First Time Buyer Guide

1. Starting the legal process

• It’s up to you to check that you are happy with the contract before you exchange so keep track of what your solicitor is doing.
• Make sure you understand what charges you will incur.

2. Arranging your mortgage and protection for your new home and family

• It’s a good idea to research this as early as possible.
• If you haven't got a decision in principle which outlines the amount you can borrow, you should do so now.
• Arrange to insure the building and contents of your home, get a Quote online for this from Lloyds TSB insurance.
• Make sure you have protection for your mortgage and family  in case you were to die, fall seriously ill or are made redundant.

3. Get a survey

• Check the building is sound. Your mortgage company may do a valuation, which they may charge you for.
• Unless you are buying a new home, it makes good sense to pay a little extra for a more detailed survey.
• If you want work done before the sale goes through, or you want to negotiate a reduction in price, ask your solicitor to negotiate this with the seller’s solicitor and estate agent.

4. After acceptance of the offer

• The seller’s estate agent will write to confirm this.
• On receipt, give the estate agent your solicitor’s name and contact details.
• Give your solicitor details of the property, the estate agent, the price and your mortgage lender.
• If you don’t already have a solicitor or a mortgage lender engaged, you need to do this now.
• If you haven’t already, you will need to get a formal mortgage offer sorted out quickly. If you already have a decision in principle, getting a formal offer should be straightforward, subject to a satisfactory valuation of the property.
• Once you have accepted, the property might still be advertised as ‘sold subject to contract’ or ‘under offer’. However, either you or the seller could pull out without penalty.
• When you exchange contracts, you make a financial and legal commitment.