What should all first-time buyers know about purchasing a property?

Tue 04 Jul 2017

Getting onto the first rungs of the property ladder can be a daunting prospect. Here we have the Guild of Property Professionals sharing their top tips for anyone looking to start navigating the property market.

Have a plan

Speaking with your mortgage advisor before starting your property search will set you up well for the future. Mortgage advisors are well positioned to offer stable independent advice on what you can afford. Using this advice to make an informed decision will help you avoid falling in love with something you can’t afford.

Be prepared

Having a mortgage agreed in principle will speed up the process down the line. Being able to make a credible offer will help persuade the agent and seller that you are serious.

Understand the fees

There are many fees to consider beyond the obvious. Make sure you do your research so not to get caught out by unexpected costs. Here are some fees that are often overlooked:

Mortgage fees – A lender will check the property to ensute it is worth what you are paying for it. Altough sometimes included with the mortgage, often this will have to be paid for additionally.

Survey – These vary in price depending on the extent, however expect to pay between £400 and £1000.

Land registry fees – Updating the Land registry to transfer the land into your name can cost between £200 and £300.

Freehold or Leasehold

If you are buying a flat, there are other areas you may not have come across when looking at a house. Ask about the length of the lease, the ground rent, and any service charges. As well as what these are, it’s important to find out what these cover, and under what eventuality you would be required to pay for certain maintenance.

Navigating the property market for the first time can be difficult; with so much to consider, the main piece of advice we can give is to use your local estate agent. They will have dealt with first-time buyers in your position before, and will be able to give you concrete actionable advice, putting you in the best deal possible for a smooth and straight forward move.

Read the full article from The Guild of Property Professionals here.