fbpx
Skip to content
Clarke & Son Articles

Purchasing Your First Property: A Step-by-Step Guide

Buying your first property can feel quite daunting, especially for first time buyers. With careful planning and understanding of the process you can confidently embark on this exciting journey. So where should you begin?

Step 1: Assess Your Financial Situation

Before starting the house hunting process, it is crucial to evaluate your finances.

Have a total for all current outgoings. This could include:

  • Broadband, WIFI and mobile phone bills
  • Car insurance and car tax
  • Memberships and subscriptions
  • Monthly travel expenses
  • Food expenditure.

Have an estimated total for all future outgoings:

When applying for a mortgage further down the line, it will be extremely useful to have these estimates.

In theory, what you are left with is what you can affordably pay each month in mortgage repayments.

Step 2: Speak to a Mortgage Advisor

Speaking to a mortgage advisor is highly recommended when you’re considering buying a property for several important reasons:

  • Expert Guidance: Mortgage advisors offer tailored advice based on your financial situation, guiding you through mortgage options, interest rates, and repayment terms.
  • Financial Assessment: They conduct a thorough assessment to determine the maximum borrowing amount and identify suitable mortgage products.
  • Access to Lenders: Mortgage advisors have access to a broad network of lenders, streamlining the application process and negotiating competitive rates.
  • Informed Decisions: Consulting with a mortgage advisor ensures you make informed decisions, saving time and effort while securing the best financing options for your property purchase.

Speaking to a mortgage advisor can be invaluable when buying a property, helping you navigate the complexities of the mortgage market and find the best possible financing options for your needs.

Step 3: Mortgage in Principle

Getting pre-approved for a mortgage is an essential step that provides insight into how much you can borrow from a lender. Pre-approval not only demonstrates your seriousness as a buyer but also gives you a competitive edge in a competitive market. Estate agents like you to have a mortgage in principle before putting down an offer on a property!

You can apply for one online through your bank or ask your mortgage adviser to do this for you.

Step 4: Set a Budget

Now you know how much you can affordably borrow; you can now establish a realistic budget for your home purchase. Remember to consider not only the purchase price but also closing costs and potential renovation expenses.

Feel free to use our online conveyancing quote to get an instant quote on your conveyancing fees. It is far more convenient to receive a quote this way as it is available 24/7 and you will not have to wait for a response. Your quote will clearly state expected fees and expenses involved in the conveyancing process helping you to understand the financial aspect upfront.  You are of course welcome to call the office and speak to someone if you rather!

Step 5: Instruct a Solicitor

After having an offer accepted, your solicitor will help you through the legal process of buying and mortgaging the property. This includes:

  • Obtaining searches
  • Checking finances
  • Contract preparation and review
  • Property transfer
  • Completion

When selecting a conveyancer, it’s crucial not to base your decision solely on price. Service quality and responsiveness play a pivotal role in ensuring a smooth transaction. At Clarke & Son Solicitors, we prioritize unparalleled service and swift responses to your inquiries.

If you are looking for a someone to assist with your property purchase, please get in contact with our Residential Property Team who would be happy to assist.

Feel free to share:

Facebook
Twitter
LinkedIn
Whatsapp

Contact Details

If you have any questions or would like to enquire about one of our services, please fill in the enquiry form below and one of the team will get back to you.