Jean Wooldridge Evesham

  • Very pleased with the excellent service throughout. Professional, friendly, efficient and no hard sell. Achieved above asking price. Thank you!

    Mr Witten Brighton

  • Great service, always polite and friendly. Excellent contact and info all the way.

    Mr Wells Hove

  • Already recommended you! Thank you.

    Mr Edwards Brighton

  • Estate agents generally have bad reputations b...

    Dan Harris Brighton

  • Thank you for your service, I would (and have) recommended you to my friends.

    Liz Dean Brighton

  • I would recommend Maslen to anyone. 

    Mrs Tripp Brighton

  • Fantastic service. By far the best agents we have ever used, I cannot recommend you highly enough.

    Mr Field Brighton

  • Please thank Paul at Lewes Road - Excellent service. 

    Mr & Mrs Nuthall Brighton

  • I wish we had used you to sell our property! Nice to meet honest people, who are genuinely interested in helping. Very pleased.

    Mrs Porter Brighton

  • Very happy with the service we got from you guys, everyone we dealt with was extremely friendly, professional and helpful. Thanks!

    Mr Brown Brighton

  • These guys are the real deal, highly experienced, no nonsense, honest and by far and away the most reliable we have encountered. 

    Sarah Studd Hove

  • Paul was absolutely brilliant. 

    Mrs Tasker Brighton

  • A really good experience.

    Mr Tibble Brighton

  • Really pleased with the service and will definitely recommend to others.

    Ruth Kendall Brighton

  • First class service. Friendly and professional.

    Mr Thorne Brighton

  • Donna was such a friendly and helpful support...

    Victoria Lander Brighton

  • Very comprehensive and professional. Nice people to work with and highly recommended. 

    Mr Alderton Brighton

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