1. Financial Planning

Assess Your Financial Situation:

• Budgeting: Determine how much you can afford by reviewing your income, expenses, and savings. Remember to factor in additional costs such as stamp duty, legal fees, and moving expenses.
• Credit Score: Check your credit score and take steps to improve it if necessary. A higher credit score can help you secure a better mortgage rate.
• Deposit: Save for a deposit. Generally, a larger deposit means you’ll have access to better mortgage deals. Aim for at least 10% of the property price, though 20% or more is ideal.

Explore Mortgage Options:

• Mortgage in Principle: Get a mortgage in principle to understand how much lenders are willing to lend you. This also shows sellers that you are a serious buyer.
• Types of Mortgages: Research different types of mortgages, such as fixed-rate, variable-rate, and tracker mortgages. Consider consulting a mortgage advisor to find the best deal for your circumstances.

2. Understanding the Buying Process

Research the Market:

• Property Prices: Familiarise yourself with property prices in your desired area. Use online property portals, visit local estate agents, and read market reports.
• Area Considerations: Consider factors such as proximity to work, schools, public transport, and amenities. Visit the area at different times of the day to get a sense of the neighbourhood.

Start House Hunting:

• Make a Wish List: Identify your must-haves and nice-to-haves. Be realistic about what you can afford.
• Viewings: Arrange property viewings and take notes. Don’t be afraid to ask questions about the property’s condition, history, and the reason for sale.

Making an Offer:

• You can make an offer subject to a mortgage valuation or a more in-depth home buyer's survey. This is a standard procedure to ensure the property's condition and value align with your expectations and financing requirements.

Agent's Requirements:

• The Agent will need to know the specifics of your offer.
• You will also need to provide an Agreement in Principle (AIP) to show preliminary mortgage approval.
• Proof of deposit is required to demonstrate that you have the necessary funds.
• Providing your solicitor's details will further confirm your readiness and seriousness to proceed with the purchase.

3. Legal and Administrative Steps

Hire a Solicitor/Conveyancer:

• Conveyancing: A solicitor or conveyancer will handle the legal aspects of the property purchase, including searches, contracts, and liaising with the seller’s solicitor.  Ideally you need a main contact at the solicitors as you will need to keep in regular contact.

Surveys and Inspections:

• Property Survey: Get a property survey to identify any structural issues or repairs needed. There are different types of surveys, from basic condition reports to full structural surveys.
• Mortgage Valuation: Your lender will also require a mortgage valuation to ensure the property is worth the loan amount.

Finalising the Purchase:

• Contracts: Once all checks are complete and both parties are satisfied, you will exchange contracts. This legally binds you to the purchase.
• Completion: On completion day, the remaining balance is transferred, and you receive the keys to your new home. 

Timing and Preparation:

• Be prepared for possible delays, as processes can occur at 9:30 am or 4:30 pm. Ensure you are available and ready to respond promptly during these times. 

4. Moving In

Plan Your Move:

• Packing: Start packing early and label boxes clearly. Consider hiring professional movers for a smooth transition.
• Utilities: Set up or transfer utilities such as electricity, gas, water, and internet to your new address.

Settling In:

• Home Improvements: Prioritise any necessary repairs or improvements.
• Community: Take time to get to know your new neighbourhood and community. Joining local groups or activities can help you feel at home.

Conclusion

Buying your first home is a significant step that requires careful planning and consideration. By understanding your financial situation, researching the market, and following the necessary legal steps, you can navigate the housing market with confidence. At Fraser Reeves, we’re here to support you every step of the way. Contact us today 01925 222555 for personalised advice and guidance on your journey to homeownership.