FIRST TIME BUYERS
The first-time buyer's survival guide
- 8 min read
- 1 April 2026
First-time buying is confusing. Here's what we wish every FTB knew before they started.
Before you offer
– Get your mortgage Agreement in Principle (AIP) early. Estate agents won't take you seriously without one. – Have deposit funds in an accessible account. Money tied up in ISAs you can't access for 30 days will delay you. – Factor in the true cost: deposit + SDLT + legal fees + searches + removals + contingency. A £300k purchase usually needs £35k to £45k in cash even with a 10% deposit.
Once your offer is accepted
– Instruct a solicitor or conveyancer the same day. Don't wait. The clock starts now. – Order your survey separately. Your mortgage valuation isn't a survey; it's a tick-box for the lender. You want a HomeBuyer's Report (Level 2) as a minimum. – Keep your bank statements clean. Large unexplained transfers will trigger source-of-funds checks and delay you.
What usually goes wrong
– Leasehold surprises: short leases (below 80 years), high ground rent, or service charge arrears. Ask your solicitor for the LPE1 early. – Chain collapse: someone above you pulls out, and everything resets. You can't prevent this, but being ready to exchange fast reduces exposure. – Survey findings: damp, subsidence, or major roof issues often trigger renegotiation. Be prepared to walk, or to ask for a reduction.
The day of completion
– Completion usually happens late morning. You don't get keys until the seller's solicitor confirms receipt of funds, so plan for a mid-afternoon move rather than 9am. – Take meter readings the moment you arrive. Photograph them. – Don't forget to update your address with HMRC, DVLA, and your bank.
Last reviewed 26 August 2026. The costs and timescales here are typical market ranges observed at that date, not official figures, and they move. The quote you are given is the figure that binds.
