The first-time buyer's survival guide

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.