# A Guide for First-Time Buyers

## Introduction
Buying your first home is one of the biggest decisions you'll ever make. It's exciting, sometimes nerve-wracking, and there's a lot to learn. This guide walks you through every step of the process so you feel confident and prepared.

## Step 1: Get Your Finances in Order
- **Check your credit score** — use Experian, Equifax, or TransUnion. Fix any errors.
- **Save for your deposit** — most lenders require 5–15% of the purchase price. The more you save, the better your mortgage rate.
- **Understand government schemes:**
  - **Lifetime ISA** — save up to £4,000/year, government adds 25% bonus (max £1,000/year). Must be open for 12 months before use.
  - **First Homes scheme** — new-build homes sold at 30–50% discount to local first-time buyers
  - **Shared Ownership** — buy 25–75% of a property, pay rent on the rest
  - **Right to Buy** — if you're a council tenant, you may be eligible for a significant discount

## Step 2: Get an Agreement in Principle (AIP)
- Speak to a mortgage broker (they search the whole market) or your bank
- An AIP tells you how much a lender is willing to lend you
- It's not a guarantee — the full mortgage application comes later
- An AIP typically lasts 60–90 days
- Having an AIP shows sellers and agents you're a serious buyer

## Step 3: Start Your Search
- Register with local estate agents in your target areas
- Set up alerts on Rightmove, Zoopla, and OnTheMarket
- Be realistic about your budget — factor in ALL costs, not just the purchase price
- Visit areas at different times of day and week
- Research local schools, transport, amenities, flood risk, and planned developments

## Step 4: Viewing Properties
- Take a checklist: damp, cracks, roof condition, windows, heating, electrics
- Check mobile signal and broadband speed
- Ask: How long has it been on the market? Any offers? Why are they selling?
- Visit at least twice before making an offer — second time with fresh eyes
- Take photos and notes (ask the agent first)

## Step 5: Making an Offer
- Your offer is "subject to contract" — not legally binding until exchange
- Consider: comparable sold prices, how long it's been listed, your position (chain-free is powerful)
- Your agent will present the offer to the seller's agent
- Be prepared to negotiate — but don't get emotionally attached to a number
- If your offer is accepted, it becomes "sale agreed"

## Step 6: Conveyancing
- Instruct a solicitor or licensed conveyancer immediately
- They'll handle: searches, title review, contract negotiation, exchange, and completion
- Expect this to take 8–12 weeks (sometimes longer)
- Searches include: local authority, environmental, water & drainage, chancel repair
- Your solicitor will raise "enquiries" — questions about the property that need answering

## Step 7: Survey
- **Condition Report (Level 1):** Basic — traffic-light ratings. Suits new-builds.
- **HomeBuyer Report (Level 2):** Mid-range — identifies significant issues. Suits standard properties.
- **Building Survey (Level 3):** Comprehensive — detailed analysis. Essential for older, unusual, or listed properties.
- If the survey finds problems, you can: renegotiate the price, ask the seller to fix issues, or withdraw.

## Step 8: Mortgage Application
- Submit your full application once your offer is accepted
- The lender will arrange a valuation (separate from your survey)
- Provide: ID, proof of income, bank statements, deposit source evidence
- Mortgage offer typically takes 2–4 weeks
- Read the mortgage offer carefully — your solicitor will explain the terms

## Step 9: Exchange of Contracts
- Your solicitor confirms everything is in order
- You sign the contract and pay the deposit (usually 5–10%)
- Once both solicitors confirm exchange, it's LEGALLY BINDING
- Completion date is set — typically 1–4 weeks after exchange
- From this point, pulling out costs money (you forfeit your deposit; the seller can sue for damages)

## Step 10: Completion Day!
- Your solicitor transfers the remaining funds to the seller's solicitor
- Once received, the keys are released — usually by early afternoon
- **You are now a homeowner!**
- Your solicitor pays SDLT (within 14 days) and registers you at the Land Registry

## Costs Summary
| Cost | Typical Range |
|------|---------------|
| Deposit | 5–15% of purchase price |
| Stamp Duty (SDLT) | 0% on first £425,000 (first-time buyers) |
| Solicitor fees | £1,000–£2,500 + VAT |
| Survey | £300–£1,500 |
| Mortgage arrangement fee | £0–£2,000 |
| Removals | £300–£1,500 |
| Immediate costs (furniture, etc.) | Budget £2,000–£5,000 |

## Top Tips
1. Don't max out your budget — leave a buffer
2. Get your AIP before you fall in love with a property
3. Chain-free buyers are more attractive to sellers — use it as leverage
4. Be responsive — reply to your solicitor quickly to avoid delays
5. Don't make big financial changes during the process (new credit, changing jobs)