Essential Property FAQs for First-Time Buyers

Buying a property is a major investment, so it's important to consider key factors such as:

  • Future resale value – Will the property appreciate over time?

  • Maintenance requirements – Are there ongoing repairs or upkeep?

  • Service charges (for flats) – What additional costs apply?

  • Lease length (for leasehold properties) – Does it impact value and mortgage eligibility?

  • Freehold:

    • You own the building and the land it stands on.

    • No ground rent or service charges.

    • Full responsibility for maintenance.

    Leasehold:

    • You own the property for a fixed term.

    • Pay ground rent and service charges.

    • Lease length impacts property value and mortgage eligibility.

    • Permission may be required for major alterations.

    1. Save for a deposit – Typically 5-10% of the property value.

    2. Get a mortgage agreement in principle – Helps determine your borrowing power.

    3. Search for properties and book viewings – Find a home that meets your needs and budget.

    4. Make an offer – Negotiation may be required.

    5. Offer accepted – Begin the legal and financial processes.

    6. Legal process (conveyancing) – Solicitor reviews contracts and performs searches.

    7. Surveys and searches – Identify any issues with the property.

    8. Exchange contracts – Legally commit to the purchase.

    9. Completion and move-in – Receive the keys and take ownership.

    • Mortgage agreement in principle: 24-48 hours

    • Property search: 2-3 months (on average)

    • Offer to completion: 3-6 months

  • Upfront Costs:

    • Deposit: Minimum 5-10% of property value

    • Stamp Duty: If applicable

    • Solicitor fees – Legal work costs

    • Survey costs – Ensure the property is in good condition

    • Mortgage arrangement fees – Lender charges for setting up your mortgage

    Ongoing Costs:

    • Monthly mortgage payments

    • Buildings and contents insurance – Protect your home and belongings

    • Council tax – Paid to the local authority

    • Utility bills – Electricity, gas, water, internet, etc.

    • Maintenance and repairs – General upkeep of the property

  • External Checks:

    • Roof condition – Look for missing tiles or leaks

    • Window quality – Double glazing? Any condensation?

    • Drainage – Signs of blockages or flooding

    • Garden aspect – Sunlight, privacy, and maintenance

    • Parking facilities – Driveway, street parking, or permits

    Internal Checks:

    • Signs of damp – Musty smells, peeling paint, or mould

    • Electrical systems – Check sockets, fuse boxes, and wiring

    • Plumbing condition – Test taps, water pressure, and heating

    • Room sizes – Does the space meet your needs?

    • Storage space – Built-in cupboards, loft access, etc.

    • Natural light – Check room orientation and window size

    • Mortgage valuation – Required by lenders to assess property value

    • RICS HomeBuyer Report – Mid-level survey covering condition and defects

    • Full Building Survey – Detailed structural inspection (recommended for older properties)

    • Property searches – Identify any legal or environmental issues

    • Title and contract review – Ensure clear ownership and legal standing

    • Lease review (if leasehold) – Check restrictions, fees, and lease length

    • Handling deposit transfer – Secure exchange of funds

    • Registration with the Land Registry – Legal transfer of ownership

    • Structural issues – Cracks, subsidence, or shifting foundations

    • Japanese knotweed – Invasive plant that can damage property

    • Non-standard construction – May affect mortgage approval

    • Short lease (under 80 years) – Can reduce property value

    • History of flooding – Check flood risk maps

    • Subsidence concerns – Uneven floors, sticking doors/windows

    • Poor energy efficiency rating – High utility costs and insulation issues

    • Research similar property prices – Ensure you're making a competitive offer

    • Assess property condition – Factor in any repairs or upgrades needed

    • Have a mortgage agreement in place – Show sellers you're financially prepared

    • Line up a solicitor in advance – Speed up the buying process

    • Show proof of deposit – Sellers prefer buyers with finances ready

    • Highlight your position as a chain-free buyer – More attractive to sellers

    • Change locks – Ensure security

    • Take meter readings – Avoid overpaying on bills

    • Set up utilities – Electricity, gas, water, broadband

    • Register for Council Tax – Notify your local authority

    • Update address details – Banks, employer, DVLA, subscriptions

    • Review insurance coverage – Ensure you’re fully protected

    • Plan for essential improvements – Prioritise any repairs or upgrades