Buying your first home is exciting but it can also feel overwhelming if you are not sure what to expect. This guide walks you through the full process from having an offer accepted right through to getting the keys, so you can move forward with confidence.
1. Making an Offer
Once you have found a property you like, your estate agent will submit your offer to the seller. This is usually done verbally or by email. Your offer should confirm your position as a first time buyer, your proposed purchase price, and whether you have a mortgage agreed in principle.
If the seller accepts your offer, the property is usually taken off the market and the legal process begins.
2. Appointing a Solicitor or Conveyancer
You will need a solicitor or licensed conveyancer to handle the legal side of the purchase. They will carry out searches, review the contract, and deal with the transfer of ownership. It is best to appoint them as soon as your offer is accepted to avoid delays.
3. Applying for Your Mortgage
If you are buying with a mortgage, your lender will now carry out a full mortgage application. This includes a valuation of the property to make sure it is worth the agreed price. Your mortgage offer is usually issued a few weeks later.
4. Surveys and Searches
You may choose to arrange a survey for peace of mind. This can highlight any potential issues with the property before you commit. At the same time, your solicitor will carry out searches with the local authority, water company, and other bodies to check for any legal or planning concerns.
5. Exchange of Contracts
Once all checks are complete and both parties are happy, contracts are exchanged. This is the point where the purchase becomes legally binding. You will normally pay your deposit at this stage and agree a completion date.
6. Completion Day
On completion day, the remaining funds are transferred and ownership officially changes hands. You can then collect the keys from the estate agent and move into your new home.
Final Thoughts
As a first time buyer, the process can feel complex, but with the right guidance it is very manageable. A good estate agent, solicitor, and mortgage adviser will help keep everything on track and explain each stage clearly.
If you are thinking about buying your first home and would like advice tailored to your situation, our team would be happy to help.