First Time Buyers Guide

Buying your first home is a daunting experience for anyone, we know. You’ll read a lot of different information which can become confusing so we’ve decided to put all the basic information in a simplified blog to help guide you along your way. 

Before you start your search..

One of the most important things to do before starting your search, which will also help aid your offers is to get a mortgage in principle. A mortgage in principle is a letter you can get from a mortgage broker or directly from the lender which will have in writing the mortgage amount you can receive. This will aid you with your searches as it gives you an indication on what you can afford. Its also worth at this stage to start looking at solicitors and have in mind who you may like to instruct on your behalf.

Now you have your mortgage affordability and you have some idea for what you can get for your money its time to start looking for properties. 

Once you’ve found and your offer is accepted..

So you’ve found your dream home, this might have already been a long journey but now is when all the fun starts. Once you have an offer accepted on the property you will need to quickly ‘instruct’ your solicitors. Instructing a solicitor is basically telling them to act on your behalf to legally own the property, the owner of the property will also do the same. 

Once both solicitors are instructed you will need to hand them your proof of funds (ie, deposit in your bank and mortgage in principle), identification. Then both solicitors with act together to draw up contracts on the property and begin land searches. When all the contracts are drawn up the solicitors will pass them off to be signed. Read your contract, although it is a lot of legal jargon it may have some bits you will wants to query with your solicitor. Once this has been signed and passed back to your solicitor this is the ‘exchange of contracts’. 

On exchange of contracts this is where you would transfer your deposit to the solicitor to make the sale legally binding. The completion date will then be set, this is be when it best suits all parties, especially if they are in a chain. 

Completion date

Now this is what you’ve been waiting for but there are a few bits that happen before you get the keys. 

The first thing the solicitor would need to do is to do the final checks on the property and ensure all the funds are forwarded to the vendors solicitor. Once the funds have been sent through and received the solicitors will call the estate agents to release the keys. 

Or simply…

  1. Speak to mortgage broker or lender and get mortgage in principle.
  2. Look at solicitors and have in mind who you’d use.
  3. Once you know your affordability you will then be able to search for your new home. 
  4. Once you’ve found put your offer on the property and begin to speak to solicitors. 
  5. Once both parties have instructed give your solicitors your ID and proof of funds. 
  6. The copy of the contract will be drawn up and will need signing by each party (exchange of contracts). 
  7. Set completion date and pay deposit. 
  8. On completion day the solicitors take final checks and requests the funding from your lender. 
  9. Collect your keys.