Buying your first home is an exciting milestone, but it can also feel overwhelming with all the legal, financial, and practical considerations involved. At Oliver & Co Solicitors, we’re here to guide you through the process and ensure your first step onto the property ladder is as smooth and stress-free as possible.
Here’s everything you need to know to make an informed and confident decision.
Understand Your Budget
Before starting your property search, it’s essential to determine how much you can afford. Consider:
- Deposit: Most lenders require a deposit of at least 5–20% of the property price.
- Mortgage Affordability: Speak to a mortgage advisor or lender to understand how much you can borrow based on your income and outgoings.
- Additional Costs: Include legal fees, surveys, stamp duty in England or Land Transaction Tax if in Wales (if applicable), and moving expenses in your budget.
Get Mortgage Approval in Principle
A Mortgage in Principle (MIP) shows sellers and estate agents that you’re serious about buying and have the financial backing to proceed. This is a provisional agreement from your lender, subject to a full application. Please seek advice from a mortgage broker to discuss this further as we cannot advise on mortgages.
Find the Right Property
Consider what you need from your first home, such as:
- Location: Proximity to work, schools, and amenities.
- Size and Layout: Think about both your current and future needs.
- Condition: Will you need to budget for renovations or prefer a move-in-ready property?
Visit multiple properties and take your time comparing options to make the best decision.
Instruct a Solicitor Early
Once you’ve made an offer, you’ll need a solicitor to handle the conveyancing process. At Oliver & Co Solicitors, we’ll:
- Conduct property searches to ensure there are no hidden issues, such as planning restrictions or environmental risks.
- Liaise with the seller’s solicitor to handle contracts.
- Manage the legal transfer of ownership (known as “exchange and completion”).
Instructing us early can help avoid delays later in the process.
Understand the Conveyancing Process
The conveyancing process involves several key stages:
- Offer Accepted: Once your offer is accepted, we’ll step in to begin legal checks.
- Searches and Checks: We’ll carry out property searches, including local authority, water and drainage, and environmental checks.
- Mortgage Offer: Your lender will issue a formal mortgage offer after conducting a valuation.
- Enquiries: We raise necessary title and legal enquiries with the sellers solicitors to ensure you are aware of everything you are buying.
- Final report: Once the enquiries are satisfied and we are happy with the replies we then report to you in full on all details of the property along with the searches.
- Contracts: Once all checks are complete and both parties agree a date, contracts are exchanged. Exchanging sets the date as legally binding which means the date is set from that point.
- Completion: On the agreed date, funds are transferred, and you receive the keys to your new home!
Consider Additional Surveys
While your lender may require a basic valuation, it’s often worth investing in a more detailed survey, such as a Homebuyer Report or a Full Structural Survey, to identify any potential issues with the property before you commit.
Prepare for Moving Day
Once contracts are exchanged and a completion date is set, you can start preparing to move. Book removals early, transfer utilities, and update your address for key services.
Don’t Forget Insurance
Before completion, you’ll need buildings insurance as a condition of your mortgage. You may also want to arrange contents insurance to protect your belongings.
Leverage Technology for a Seamless Process
At Oliver & Co Solicitors, we use tools like our Perfect Portal app to make your conveyancing journey straightforward. The app allows you to track your case in real time, access documents, and receive updates—all from the convenience of your smartphone.
Ask Questions
It’s natural to feel unsure about some aspects of the process as a first-time buyer. Never hesitate to ask questions—your solicitor, mortgage advisor, and estate agent are there to help.
Why Choose Oliver & Co for Your First Purchase?
As a first-time buyer, you want a conveyancing partner who understands the significance of this milestone and will guide you through every step with expertise and care. At Oliver & Co Solicitors, we combine decades of experience with a client-focused approach that ensures you feel informed, supported, and in control.
Contact us today to learn more about how we can help make your first property purchase a success!
How we can help
At Oliver & Co Solicitors we are proud to have a highly experienced Property team who are dedicated to making your transaction as hassle-free as possible.
If you are currently looking to buy or sell a property and would like expert advice, call our friendly and professional team today on 01244 312306 and we will be happy to advise and assist you in your new venture.