First-Time Buyer’s Guide
Everything You Need to Know About Buying Your First Home
We understand that buying your first home can be both exciting and nerve-wracking. At Pattinson Estate Agency, we’re here to support you every step of the way. We can assist you with every aspect of the process, from finding your dream home and arranging financing to handling the legal conveyancing work required to complete the purchase. If you need further assistance, feel free to reach out to us, either at your local branch or alternatively, one of our Financial Service experts will be happy to help you with your home-buying journey.
If you're moving house or selling, be sure to check out our other guide, titled 'Guide to Buying and Selling' for valuable tips and advice.
Working out how much you can afford
Consider your savings, income, and finance options to understand what you can afford. Remember that if the property you’re purchasing is worth more than £450,000, you may also need to budget for additional Stamp Duty.
Saving for a Deposit
Ideally, you should aim to save between 5-20% of the property price for a deposit. The larger your deposit, the better chance you have of securing a lower interest rate on your mortgage. This is known as the loan-to-value ratio (LTV). For instance, a 10% deposit will mean a 90% loan, representing a higher risk for the mortgage lender. Try to save at least 10% to access better interest rates.
Getting a Mortgage Agreement in Principle (AIP)
At Pattinson, we can assist you with the paperwork to secure a mortgage in principle. Based on your income, outgoings, and saved deposit, a lender will issue a document outlining how much they are willing to lend. Having an AIP in hand when viewing properties shows sellers you are serious about making an offer.
Searching for a Property
By registering your requirements with us (e.g., area, budget, number of bedrooms and such like) we can notify you as soon as a suitable property hits the market or is about to hit the market. This ensures you don’t miss out on your dream home!
Viewing Properties
Once you’ve found a property (or several) that interest you, we can arrange a viewing and answer any questions you might have. Our team works flexibly to find a viewing time that suits you. If you are relocating or struggling with timing, let us know, and we can arrange a video viewing. You can use the ‘arrange viewing’ button on the property page, or
Making an Offer
When you’re ready to make an offer, talk to us about your proposed offer amount. We can offer you advice, guide you through the process and negotiate with the seller on your behalf.
Hiring a Solicitor/Conveyancer
Once you’ve made an offer, it’s time to instruct a conveyancer to handle the legal work. They’ll manage legal tasks such as property searches, contract exchange, and the transfer of ownership.
At Pattinson Estate Agency, we can assist you with the legal side of things using our trusted conveyancing services:
• We offer a guaranteed fixed-fee model, with no hidden charges.
• No move, no fee – If your purchase falls through, you pay nothing.
Drafting and Reviewing Contracts
Typical Timeframe: 1-2 weeks
Once your offer is accepted, the seller’s solicitor will send over the draft contract. Your solicitor will review it to ensure all details are correct, including the sale terms, fixtures, completion date, and any conditions.
Searches and Legal Checks
Typical Timeframe: 2-4 weeks
Your solicitor will carry out various searches to identify any legal issues with the property, including:
• Local authority search: Planning, highways, and building regulations checks.
• Water and drainage search: Ensures connection to mains water and drainage.
• Environmental search: Assesses risks like flooding or land contamination.
Survey and Valuation
Typical Timeframe: 1-2 weeks (may overlap with searches)
Your mortgage lender will arrange a valuation to confirm the property’s value. You may also wish to commission a property survey to check its condition. Ask us, as we can help you with all of this:
Snagging Survey: Ideal for new builds, this inspection identifies issues for the developer to fix before completion.
Homebuyer’s Survey: Suitable for properties under 50 years old, this mid-level survey provides an overview of the property’s condition.
Full Structural Survey: A comprehensive assessment of the property's structure. Therefore this survey is deemed as crucial for older or listed buildings.
Finalising the Mortgage Offer
Typical Timeframe: 2-3 weeks
Once the valuation is approved, your finance lender will issue a formal mortgage offer. This is a critical step before exchanging contracts, and with your mortgage offer in hand, you’re ready to move forward.
Signing and Exchanging Contracts
Typical Timeframe: 6-8 weeks from offer acceptance
Once all searches and surveys are complete, your solicitor will finalise the contract. Once signed and exchanged, the sale becomes legally binding, and you typically pay the agreed deposit. A completion date is usually confirmed during this stage.
Final Preparations Before Completion
Typical Timeframe: 1-2 weeks after exchange
During this period, you’ll make final arrangements, such as securing Buildings Insurance (usually required by your lender) and organising your move. Your solicitor will prepare a completion statement detailing the final amount owed.
Completion
Typical Timeframe: On the agreed completion date
On completion day, your mortgage funds are transferred to the seller, and legal ownership of the property is transferred to you. It’s then that you’ll receive the keys to your new home!
Move In!
You’re officially the new owner and can move into your home!
Post-Completion
Your solicitor will finalise tasks such as paying Stamp Duty and registering the property with the Land Registry in your name.
Total Timeframe:
The process from drafting contracts to completion usually takes around 6-10 weeks, depending on the complexity of the sale, the length of the chain, and any legal or financial issues.
First Time Buyers - FAQs
We understand that buying your first home can be both exciting and nerve-wracking. At Pattinson, we’re here to support you every step of the way.
Most lenders require a deposit of at least 5% of the property's value, but a larger deposit (e.g., 10% or more) can help you secure a better mortgage rate.
An AIP is a statement from a mortgage lender indicating how much they might lend based on your financial situation. It’s not a guarantee, but it shows sellers you are a serious buyer and can help speed up the process.
You can use our Mortgage Payment Calculator to estimate monthly repayments. For personalised advice, our mortgage advisors can guide you through affordability and options.
As of February 2025, first-time buyers do not pay Stamp Duty on homes up to £425,000. If the property costs up to £625,000, you’ll only pay 5% on the portion over £425,000. Above £625,000, standard rates apply. (Stamp Duty rates may change, so check government updates.)
Typically, 6-10 weeks from offer acceptance to completion, but this can vary depending on surveys, legal checks, and the property chain.
Your solicitor will carry out property searches, including local authority checks, drainage searches, and environmental reports, to ensure there are no legal issues with the property.
A mortgage valuation checks the property’s value, but for condition assessments, you may need:
- Snagging Survey (for new builds)
- Condition Report (for newer properties in good condition)
- Homebuyer’s Report (for standard properties)
- Full Structural Survey (for older or listed buildings)
For a full list of options read more about Property Surveys
You’ll pay your agreed deposit when exchanging contracts, at which point the purchase becomes legally binding.
Your solicitor transfers the mortgage funds to the seller, and you receive the keys to your new home!
Your solicitor will handle Stamp Duty payments (if applicable) and register the property with the Land Registry in your name.
If your sale doesn’t go ahead, you may lose money on surveys, legal fees, or mortgage application fees. However, Pattinson offers a ‘no move, no fee’ conveyancing service, so you won’t pay legal fees if the sale doesn’t complete.