What do first-time buyers forget?

This is one of those things where logic would argue that you sort it out once you’ve moved in. But building insurance is something you need to arrange to begin on the day you exchange contracts.

Why? Because most lenders require proof that insurance is in place before they release funds. This is because the lender has a financial interest in the property too. Until you’ve paid off your mortgage, the lender owns a share of it.

So, if the building were damaged or destroyed without insurance, their security would be gone.

Building insurance covers the structure of the property itself against things like fire, flooding, and subsidence. It is separate from contents insurance, which covers your belongings inside the home. You do not need contents insurance in place before completion, but buildings insurance is non-negotiable for most lenders.

Many first-time buyers are moving out of a rented property when buying their first home. The urge to hand in your notice once you’ve had an offer accepted is understandable. You’re excited, and you want to start counting down towards moving day.

But accepting an offer is not legally binding. Until contracts are exchanged, the seller can pull out, chains can collapse, and timelines can be up in the air.

Giving notice early could leave you scrambling for short-term accommodation.

It’s worth having a conversation with your landlord early on to let them know you are in the process of buying. Most will appreciate the heads up and may give you a little more flexibility.

It’s common to think about your deposit in one way, “do I have enough to get a mortgage?”.

But the size of your deposit does not just determine how much you can borrow. It also has a direct impact on the interest rate you’re offered.

The reason comes down to risk. The less deposit you put down, the more of the property the lender is funding, which increases their potential loss if they need to repossess the property. To offset that risk, lenders typically charge a higher interest rate.

A mortgage broker can help you compare products across deposit levels and work out what makes most sense for your situation.

Whilst your monthly mortgage repayments will likely be your largest monthly cost, it’s important to remember the other costs that come with owning a property.

Council tax, energy bills, broadband, water,  and more all add up. When you’re budgeting to purchase a home, make sure you keep these costs in mind.

If you’re buying a leasehold property, you may also have management charges and ground rent to pay, these can be quite costly, so be extra cautious of your monthly outgoings.

When you buy a property, you are not always buying it in the same way. Whether a property is freehold or leasehold affects what you own, what you are responsible for, and what your long-term costs look like.

Freehold means you own the property and the land it sits on outright. Leasehold means you own the right to live in the property for a set period, but the land and the building are owned by a freeholder. Most flats are freehold, and houses are too.

As a leaseholder, you might need to pay ground rent and management charges, and you may need the freeholder’s permission to make certain changes. The length of the lease also matters. Fewer than 80 years remaining can make a property harder to sell, and extending a lease can be very costly.

Make sure you fully understand exactly what you’re buying before you commit.

A lot of first-time buyers hold out for a property that ticks every box. But waiting for perfection can mean staying in the rental cycle for longer, while property prices continue to move up. Of course, we’re not saying dive in with any property just to get on the ladder, but rather think about your options with an open mind.

Your first home can just be a stepping stone, it doesn’t have to be a final destination. Getting on the ladder in a property that meets your core needs allows you to build equity over time, which you can put towards your next move.

It’s worth making a list of your properties and being honest about which are non-negotiable and which are compromises you can live with.

Once you have an offer accepted, things can move quickly, and lenders and conveyancers will ask for documents early in the process. Having them ready before you need them can help avoid those frustrating delays.

As a minimum, here’re some documents you’ll likely need:

• Three months of payslips
• Recent bank statements
• Proof of identity
• Utility bills
• If you’re self-employed, expect to provide 2 to 3 years of accounts or tax returns

Although this one sounds straightforward, chasing down documents whilst also managing conveyancers, mortgage applications, surveys, and more, can add unnecessary delays.

It’s easy to fall in love with a property on a first visit, especially when you’ve been searching for a while or are excited to get started. But a first viewing is often an emotional one. A second viewing is where you start asking the practical questions.

Look at the storage, the natural light at a different time of day, and the size of the rooms without the seller's furniture, making them feel larger. Check the condition of the windows, the boiler, and the loft if there is one. Walk the street at a different time to get a feel for the area.

A second viewing also gives you the chance to go back with someone else, a parent, partner, or a friend, who might notice things you missed the first time around. A fresh pair of eyes can be invaluable before you commit to one of the biggest purchases of your life.

Price is an important headline consideration when choosing a conveyancer, but it shouldn’t be the only one. The cheapest quote doesn’t always mean the smoothest transaction.

Ask who your dedicated point of contact will be throughout the process. Will one conveyancer handle your case from start to finish, or will you be passed between different people with no clear continuity? How will they communicate with you, and how easy are they to reach when you have a question?

It’s also worth checking reviews. What real clients say about their experiences is often the most reliable indicator of what yours will be like.

One of the most common sources of stress for first-time buyers is discovering that the completion day or timeline they had in their head isn’t quite what they end up with.

The best thing you can do is go in with realistic expectations. Most transactions take between 12 and 16 weeks from offer accepted to completion, but can vary significantly depending on the simplicity or complexity of your purchase.

There are a few things that can help keep things moving. Getting your documents together early, responding to your conveyancer promptly, and having your mortgage agreed in principle before you make an offer all reduce the risk of unnecessary delays on your side. Choosing a proactive conveyancer who keeps you updated and chases other parties on your behalf also makes a real difference.