First Time-Buyer Checklist (one minute read)

1. Define Your Budget: Understand your financial situation and determine how much you can afford. Consider the price of the property, the percentage of deposit you need, your deposit figure, mortgage repayments and additional costs such as legal fees, surveys and stamp duty (if applicable).

2. Explore Mortgage Options: The best option at this stage is to engage a whole of market mortgage broker. The broker will give you the best options and interest rates available to you. Your high street bank can only offer you the products they have available. Once approved your mortgage offer will last for 90 days, giving you time to locate, offer and secure your property.

3. Location Research: Investigate potential areas. Consider factors like proximity to work, schools, public transport, transport links and amenities.

4. Viewings: Arrange viewings with local estate agents. Look for potential problems in the property that might incur future costs and ensure the property meets your needs and expectations.

5. Negotiation: Be prepared to make an offer based on your budget and the property’s market value. Stay open to compromise while ensuring your interests are represented.

6. Legal Guidance: Seek advice from your estate agent in completing the required documents provided by your solicitor. Then instruct a conveyancer specialist to act for you in the transaction. Your estate agent and possibly your conveyancer can guide you through what you need know and how to complete the necessary paperwork to the get the transaction over the line.

Remember, this checklist is a starting point; each property purchase is unique, so adapt these points to your specific circumstances.

01482 866304 – Beverley

01482 631133 – West Hull