First of all, it is important to know the costs of buying a house and costs associated once you have moved in. This will tell you what you can afford with the budget you have.

These costs include:
• Upfront costs                              • Mortgage costs                              • Ongoing costs
- Deposit                                          - Booking fee                                     - Maintenance and repairs
- Stamp duty land tax                  - Arrangement fee                           - Insurance  
- Valuation fee                               - Mortgage valuation fee                - Council tax
- Surveyor’s fees                                                                                         - Utilities
- Legal fees
- Electronic transfer fee
- Broker fees
- Removal costs

When buying a property, you will need to give a mortgage deposit of a certain percentage of the price of your desired house. The bigger sum of deposit you give, the better it is for you as it will allow you to get better mortgage deals with lower interest rates.

For first time buyers, it is a good idea to save money into a Lifetime ISA, as this will enable you to get a top-up from the government. However, there are also other options, such as buying an equity loan, shared ownership on the property, or getting financial help from parents.  

There are mortgage providers that allows you borrow a sum of money, which will depend on how much your mortgage deposit is, income, and credit score. With the help of mortgage advisers, you will be able to get advice on a suitable mortgage and insurance for you.

You can then apply for a mortgage agreement, which confirms that your mortgage lender is prepared to lend you a certain amount of money.  

After that, you can start searching for your new house! It is also a good idea to research the location of your new house and additional needs, e.g. number of bedrooms, parking spaces, etc.

Once you’ve found your desired location, register with the estate agents in the area you’ve chosen. Viewing properties in person will help greatly in deciding if it will be your next home. Make sure that you are thorough and ask questions about what is important to you. When you’ve found your perfect home, you can make an offer and apply for a suitable mortgage type.  

When your offer has been accepted, the next thing you should do is find a solicitor or a conveyancer to transfer the legal title of the property you just bought. My Conveyancing Specialist provides online conveyancing services that can give you a conveyancing quote instantaneously and deliver a first-class quality conveyancing service. It also has a ‘No Move, No Fee’ guarantee, which means that the buyer does not have to pay if the move is not successful. 

The buyer’s solicitor will carry out a property survey as a part of the conveyancing process to ensure that the buyer is aware of issues if there are any, such as the state of the building, surrounding land conditions, assessment of external factors (drainage systems, infrastructures). This can sometimes help in negotiating the price or fix identified problems if possible.

When moving to your new home and you have discussed the completion date with the seller, removal companies can make the move less stressful if you have a lot of furniture you need to move. The arrangement of a home insurance is also essential on your move to protect you from problems that may arise that can damage your property, such as flooding or in an event of a fire. 

When your and the seller’s legal representatives have exchanged signed contracts and you have paid your deposit, the agreement is now legally binding. However, before the exchange occurs, you will need to provide:
     • A written mortgage offer
     • Information about the property and fixtures & fittings from the seller
     • Results of the local searches from the conveyancer
     • Agreement on completion date
     • Building insurance