First time home buyer advice
Buying your first home can be a bit daunting. From the confusing jargon to the large amount of money at stake, it’s completely normal to feel a bit lost at some point throughout the process.
But don't worry. We're here to help with our guide to being a first time buyer. Absolutely everything that's important to know is right here – like how to get the ball rolling with the home-buying process and the realistic timescale you're looking at after your offer has been accepted. We've even provided a property jargon buster for you so you can get to grips with those confusing property terms.
Getting started with the home-buying process
1. Register with an estate agent
Your estate agent will fast become your closest friend throughout the buying process. They’re there to guide you through everything, answering your questions and acting as your go-between with the seller, giving you one less thing to worry about.
When you register with Cubitt & West, we’ll listen to your requirements and advise you of the best possible matches plus some alternative options that could suit you just as well. Our local knowledge is second to none – so even if you’re new to Sussex, Surrey or Hampshire, we’ll guide you through the local schools, transport and general feel of the area.
2. Look online for your new home
Did you know that 95% of property searches begin online? While nothing is better than seeing your next home in person, browsing through property listings online can help you to create a shortlist of houses or flats you’d like to see.
We list all of our properties on Rightmove, Zoopla, Primelocation and On The Market – making these websites an excellent place to start. What’s more, you can even experience a virtual tour for some listings on our website, allowing you to fully explore every nook and cranny from the comfort of your couch.
3. Secure your mortgage
It’s usually a good idea to secure a mortgage agreement in principle ahead of your viewings. This way, your seller will know that you’re already in a great position to progress with the sale.
To make things easier for you, in every major branch of Cubitt & West, we have an in-house Mortgage Advisor who can guide you through your options and even find the most suitable mortgage for you.
4. Book some viewings
Nothing beats seeing your new home in person so we suggest that you book a viewing as soon as you’ve decided that you like what you see online. Get in quickly as some properties can be sold almost as soon as they’re put on the market.
5. Make an offer
So, you’ve found the one – now the fun really begins. Decide what you’d like to offer and then get in touch with your seller’s estate agent.
6. Open a file with a conveyancer
While you’re having your offer mulled over, be proactive and instruct a solicitor or conveyancer. They’ll handle the legal side of the sale, from the searches and title deeds to the exchange of contracts. We have our own conveyancing team who offer their services at a fixed fee, with nothing to pay until you reach completion. So, if the worst should happen and your sale were to fall through, you wouldn’t have to pay for their services.
Buying a house timeline
Week 1-2: Draft contracts
The seller or vendor’s solicitor will now draw up a draft contract and send this to your solicitor, who will then raise preliminary enquiries and make a land registry search to prove title ownership of the property.
Week 2-5: Searches
Your solicitor will carry out a search with the local authority which will reveal any planning consents granted for the property and any other relevant local issues.
- Local authority searches
- Drainage searches
- Environmental searches
Any questions that come from this search are sent to the seller’s solicitors for further clarification.
Week 2-5: Survey & valuation
Before agreeing to lend you money, your mortgage lender will require a valuation. Put simply, they want to make sure that the property is worth what you’re going to pay and that they will make a return on their investment.
A survey on the other hand is done by a chartered surveyor and is predominantly for the benefit of the buyer to help them make a more informed decision about the property they’re planning to purchase. Though not compulsory, it’s a sensible action and can give you leverage for negotiation with the seller if they find a problem.
There are generally three kinds of survey you can choose from:
- Snagging survey – Priced up to £300. Usually used for new builds, this could identify problems for the developer to fix before you move in.
- Homebuyer’s survey – Priced between £300-£500. Suitable for properties aged 50 years or under. Can be conducted at the same time as your valuation to save money.
- Full structural survey – Priced up to £1000. This is a far more detailed report, covering everything that you should know about your new home. An absolute must if the property is older or listed.
Bear in mind, the surveyor can only check what they see. If access to the attic/basement aren’t possible without lifting up carpets or doing structural damage, they’re not permitted to do this without the seller’s permission.
Our friends at Anderson & Associates can advise you on the survey that would be right for you. Ask about this in-branch.
Week 5-6: Contracts approved
Once your solicitor is satisfied with all results from the searches, survey and preliminary enquiries, the contract can be approved.
Week 5-6: Formal mortgage offer
This document will be sent to your solicitor for you to sign. Once signed and returned, the mortgage is in place and you are ready to exchange contracts.
Week 6-8: Exchange of contracts
The contract is signed by both you and the seller. The deposit (usually between 5-10% of the purchase price), is transferred or paid by the buyer’s solicitor in the form of a banker’s draft. At this stage the transaction is now legally binding and completion dates are set.
Week 8-10: Completion
This is the date agreed by the seller and the buyer. On completion day, the balance of payment is transferred from your solicitor’s account to the seller’s solicitor’s account. Your solicitor will notify you when you have completed and then you can move into your new home.
Property Jargon Buster
Worried what you’re agreeing to when you don’t strictly understand it?