Buying a house for the first time? We know that you’re probably feeling a bit overwhelmed. But, it’s also an exciting time, and knowing what to expect can help you enjoy the process and be prepared for everything that’s coming your way!
Want to know more about what to expect when buying your first home? Keep reading for more info, featuring some of our top tips and your guide to the conveyancing process (all the legal parts of your transaction).
Download your free first time buyer’s guide for an even more detailed look at what you can expect if you’re buying your first home.
A first time buyer’s guide to the conveyancing process
Finding your new home
Of course, the first and most exciting step is finding the home you want to buy! Once you find the home you’ve been dreaming of, the excitement starts to build. But before you can get the process started, you need to make an offer and have it accepted by the seller.
Choosing A Conveyancer
It’s a smart move to look for a conveyancer at the same time as you’re looking at properties. When you’ve found the home for you, you can instruct your conveyancer to get started straight away. They’ll be your personal guide throughout your home buying journey. It’s their job to help you move into your home as soon as possible whilst doing all the checks to ensure everything is correct and legal – so it’s important to choose someone you trust!
What is a conveyancer?
A conveyancer is a legal professional specialising in property law. They take care of all of the legal and administrative aspects when you’re buying your home.
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Inform the estate agent
Next, it’s time to pass your conveyancer’s details to the estate agent who’s marketing the property. They will send out a ‘memorandum of sale’ to both yours and the seller’s conveyancer, which records the price you’ve agreed to pay and each conveyancer’s details.
Documents
Your conveyancer will provide some documents for you to sign and review. This includes the fittings and contents form which details what is and isn’t included in the sale price.
Local searches
Your conveyancer will apply for local searches next. For example, Local Authority Searches which will tell you more about the area around the property and potential issues; Land Registry Searches to clarify boundaries and confirm ownership; and environmental surveys to identify possible hazards. If they have any further queries, they will raise these with the seller’s conveyancer.
As a buyer, you can also choose to have additional surveys and inspections done to tell you more about the property’s condition, which are arranged separately and come at an extra cost.
Report
Your conveyancer will then report back to you about all aspects of the searches, legal title, mortgage, and property itself.
Dates
You can start to discuss dates for exchange and completion at this point. As a first time buyer with nothing to sell, these dates usually depend on the seller and their moving arrangements.
Deposit payment
You’ll typically pay your deposit at this point as well. Once it’s paid, you can sign the contract and mortgage documents.
Exchange
You can then move onto exchange, once everything is ready. This is the point that the sale becomes legally binding – you’re committing to buying the property and the seller is committing to moving out and transferring ownership to you.
Before completion
Between exchange and completion, your conveyancer will tell you when you can pay your legal fees. They’ll also tell the mortgage lender when completion will happen, so they can release the mortgage money in time.
Completion
It’s moving day! Once completion has taken place, you’ll be able to enjoy the most satisfying part – picking up the keys to your new home and beginning your exciting adventure as a homeowner.
For more detailed information about the process and what to expect, click the link below to download your free guide that covers everything you need to know.
First time buyer tips
If you are buying a house for the first time, here are some tips and advice for first time buyers to help you along the process.
Choosing a conveyancer
Choosing the right conveyancer to work with is important. They’re a key part of the process, helping things run smoothly and getting you into your new home as soon as possible. Here are some things to think about when looking for your conveyancer:
Experience is hugely valuable in the conveyancing world. Your conveyancer needs to be suitably qualified and experienced in dealing with transactions like yours.
Their fees should be clear from the very start. Understanding the fee structure can help you plan and avoid nasty surprises down the line.
Communication should be clear and open from the beginning – after all, communication is always key to a successful working relationship!
Common pitfalls for buyers
Even with the best of intentions, buying your first home can sometimes feel like a rollercoaster. Your conveyancer will do everything they can to help your transaction run smoothly. However, if the sellers you are buying from are also buying a property, you become part of a chain of related transactions. This increases the potential for holdups. Here are some of the most common risks to be aware of and a couple of tips to help you avoid them:
- Issues uncovered in the property searches can include boundary disputes, planning restrictions, and environmental concerns. If any issues are discovered, be prepared to negotiate with the seller to adjust the purchase price or resolve the issue before completion.
- ‘Gazumping’ happens when a seller accepts a higher offer after initially accepting an offer from someone else. To avoid this, you should ask for the property to be taken off the market as soon as your offer has been accepted.
- Delays in mortgage approval can happen when there are issues with the lender’s assessment or documentation. So, applying for mortgage pre-approval before making an offer on a property is a good idea to help speed things up.
First Time Buyer’s Conveyancing FAQs
Here are some common questions about the conveyancing process to help you navigate through it with confidence.
What is conveyancing?
Conveyancing is the legal process of transferring property ownership to you from the previous owner.
Why do I need conveyancing?
You need it to make sure that your transaction is legally valid, the property is free from legal issues, and that the buyer has clear ownership rights.
How long does the conveyancing process take?
The length of time can vary, but it typically takes between 8-12 weeks from the offer being accepted to the point of exchange, however it can take longer or shorter. Whilst your conveyancer will do everything they can to make the process as fast as possible, delays can happen due to various factors, including the mortgage lender, problems with the property, and the chain. Staying in regular communication with your conveyancer is essential to help prevent delays.
What are disbursements? How much do they cost?
Disbursements are additional costs associated with the conveyancing process. Your conveyancer will deal with disbursements on your behalf, and you typically pay for them when you pay your legal fees (although you may be asked to pay for some upfront0. Disbursements include property searches, stamp duty (land transaction tax in Wales), and land registry fees. Their exact cost can vary based on factors such as the property’s location and price. Your conveyancer will be able to give you an accurate idea of how much they will cost for you.
Do I need a solicitor or a conveyancer?
You can choose whether to hire a solicitor or a licensed conveyancer, as they can both perform the same role in this process and both are qualified legal professionals.
When am I tied into paying conveyancing fees?
Once you’ve instructed your conveyancer, you don’t have to pay them straight away. Your fees are only payable once work on the land registry searches has taken place – so you have some time to change your mind and ensure the conveyancer you’ve chosen is the right one for you.
What is a survey, and do I need one?
A survey assesses a property’s structure, condition, and value. They aren’t necessary but are typically strongly advised, as they help to identify potential issues that may affect the price or your future enjoyment of the property. If you are buying a property with a mortgage, your mortgage lender will likely undertake a mortgage valuation. This is a basic survey designed for them to assess whether they should lend against the property. These surveys are designed for the lender’s use only and don’t go into much detail, so if you’d like some more in depth information, you should instruct a separate survey.
Can I change my mind about buying a property after the exchange of contracts?
The transaction becomes legally binding at this point, so changing your mind and backing out can lead to legal action or financial penalties. However, certain clauses may provide the opportunity to withdraw, which your conveyancer will be able to advise you on.
What is the difference between leasehold and freehold?
Freehold means that you own the property and the land it stands on without a time limit. Leasehold means that you have ownership for a specified number of years, typically with ground rent paid to the freeholder. Leases can usually be extended, but may have certain restrictions, so it’s vital to understand all of the terms before you purchase one.
What is the difference between leasehold and freehold?
Freehold means that you own the property and the land it stands on without a time limit. Leasehold means that you have ownership for a specified number of years, typically with ground rent paid to the freeholder. Leases can usually be extended, but may have certain restrictions, so it’s vital to understand all of the terms before you purchase one.
How can I make sure my conveyancing process runs smoothly?
You can do a few things to help the process run as smoothly as possible. Firstly, choosing an experienced and professional conveyancer with a great reputation is key. Secondly, stay in regular contact with your conveyancer and promptly respond to their requests to help keep things moving.
Stamp Duty FAQs
What is stamp duty, and how much will it cost?
Stamp duty, or Stamp Duty Land Tax, is a tax paid by the buyer to the government when you purchase a home. The amount paid depends on the price of the property, and some first time buyers don’t need to pay any. Your conveyancer will advise you on how much you will need to pay. Please note that Stamp Duty does not apply in Wales. Instead, Land Transaction tax is paid to the Welsh government when purchasing a property over a certain price threshold in Wales. You can find out more about this here.
Do first time buyers pay stamp duty?
Many first time buyers benefit from first time buyer stamp duty relief, which mean you pay a reduced rate of stamp duty, or even none at all. Currently, first time buyers pay no stamp duty if the property costs £425,000 or less. Then, you pay 5% on the property’s value over £425,000 and up to £625,000. If the property costs more than £625,000, you’re not eligible for first time buyer stamp duty relief and have to pay it at the regular rate.
However, things are changing from 31st March 2025. From then, first time buyers will only pay no stamp duty if the property costs £300,000 or less. They will then pay 5% of the home’s value over £300,000 and up to £500,000, and will not be eligible for relief if the home costs more than £500,000.
How much could I save on stamp duty if I buy before 31st March 2025?
If you’re buying a property for more than £300,000, you could potentially save thousands of pounds on stamp duty if you purchase your home before 31st March 2025. Here are a few examples:
Deposits, mortgages, and ownership FAQs
How do gifted deposits work?
A gifted deposit is money that has been gifted (not loaned) to you to put towards your deposit, for example from a family member. You can either have part or the whole deposit gifted to you. You’re still a first time buyer if you receive a gifted deposit, as long as you meet all of the first time buyer criteria. You’ll need to declare your gifted deposit to your mortgage lender, who may ask for more information about the person who gifted it to you, such as bank statements to show where the money came from. From here, as long as the gift is accepted by the lender, you can continue with your mortgage application and conveyancing process as normal.
How do I get a mortgage as a first time buyer?
Many mortgage lenders offer special rates to first time buyers. But, the first step is finding out how much you can afford to borrow, and get an agreement in principle. It’s a good idea to do this before you start looking at properties, so you know you’re looking in a realistic price range.
A mortgage adviser or broker can help you find the right mortgage for you. Some charge a fee, while others get commission from the mortgage lender. You’ll typically need a deposit of at least 5% of the home’s value, but you can often get better mortgage rates if you pay a larger deposit.
What are the joint ownership options when buying with a partner?
If you’re buying your home with someone else, there are two options for joint ownership:
- Joint tenants – you both have equal rights to the entire property, and if one person dies, it automatically passes to the other. Ownership of the property can’t be passed down to anyone else in your will.
- Tenants in common – you each own a different set share in the property. Your share doesn’t automatically pass to the other owner if you die, and you can choose who to pass it onto in your will.
You should advise your conveyancer about which option you have decided is right for you so they can make sure the relevant documents are filled out correctly.
First time buying FAQs
What is a first time buyer?
A first time buyer is someone who has never owned a property before, in the UK or abroad. This includes property inherited from someone. First time buyers also must be buying their main residence – not a buy to let or holiday home.
Who is classed as a first time buyer? Am I a first time buyer?
To be a first time buyer, you need to meet these criteria:
- Never owned all or part of a property in the UK or abroad.
- Never inherited all or part of a property in the UK or abroad.
- Purchasing the property to live in as your main residence, not a buy to let or second home.
- If you’re buying a home with someone else, you must both meet these criteria to count as a first time buyer transaction.
I’m buying with a partner who isn’t a first time buyer, how will this impact us?
If you’re buying a home with someone who has owned a property before in the UK or abroad, they don’t count as a first time buyer. Unfortunately, you won’t be able to take advantage of first time buyer benefits like stamp duty relief or first time buyer mortgages with special rates. However, there are potential benefits. For example, if they’re selling their home, you may be able to use the equity they’ve built up to go towards a bigger deposit for your property together.
I’m currently renting. When should I give notice to my landlord? Should I keep my rental property while I’m moving into my new property?
If you’re currently renting a home before you purchase, it can be tricky to know when to give notice to your landlord. However, it’s a question with a complicated answer, as unforeseen delays can make the process take longer than expected. If you are currently renting, you may want to negotiate at least a month between exchange (when the sale becomes legally binding) and completion (when you can move into the new home), so you have time to give your landlord notice.
In some cases, you might want to keep your rental property whilst moving into your new one. For example, if you have lots of renovations to do, the new property might not be habitable for a while.
Be aware that even with careful planning, there may be a short period of time where you have to pay rent and your mortgage, so make sure to consider this in your financial planning.
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