Your Greater London Properties Guide to the Process for First-Time Buyers
Whether buying a property has been something that you’ve been working towards for some time, or you have decided that this is the year that you start preparing yourself for property ownership, it’s important to be aware of all the steps involved in the process:
1. Save a Deposit: The first thing to do is work out how much deposit you’ll need. Mortgage lenders tend to prefer larger deposits, so it’s good to aim high whether you’re saving up or are getting help from family. 10% is usually the minimum deposit required, although more mortgage options that accept a 5% deposit are becoming available today.
2. Get a Mortgage: Before you can buy your first home, it’s crucial to know that you can get a mortgage to pay for it. Unless you’re lucky enough to have the cash, most people need a mortgage to buy their first property. There are several types of mortgages available, so it’s a good idea to speak to lenders or brokers to determine which type works best for you.
3. Consider Extra Costs: You will also need to think about any additional costs involved in the process such as legal fees, stamp duty if you’re buying a property worth over £300,000, mortgage arrangement fees, property surveys, and more.
4. Find Your First Home: Once you have all the money in order, it’s time to start looking for your perfect first home. Search the properties listed on the Greater London Properties or use property listing sites like Rightmove and Zoopla to find properties within your budget in the areas that you want.
5. Make an Offer: Once you’ve found your perfect first home, you should put in an offer. Do this by contacting the estate agent in charge of managing the home and letting them know how much you are willing to pay. As a first-time buyer, you may be asked to provide proof that you can get a mortgage.
6. Completion: If your offer is accepted, the next step is completion, but there are a few things that must be done to get there. Most of the work at this stage will be carried out by solicitors. You will also need to secure the mortgage that has been agreed in principle by the lender, which usually takes around four weeks. The contracts will be ready to exchange once the mortgage has been approved and the sale terms are agreed. At this point, you will need to pay the 10% deposit. Once completion day arrives, you’ll be given the keys and the home is yours!
If you would like any more advice, our Greater London Properties Sales Team are here to help! Just email our Sales Team or call us on 0207 734 4062.
Warm Regards
Central London Estate Agents