First-time buyer's guide

7th April 2016

Demand from first-time buyers shows no sign of slowing down, as more people attempt to scale the property ladder. Over the past year, the number of keen-to-be home-owners has risen by 38.8%, putting upwards pressure on the property market - the average price of a first-time home in the UK now stands at £165,945.

Brighton and Hove tells a different story, with the average cost of properties hitting an incredible £300,000, 53% higher than the national average. And the market shows little sign of stopping, crying out to those hesitating on the side-lines, “buy now, while you still can.”

With such a large amount of money in question, it is unsurprisingly daunting for first-time buyers, torn between rapidly increasing rent in the city and the difficult task of scraping together enough money to afford a minimum 5% deposit. However, if you are in a financial position to buy but are put off by the unknown process, let us initiate you into the secret society of property purchase:

Get your ducks in a row

It is best to secure a decision in principle before you start your search. A decision in principle is a certificate from a lender to say that ‘in principle’ they will lend you the money. This gives you a better position when making an offer. Competition is high, particularly in Brighton and Hove, and it’s possible you will find yourself in a best and final bid situation, sometimes bidding against many keen buyers.

Vendors will be advised by their estate agent on the best buyer, which is based not only on the amount of cash you put down, but also on your position - are you in a chain? How big is your deposit? Can you guarantee a mortgage?

When embarking on your mission, make sure you have enough points in your favour to give yourself the best chance possible of securing the home of your dreams.

Budget for the extra costs

The cost of buying a property doesn’t stop with the deposit and it’s a good idea to keep a chunk of your savings aside for the extra bits. These include:

     Mortgage arrangement - some mortgage advisors charge for their services. However, others, such as our in-house CeMAP qualified mortgage specialist, Graham Griffin, offer free advice with no obligation. This isn’t the norm so it’s best to determine the cost from the offset.

     Valuation fees - your mortgage lender will need an independent valuation of the property to determine whether the price you’re paying is what the property is actually worth. This is important, if you bid too high, you could risk not getting the full mortgage. Valuation fees will often be added onto your mortgage; the costs depends on the provider you go for.

     Survey fees - there are three options available and the price depends on how thorough you wish to go. Surveys show you the condition of the property and, for first-time buyers who don’t always know what they’re looking for, it is advisable to go for a homebuyer’s survey (see below for more information).

     Stamp Duty - calculate the cost of this using our stamp duty calculator.

     Solicitor’s fees - ask for recommendations and read online reviews. Don’t just go with the cheapest, a good solicitor will make a huge difference during the buying process. Check out our conveyancy advice.

     Life insurance - this is particularly important if you’re buying a house with another person. The cost of this depends on the provider and premium you go with.

     Removal costs.

     Buildings insurance - if you’re buying a flat, this is usually included in your monthly maintenance costs. You will still be required to buy contents insurance.

View with a clear view of what you want

Before you contact an estate agent, and after you’ve decided on a budget and location, determine a list of must haves - outside space, two bedrooms, good school area; nice to haves - a sea view, parking space; and absolutely can’t haves.

Searching for your first property can be exhausting. Your list of requirements will help you be more targeted and, if communicated effectively, will help your estate agent put you in front of the most appropriate properties for you.

Make an offer

Brighton and Hove is a seller’s market and properties get snapped up quickly, which means you need to act fast or miss losing out. Although we’d never advise rushing your decision, we have seen desirable properties get sold STC on the same day they went on the market, with numerous people making an offer.

If you like a property, make an offer. But be prepared to keep some of your budget aside in case you need to go above asking price with a best and final bid

Arrange for a survey

Although you don’t legally have to, we would always recommend getting a homebuyer’s survey completed before you advance with the sale, particularly as a first-time buyer. This will tell you if there is anything wrong with the property and could save you money further down the line.

The average cost of a homebuyer’s survey is £350. For a more basic review of the building condition, you can also opt for a condition report, and for a more detailed review, go for a building survey. Here’s a more detailed explanation of the difference between the three. 

Exchange contracts

Once you exchange contracts, the vendor can’t legally pull out of the sale without significant financial repercussions. This also means you are bound to the transaction and pulling out after this point could cost you 10% of the price of the property.

You usually exchange contracts between 7 and 28 days before completion. Before exchanging, you should make sure everything is in place and you are 100% happy with the purchase. You should only exchange contracts after:

     You have agreed an offer, including all fixtures and fittings

     You have completed all surveys and followed up with anything that has been flagged on the survey eg. electrics and gas checks

     You have been formally offered a mortgage in writing and your solicitor has obtained all relevant documents to secure this

     You have arranged funding for the mortgage deposit

     You have sorted funding for the contract deposit (this is typically 10% of the property cost and is the first amount of money that comes out on exchange. The rest will be released by your solicitor on completion)

     Your solicitor has done all relevant searches

     You have organised building insurance, if necessary (after you exchange, you are liable for the property and so you need building insurance in place before hand)

     You have agreed a completion date and time, which will be written into the contract (see below for more information)

     You have read, understood and signed the contract and transfer documents

Completion and final steps

Completion day is here, but what should you expect?

This is the day the money is transferred to your solicitor. Your solicitor will then pay it forward to the vendor’s solicitor, who will use it to pay off the remainder of their mortgage, giving them the difference. You will then get the keys and the task of moving can begin. 

The time of completion will be agreed in your contract and it’s important to ensure all money reaches your solicitor’s account before this time. If you do not meet the deadline, you will be charged interest on the full amount, which will not be insubstantial.

Once you have completed, the property is yours’ and you are free to make it your own. 

Testimonials

  • Thank you Paul and Archie, you gave an excellent service, as well as Kelly. I look forward to working with you again. 

    Mr White Fiveways

  • I wish we had used you to sell our property! Nice to meet honest people, who are genuinely interested in helping. Very pleased.

    Mrs Porter Taunton Road

  • I found the service to be courteous, friendly and efficient.

    Mr Upton Buller Road

  • Ben was particularly enthusiastic and helpful. Martin, Paula, Sam and Will are all hard workers.

    Ms Goodey Franklin Road

  • I have bought and sold 7 properties, and this was the best experience of an estate agents services I have found.

    Mrs Shepherd Hertford Road

  • Great service, always polite and friendly. Excellent contact and info all the way.

    Mr Wells Bishops Road

  • A very committed team who made the sale process very easy.

    Ms Rees Ticehurst Road

  • Sharon was amazing! She kept us up to date the whole way through the process. We cannot fault Sharon or the rest of her team. 

    Mr & Mrs Ashley Woodingdean

  • Sold within 2 weeks for asking price "excellent!"

    Mr Grundy Bishops Road

  • The Woodingdean team were very friendly and approachable.

    Mrs Palmer Pitt Gardens

  • It was an amazing experience, everyone involved were fantastic. 

    Mr & Mrs Knight Woodingdean

  • A really good experience.

    Mr Tibble Lewes Road

  • Very impressed with all dealings with Maslen. Paula Carter was in particular very knowledgeable and helpful. 

    Mr McBlane Hove

  • Thanks David, all very professional.

    Mrs Flowers Foxdown Road

  • I would recommend Maslen to anyone. 

    Mrs Tripp Woodingdean

  • The team worked very hard over a long period to ensure my sale went through - excellent service!

    Mr Patrick Gladstone Terrace

  • Quality advice about when and how to sell, which was spot on. Thank you.

    Miss Coleman Buller Road

  • All very professional, kept updated throughout. Very pleased - Would recommend. 

    Mrs Hammond Hove

  • I was new to the area and viewed a lot of properties with a lot of different agents. Maslens were by far the best I came in contact with, so when i...

    Mr & Mrs Heer Lewes Road

  • It was a long, drawn out process that the people at Maslen helped me through, without the impression that it was a chore. So extremely professional...

    Mr McLagan Lewes Road

  • Best Estate Agents ever experienced - professional, approachable, competent and exemplary. 

    Mr & Mrs Guest Riley Road

  • We were very impressed with the Nick from start to finish. 

    Mr & Mrs Smith Lewes Road

  • Excellent communication and advice throughout. It felt very reassuring to be in good hands.

    Mrs Brooker Buller Road

  • Very impressive - professional and friendly, both Martin Timms and Paula Carter were excellent at keeping in contact with sensible advice based on...

    Mrs O'Connor Hove

  • Paula is amazing!

    Ms Aspnall Gladstone Place

  • Sharon and her team could not have done more in what was a difficult sale. 

    Ms Daly Woodingdean

  • Thanks for an excellent service. 

    Mr King Hove

  • Hugely impressed with Ben & his team.

    Mrs Mead Upper Lewes Road

  • Very happy with the service we got from you guys, everyone we dealt with was extremely friendly, professional and helpful. Thanks!

    Mr Brown Titian Road

  • Harvey was helpful and easily reachable at the beginning of the process and Sharon kept us informed and was always happy to help.

    Ms Murch & Ms Mapa Ticehurst Road

  • We were delighted with the service received from all the staff with whom we had contact,

    Dr Crichton The Ridgway

  • Already recommended you! Thank you.

    Mr Edwards The Ridgway

  • Graham Griffin provided us, and continues to provide us, will all-round excellent advice. We trust his knowledge and expertise.

    Mr Blackmore & Ms O'Sullivan Financial Services

  • Sharon was excellent, she kept us informed at all stages and was a really calming objective influence in the process.

    Ms Frederick Channel View Road

  • An efficient, professional and friendly service. Helpful and a pleasure to do business with.

    Mr Beddington Brading Road

  • Compared to your rivals, your service was excellent

    Ms McGrigor Milner Road

  • A completely painless experience from start to finish. Thank you.

    Mr Woolven & Mrs Bessant-Woolven Lewes Road

  • Paula was absolutely amazing!

    Mr & Mrs MacKay Lewes Road

  • A very positive experience - I had most contact with the Fiveways office and they were so friendly and helpful.

    Ms A King Balfour Road

  • All agents at Maslen were extremely helpful and polite from the beginning to the completion of sale. 

    Mr Johnson Fiveways

  • First class service. Friendly and professional.

    Mr Thorne The Avenue

  • In February 2016 I was looking to buy and sell very rapidly. Competition among buyers at the time was very high. Sharon @ the Woodingdean branch sh...

    Ms Helen Lyons Woodingdean

  • Very good service and communication. Paula was excellent.

    Mr & Mrs Scarboro 1 Pevensey Road

  • Best Agents in Brighton.

    Mrs Field Tarner Road

  • The sale was dealt with swiftly, professionally and successfully. Thank you Maslen!

    Mrs Lincoln Hove

  • The whole team were very committed from start to finish.

    Mr Pilgrim Lewes Road

  • Excellent Service from start to finish.

    Mr T Mole Cromwell Road

  • Outstanding service from Sharon. James is an asset to Maslens & Harvey was so helpful and polite.

    Ms Cianchetta Selhurst Road

  • Paul was absolutely brilliant. 

    Mrs Tasker Fiveways

  • You were amazingly helpful throughout - a real pillar of strength with a very difficult sale.

    Mrs Parkin Fiveways

  • Maslens as a whole were really friendly and professional. I have to thank and congratulate Paula Carter for being superb at her job and exceeding m...

    Ms Warren Hove

  • Sharon was excellent - kept us well informed, thank you so much!

    Ms Waters Cowley Drive

  • Paula's role was brilliant. Having someone office based and available was so appreciated and her promptness an impressive service - every Estate Agent...

    Ms Wynn-Jones Baxter Street

  • All the staff I dealt with were excellent. Sharon worked really hard to complete the sale.

    Mrs Bent Falmer Gardens

  • Thank you. We found all the staff knowledgeable and really pleasant to deal with. 

    Ms Ansloos Lewes Road

  • Very, very happy we chose you, felt right from the start! Thank you!

    Miss Blackadder Coniston Court, Holland Road

  • We cannot recommend Maslen's estate agents enough.

    Many thanks to Paul, Donna, Janette and the...

    Linda & Les Wigmore Close

  • Very impressed with the service. Sharon Wareham works tirelessly, very professionally and is always there for advice. 

    Miss Matthews Kipling Avenue

  • Our local office manager, Sharon Wareham was warm and friendly and kept us up to date at all times.

    Mr Hope The Brow

  • First class service from a first class team.

    Mr & Mrs English The Ridgway

  • Superb service as usual, I would always recommend you.

    Ms S Hike Blackthorn Close

  • Please thank Paula at Lewes Road - Excellent service. 

    Mr & Mrs Nuthall Lewes Road

  • Brilliant. Well done to Sharon and the Woodingdean team.

    Ms Curtis The Ridgway

  • Very thorough & very informative.

    Mr Michnowicz Waldegrave Road

  • Service exceeded my expectations overall at all stages of the process - I wouldn't hesitate to recommend you. Thanks. 

    Ms Greene Lewes Road

  • From start to finish the sale was dealt with in a thoroughly professional manner.  

    Mr Gibbs Lewes Road

  • Very helpful and patient team.

    Mrs Shea Selborne Place

  • Sharon, Harvey and James were all excellent - very professional. Totally opposite to what I have experienced with other agents. Maslen have restore...

    Ms Lyons Woodingdean

  • A good team at Woodingdean helped us through a stressful time.

    Mr & Mrs Penton Sycamore Close

  • Excellent service as always

    Mr Field Ringmer Road

  • Excellent customer service throughout. I will definitely recommend you, and use you again. Thank you.

    Ms Longley Kingsbury Street

  • Good team. Straightforward. No nonsense.

    Mr Standing Newmarket Road

  • Thank you for everything!

    Ms Tucker Willow Close

  • The whole team were excellent, each one of them felt like family. Sharon had a lot of sorting to do at times but coped very well, a true profession...

    Mr Vernon Woodingdean

  • The staff were very helpful, an excellent service. I would recommend you to others.

    Miss Hockly Fiveways

  • Excellent service from the Lewes Road branch. Martin Timms secured a quick sale & at a good price & Paula Carter worked really hard to secure...

    Ms Schulte Bear Road

  • Fantastic service. By far the best agents we have ever used, I cannot recommend you highly enough.

    Mr Field Mafeking Road

  • Paul Wilkinson was extremely helpful and efficient. The only problem was the vendors solicitor and Paul warned me of this. A good transaction all r...

    Mr Lavender Fiveways

  • Thank you Maslens, you were all excellent!

    Miss Jasper Taunton Road

  • Very professional service. Thank you!

    Miss New & Mr Jackson Buller Road

  • As always, an excellent service. 

    Mr & Mrs Field Lewes Road

  • Very pleased with the experience. I would definitely recommend you and use you again.

    Ms D Edmonds Horton Road

  • Cannot express our appreciation enough of all the efforts made by the Woodingdean team - they were fantastic.

    Mr John Mogridge Woodingdean

  • We were very pleased with services provided by the Fiveways office.

    Mr & Mrs Sawyer Shaftesbury Road

  • Ben and Paula were calm and reassuring throughout a very difficult process!

    Ms Easterbrook Bear Road

  • Very impressed with the efficient and friendly service, the staff were a pleasure to deal with. 

    Mr & Mrs Gill Lewes Road

  • Very comprehensive and professional. Nice people to work with and highly recommended. 

    Mr Alderton Ladysmith Road

  • Very pleased with the service. Many thanks to Sharon and the boys!

    Mr Flynn Woodingdean

  • Exceptional service throughout the process - should we decide to sell in the future we wouldn't hesitate to use your agency. You're a cut above the...

    Ms Windels & Mr Barham Fiveways

  • Paula was fabulous and we felt really informed and supported. 

    Mr & Mrs Walker Lewes Road

  • Very pleased with the excellent service throughout. Professional, friendly, efficient and no hard sell. Achieved above asking price. Thank you!

    Mr Witten Lewes Road

  • Many thanks to Nick. It was an easy process thanks to you! I'm extremely satisfied with how the sale went, great job.

    Ms Mayanobe Aymer Road

  • Nick and Paula are total stars! They were incredibly supportive and present throughout. Thank you!

    Miss O'Haire Hove

  • Extremely efficient. Nick and Paula are excellent. The weekly phone calls were much appreciated. 

    Ms Gray Lewes Road

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