First time buyers

Littlepigs has a useful checklist for first time buyers, to help you navigate through the process of buying your first house.

Buying a freehold
Most houses are freehold, this means you legally own the house and you are responsible for the house and its grounds.
Buying a leasehold
As a first time buyer you might consider to buy a lease, this allows you to live in the property for a certain length of time. The actual owner of the building is the person or company who owns the freehold and you will have to pay them an annual Ground rent, they are then responsible for the maintenance and up keep of the property.
Mortgages
It would pay to have this sorted out before you view any properties, how much deposit have you? How much can you afford to pay each month? Interest only or fixed rate mortgages? Talk these through carefully with your bank manager or financial adviser.
Finding your ideal property.
The internet is now one of the best ways to find your property you can search by area, price, type of house and much more.
Making an offer
Having found your ideal property a process of negotiations commence with yourselves to the estate agent and their client. Your first offer can usually be 5% to 10% below the asking price. The two sides then work towards a price somewhere in the middle.
Valuation
When you have your mortgage and an offer on the property is accepted you require a valuation on the property, this is carried out by your mortgage lender. It ensures their investment is sound, in other words the property is worth what you are paying for it.
Conveyancing
This is the legal business of buying and selling, for this you will need a solicitor which will cost you between £500 and £1000.