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Everything You Need to Know Before Buying Your First Home
Buying your first property is one of the biggest financial decisions you’ll ever make. Whether you’re purchasing a flat in Morden, a family home in Sutton or your dream house elsewhere in the UK, understanding the buying process can save you thousands of pounds, reduce stress and help you make informed decisions.
This comprehensive guide explains everything from saving your deposit and securing a mortgage to making an offer, exchanging contracts and finally collecting the keys to your new home.
At Yes Properties, we believe that informed buyers make better decisions. That’s why we’ve created this detailed guide to help you navigate every stage of your property journey with confidence.
Reading Time: 18–25 Minutes
Last Updated: June 2026
Table of Contents
- Why Buying Your First Home Is Different
- Are You Ready to Buy?
- Understanding Your Budget
- Saving for a Deposit
- Getting a Mortgage Agreement in Principle
- Understanding Your Monthly Costs
- Choosing the Right Area
- Choosing the Right Estate Agent
- What Happens Next…
Why Buy Your First Home?
For many people, buying a home represents far more than owning bricks and mortar. It provides long-term security, allows you to build equity instead of paying rent, and gives you the freedom to create a home that reflects your lifestyle.
While renting can offer flexibility, purchasing a property can become one of the most valuable financial investments you’ll ever make.
Some of the main advantages include:
✔ Building equity instead of paying rent.
✔ Greater long-term financial security.
✔ Freedom to renovate and personalise your home.
✔ Potential property value growth over time.
✔ Greater stability for families.
Of course, buying also comes with responsibilities, including mortgage repayments, maintenance costs and legal obligations. Understanding these before you begin is essential.
💡 YES Expert Tip
Many first-time buyers focus solely on the purchase price, but the true affordability of a home depends on your monthly outgoings, future plans and lifestyle. Always budget for ongoing costs, not just your mortgage.
Are You Ready to Buy?
Before searching property portals, ask yourself some important questions.
Stable Income
Mortgage lenders will usually want evidence that your income is stable and sufficient to support your repayments.
This could include:
- Permanent employment
- Self-employment with accounts
- Contract work
- Pension income
- Other regular income
Good Credit History
Your credit score can significantly influence:
- Mortgage approval
- Interest rates
- Available lenders
Before applying for a mortgage:
- Check your credit report.
- Correct any inaccuracies.
- Register on the electoral roll.
- Reduce outstanding debts where possible.
- Avoid making multiple credit applications.
Deposit Saved
Most lenders require a deposit.
Typical examples include:
| Property Price | 5% Deposit | 10% Deposit | 15% Deposit |
|---|---|---|---|
| £250,000 | £12,500 | £25,000 | £37,500 |
| £350,000 | £17,500 | £35,000 | £52,500 |
| £500,000 | £25,000 | £50,000 | £75,000 |
A larger deposit often results in lower mortgage interest rates and reduced monthly repayments.
Emergency Savings
Avoid using every penny of your savings on the purchase.
Ideally, keep three to six months’ living expenses available after completion to cover unexpected costs.
📍 Local Insight
South West London remains one of the UK’s most desirable areas due to excellent transport links, highly regarded schools, green open spaces and strong long-term demand. Areas such as Morden, Mitcham, Sutton, Wimbledon and Tooting continue to attract first-time buyers seeking excellent commuter access while enjoying established residential communities.
Understanding Your Budget
One of the biggest mistakes first-time buyers make is searching for properties before understanding exactly what they can afford.
There are three important figures to calculate:
1. Purchase Price
This is the advertised price of the property.
However, remember that your final purchase price may differ following negotiations.
2. Deposit
This is your upfront contribution towards the purchase.
The higher your deposit:
- Lower mortgage
- Better mortgage rates
- Lower monthly repayments
3. Additional Buying Costs
Many buyers forget these completely.
Typical costs include:
- Solicitor / Conveyancer fees
- Survey fees
- Mortgage arrangement fees
- Mortgage valuation
- Removal costs
- Buildings insurance
- Stamp Duty (where applicable)
- Land Registry fees
- Search fees
These costs can amount to several thousand pounds depending on the property and mortgage product.
💡 YES Expert Tip
Don’t rely solely on online affordability calculators. They provide useful estimates, but a qualified mortgage adviser can assess your circumstances in detail and explain the full range of products available.
Your Property Search Checklist
Before arranging viewings, decide what’s essential and what’s simply desirable.
Must Have
- Minimum number of bedrooms
- Parking
- Garden
- Good schools
- Close to transport
- Broadband availability
- Safe neighbourhood
- Future resale potential
Nice to Have
- Home office
- Garage
- Conservatory
- South-facing garden
- En-suite bathroom
- Utility room
- Walk-in wardrobe
Knowing your priorities helps you stay focused and reduces the likelihood of making emotional decisions.
Choosing the Right Estate Agent
An experienced estate agent can make a significant difference to your buying experience.
A professional agent should:
- Understand the local market.
- Provide honest advice.
- Arrange viewings efficiently.
- Keep you informed throughout the transaction.
- Liaise with solicitors and mortgage advisers.
- Help resolve issues that arise during the buying process.
At Yes Properties, we pride ourselves on offering straightforward advice, transparent communication and a professional service from enquiry through to completion. Whether you’re buying your first home or planning your next move, our team is here to help every step of the way.
Ready to start your property search? Browse our latest listings, learn more about our team, or get in touch for friendly advice tailored to your needs.
Getting a Mortgage Agreement in Principle (AIP)
Before you begin viewing properties, one of the most important steps is obtaining a Mortgage Agreement in Principle (AIP), sometimes called a Decision in Principle (DIP).
An AIP is a document from a mortgage lender stating how much they may be willing to lend based on your financial circumstances.
Although it is not a legally binding mortgage offer, it demonstrates to estate agents and sellers that you are a serious buyer and have already taken the first step towards securing finance.
Many sellers will favour buyers who already have an Agreement in Principle, particularly in competitive markets.
Why is an Agreement in Principle Important?
An AIP can help you:
✔ Understand your realistic budget.
✔ Focus your property search.
✔ Strengthen your position when making an offer.
✔ Speed up the mortgage application process later.
✔ Give sellers greater confidence in your ability to proceed.
What Information Will a Lender Need?
When applying for an Agreement in Principle, you will usually be asked to provide:
- Proof of identity
- Proof of address
- Employment details
- Annual income
- Existing debts
- Monthly expenditure
- Deposit amount
- Credit history
Some lenders perform a soft credit search, while others carry out a hard credit search, so it’s worth checking beforehand.
💡 YES Expert Tip
Avoid applying for multiple Agreements in Principle with different lenders over a short period, particularly where hard credit searches are involved, as this can affect your credit profile.
Understanding Mortgage Types
Choosing the right mortgage can save you thousands of pounds over the life of your loan.
Below are the most common options.
Fixed Rate Mortgage
Your interest rate remains fixed for an agreed period, usually:
- 2 years
- 3 years
- 5 years
- 10 years
Advantages
✔ Predictable monthly payments
✔ Protection from rising interest rates
✔ Easier budgeting
Considerations
- Early repayment charges may apply.
- You won’t benefit if interest rates fall during the fixed period.
Variable Rate Mortgage
Your repayments can increase or decrease depending on interest rates.
Advantages
- Potentially lower repayments if rates fall.
Considerations
- Monthly payments may increase.
- Less certainty for budgeting.
Tracker Mortgage
A tracker mortgage follows the Bank of England Base Rate, usually plus a fixed percentage.
If the Base Rate changes, your repayments will usually change as well.
Discount Mortgage
This offers a temporary discount on the lender’s standard variable rate for a specified period.
Although attractive initially, repayments may increase when the discount period ends.
Choosing the Right Mortgage Term
Mortgage terms commonly range from:
- 25 years
- 30 years
- 35 years
- 40 years
A longer mortgage term generally reduces monthly repayments but increases the total interest paid over the lifetime of the loan.
A shorter mortgage term usually means higher monthly payments but lower overall borrowing costs.
Finding the right balance depends on your income, future plans and affordability.
📍 Local Insight
Many first-time buyers in South West London choose slightly longer mortgage terms to improve affordability, particularly in areas where property prices are higher than the UK average. A qualified mortgage adviser can help you understand the long-term implications before making your decision.
Finding the Right Property
Now comes the exciting part.
However, it’s important not to let emotions take over.
Buying a property is a major financial commitment, so every viewing should be approached with a clear checklist.
Decide Your Priorities
Before arranging viewings, consider:
Location
- Commuting distance
- Schools
- Local amenities
- Parks
- Public transport
- Future regeneration
Property Type
- Flat
- Maisonette
- Terraced House
- Semi-Detached
- Detached
- Bungalow
- New Build
- Period Property
Future Requirements
Think beyond today.
Will the property still suit your lifestyle in:
- 3 years?
- 5 years?
- 10 years?
Consider:
- Growing family
- Working from home
- Parking requirements
- Future resale potential
House Viewing Checklist
During a viewing, look beyond decoration.
Ask yourself:
Exterior
✔ Roof condition
✔ Brickwork
✔ Gutters
✔ Windows
✔ Driveway
✔ Garden
Interior
✔ Damp
✔ Cracks
✔ Flooring
✔ Heating
✔ Boiler age
✔ Water pressure
✔ Natural light
✔ Storage
Practical Questions
Ask the estate agent:
- How long has the property been on the market?
- Have any offers already been received?
- Why is the owner selling?
- Are there any known issues?
- Is there an onward chain?
- What is included in the sale?
- Has any major work been carried out?
The more information you gather now, the better informed your decision will be.
💡 YES Expert Tip
View a property more than once before making a final decision.
If possible, visit:
- During daylight
- In the evening
- At weekends
This gives you a much better understanding of the neighbourhood, traffic, parking and noise levels.
Making an Offer
Once you’ve found the right property, it’s time to make an offer through the estate agent.
There is no standard percentage below the asking price.
Every property is different.
Factors that influence negotiations include:
- Local demand
- Competing buyers
- Property condition
- Time on the market
- Seller motivation
- Comparable sales
Should You Offer the Asking Price?
Not necessarily.
A well-researched offer supported by local market evidence is often more persuasive than simply offering the highest amount.
Sometimes offering slightly below asking price leaves room for negotiation.
In other cases—particularly where demand is strong—offering close to or at the asking price may improve your chances of securing the property.
Negotiating Successfully
Successful negotiation isn’t always about paying less.
Sometimes it’s about creating certainty for the seller.
You may strengthen your position by demonstrating that you:
✔ Have an Agreement in Principle.
✔ Have your deposit ready.
✔ Have appointed a solicitor.
✔ Are chain-free.
✔ Can move quickly.
Sellers often value a reliable buyer over a slightly higher offer that carries greater uncertainty.
What Happens After Your Offer is Accepted?
Congratulations!
Although your offer has been accepted, the purchase is not yet legally binding.
Several important stages still remain.
These usually include:
- Instructing a solicitor or licensed conveyancer.
- Submitting your full mortgage application.
- Arranging a property survey.
- Mortgage valuation.
- Legal searches.
- Reviewing contracts.
- Exchanging contracts.
- Completion.
This stage typically takes between 8 and 16 weeks, although timescales vary depending on the complexity of the transaction.
📍 Local Insight
Properties in popular areas such as Morden, Wimbledon, Sutton and Tooting often receive strong interest. Having your finances organised and responding promptly to requests from your solicitor and lender can help keep your purchase progressing smoothly.
Choosing a Solicitor or Licensed Conveyancer
One of the first tasks after your offer is accepted is appointing a legal professional to handle the conveyancing process.
They will:
- Carry out legal searches.
- Review contracts.
- Raise enquiries with the seller’s solicitor.
- Liaise with your mortgage lender.
- Arrange exchange and completion.
Choosing an experienced conveyancer who communicates clearly can make a significant difference to your buying experience.
💡 YES Expert Tip
Don’t choose a solicitor based solely on price. Communication, responsiveness and experience are equally important, especially when unexpected issues arise during the transaction.
Common Mistakes First-Time Buyers Make
Avoid these common pitfalls:
❌ Falling in love with the first property.
❌ Forgetting additional buying costs.
❌ Stretching beyond your budget.
❌ Skipping a survey.
❌ Failing to compare mortgage products.
❌ Not asking enough questions during viewings.
❌ Ignoring future resale potential.
A careful, informed approach can help you avoid costly mistakes and make your first purchase a positive experience.
Understanding Property Surveys
One of the biggest mistakes first-time buyers make is confusing a mortgage valuation with a property survey.
Although both involve inspecting the property, they serve completely different purposes.
A mortgage valuation is carried out for the lender.
A survey is carried out for you.
Its purpose is to identify potential defects before you become legally committed to buying the property.
Why is a Survey Important?
A survey may reveal issues such as:
- Damp
- Structural movement
- Roof defects
- Timber decay
- Subsidence
- Electrical concerns
- Plumbing issues
- Drainage problems
- Japanese Knotweed
- Poor insulation
Discovering problems before exchange allows you to:
✔ Renegotiate the purchase price.
✔ Request repairs.
✔ Budget for future maintenance.
✔ Walk away if necessary.
The Main Types of Survey
Level 1 Survey (Condition Report)
Suitable for:
- Modern homes
- New build properties
- Recently renovated homes
Provides:
- Basic condition overview
- Traffic light ratings
- General advice
Level 2 Survey (HomeBuyer Report)
The most popular survey for first-time buyers.
Suitable for:
- Conventional houses
- Flats
- Maisonettes
- Modern properties
Includes:
- Building condition
- Defects
- Damp
- Roof condition
- Repairs needed
- Market valuation (sometimes included)
Level 3 Survey (Building Survey)
Previously known as a Full Structural Survey.
Recommended for:
- Older properties
- Listed buildings
- Large houses
- Properties needing renovation
- Unusual construction
Provides the most detailed inspection available.
💡 YES Expert Tip
If you’re buying a Victorian, Edwardian or 1930s property, investing in a comprehensive survey can often save thousands of pounds by identifying hidden defects before you commit to the purchase.
Mortgage Valuation vs Survey
Many buyers assume these are the same.
They’re not.
| Mortgage Valuation | Property Survey |
|---|---|
| Protects the lender | Protects the buyer |
| Confirms approximate value | Identifies defects |
| Usually brief | Detailed inspection |
| May not enter roof or loft | Comprehensive assessment |
| Not suitable for decision making | Helps decide whether to proceed |
Never rely solely on the lender’s valuation.
The Conveyancing Process
Once your offer has been accepted, your solicitor or licensed conveyancer begins the legal work required to transfer ownership.
This process is known as conveyancing.
Although much of the work happens behind the scenes, it’s one of the most important stages of buying a property.
The Typical Conveyancing Process
Step 1
Seller’s solicitor prepares the draft contract.
Step 2
Your solicitor reviews the legal documentation.
Step 3
Property searches are ordered.
Step 4
Mortgage offer is issued.
Step 5
Survey results reviewed.
Step 6
Additional enquiries raised.
Step 7
Contracts approved.
Step 8
Exchange of Contracts.
Step 9
Completion.
Step 10
Registration with HM Land Registry.
What Searches Does Your Solicitor Carry Out?
Searches help uncover issues that may not be immediately obvious during a viewing.
These commonly include:
Local Authority Search
Checks:
- Planning permissions
- Building regulations
- Road schemes
- Conservation areas
- Tree preservation orders
- Enforcement notices
Water & Drainage Search
Confirms:
- Mains water
- Public sewer connections
- Drain ownership
Environmental Search
Looks for:
- Flood risk
- Historic landfill
- Ground contamination
- Subsidence risk
- Radon gas
Chancel Repair Liability
Less common today but still checked where appropriate.
Mining Searches
Required in certain parts of the UK.
📍 Local Insight
Many properties in South West London benefit from excellent transport links and established residential neighbourhoods, but local searches remain an important part of the buying process. They can reveal planning restrictions, conservation areas or future infrastructure proposals that may influence your decision.
What Happens During Conveyancing?
While your solicitor is carrying out legal checks, you may be asked to provide:
- Proof of identity
- Proof of deposit
- Mortgage documents
- Signed contracts
- Buildings insurance (before exchange)
Responding promptly helps avoid unnecessary delays.
Common Causes of Delays
Unfortunately, property transactions don’t always progress smoothly.
Common reasons include:
- Slow mortgage approval
- Missing paperwork
- Long property chains
- Search delays
- Survey issues
- Leasehold enquiries
- Probate matters
Although some delays are unavoidable, maintaining regular communication with your solicitor and estate agent can help keep matters moving.
💡 YES Expert Tip
If your solicitor requests documents, return them as quickly as possible. Even a few days’ delay at your end can sometimes add weeks to the overall transaction.
Exchange of Contracts
Exchange is one of the most important milestones in the buying process.
Once contracts have been exchanged:
✔ The transaction becomes legally binding.
✔ The completion date is fixed.
✔ Neither party can normally withdraw without financial consequences.
At this stage, your deposit is transferred to the seller’s solicitor.
What Happens Before Exchange?
Before exchanging contracts, your solicitor will ensure:
✔ Searches completed
✔ Mortgage offer received
✔ Survey considered
✔ Enquiries answered
✔ Deposit received
✔ Buildings insurance arranged
✔ Completion date agreed
Completion Day
Completion Day is when ownership officially transfers to you.
This is the day you’ve been waiting for.
Your solicitor transfers the purchase funds to the seller’s solicitor.
Once payment has been received:
✔ Ownership changes.
✔ The estate agent releases the keys.
✔ You can move into your new home.
Congratulations — you’re now a homeowner!
Moving Day Checklist
Before moving in:
✔ Arrange removals.
✔ Redirect post.
✔ Notify utility providers.
✔ Set up broadband.
✔ Take meter readings.
✔ Inform your employer.
✔ Update your driving licence.
✔ Update your bank.
✔ Notify your GP.
✔ Arrange home insurance.
Hidden Costs After Completion
Many buyers underestimate the costs involved after moving in.
Typical expenses include:
- Furniture
- Decorating
- New appliances
- Curtains
- Gardening
- Repairs
- Cleaning
- Broadband installation
- Council Tax
- Utilities
- Service Charges (where applicable)
- Ground Rent (Leasehold properties)
Keeping an emergency fund can help you deal with these expenses without unnecessary financial pressure.
📍 Local Insight
If you’re purchasing a leasehold property, particularly an apartment, make sure you fully understand the ongoing service charges, reserve fund contributions and any planned major works before exchanging contracts. These costs can vary significantly between developments.
Your First Year as a Homeowner
Owning a property means taking responsibility for its upkeep.
Consider:
- Annual boiler servicing
- Gutter cleaning
- Roof inspections
- Smoke alarm testing
- Carbon monoxide alarm testing
- Home insurance reviews
- Budgeting for future maintenance
A well-maintained property is more likely to retain its value over time.
💡 YES Expert Tip
Create a simple home maintenance calendar with seasonal tasks. Small preventative jobs often cost far less than major repairs caused by neglect.
Common First-Time Buyer Questions
How long does buying a house usually take?
Typically between 8 and 16 weeks, although complex transactions may take longer.
Can I withdraw after my offer is accepted?
Yes. Until contracts are exchanged, either party can usually withdraw from the transaction.
When should I arrange buildings insurance?
Your solicitor will normally advise you to have buildings insurance in place before the exchange of contracts, as you become legally committed to the purchase at that stage.
Do I always need a survey?
While not legally required, a survey is strongly recommended. It provides valuable insight into the condition of the property and may reveal issues that are not immediately visible.
Should I buy a leasehold or freehold property?
Both can be suitable depending on your circumstances. The key is understanding the rights, responsibilities and ongoing costs associated with each tenure before committing to the purchase.
Complete First-Time Buyer’s Checklist
Buying your first home involves many moving parts. Use this checklist to stay organised throughout your journey.
Before You Start Looking
☐ Review your monthly budget.
☐ Check your credit report.
☐ Save your deposit.
☐ Build an emergency fund.
☐ Obtain a Mortgage Agreement in Principle (AIP).
☐ Research local areas.
☐ Decide on your must-have features.
☐ Calculate all buying costs.
During Your Property Search
☐ Register with local estate agents.
☐ Set up property alerts.
☐ Arrange multiple viewings.
☐ Visit properties at different times of the day.
☐ Compare similar properties.
☐ Research local schools and transport.
☐ Check broadband availability.
☐ Consider future resale potential.
Before Making an Offer
☐ Review recent comparable sales.
☐ Confirm your budget.
☐ Discuss your offer strategy.
☐ Check whether the property is chain-free.
☐ Ask about service charges and ground rent (if applicable).
☐ Confirm what fixtures and fittings are included.
After Your Offer is Accepted
☐ Instruct a solicitor or licensed conveyancer.
☐ Submit your full mortgage application.
☐ Arrange a property survey.
☐ Respond quickly to legal enquiries.
☐ Review the mortgage offer carefully.
☐ Arrange buildings insurance.
☐ Transfer your deposit.
☐ Agree a completion date.
Completion & Moving Day
☐ Book your removals.
☐ Redirect your post.
☐ Notify utility providers.
☐ Take meter readings.
☐ Update your address with your bank, employer, GP and DVLA.
☐ Collect your keys.
☐ Enjoy your new home!
Top 25 Mistakes First-Time Buyers Should Avoid
Learning from the experiences of others can save you time, money and unnecessary stress.
Avoid these common mistakes:
- Viewing properties before setting a budget.
- Forgetting about additional buying costs.
- Skipping a professional survey.
- Relying only on a lender’s valuation.
- Stretching your finances too far.
- Making emotional decisions.
- Ignoring future resale potential.
- Failing to compare mortgage products.
- Choosing a solicitor based only on price.
- Not asking enough questions during viewings.
- Overlooking service charges on leasehold properties.
- Ignoring local transport plans.
- Forgetting to budget for maintenance.
- Assuming every property is worth the asking price.
- Applying for multiple credit products before buying.
- Delaying paperwork.
- Not checking broadband speeds.
- Underestimating moving costs.
- Overlooking parking restrictions.
- Ignoring flood or environmental risks.
- Not checking the Energy Performance Certificate (EPC).
- Forgetting to arrange insurance.
- Rushing into a purchase.
- Not seeking professional advice when unsure.
- Failing to plan for future lifestyle changes.
💡 YES Expert Tip
Buying a home is not a race. The right property is one that meets your needs, fits your budget and gives you confidence for the future—not simply the first one you fall in love with.
First-Time Buyer’s Glossary
Property terminology can seem overwhelming at first. Here’s a quick reference guide to some of the most common terms you’ll encounter.
Agreement in Principle (AIP)
An indication from a lender of how much they may be prepared to lend you.
Building Survey
A detailed inspection of a property’s condition, often recommended for older or unusual buildings.
Chain
A series of linked property transactions where each purchase depends on another sale completing.
Completion
The day ownership of the property transfers to you and you receive the keys.
Conveyancing
The legal process of transferring ownership from seller to buyer.
Deposit
The amount you contribute towards the purchase price before taking out a mortgage.
Exchange of Contracts
The point at which the transaction becomes legally binding.
Freehold
You own both the property and the land it stands on.
Ground Rent
A payment sometimes required by leaseholders to the freeholder.
Leasehold
You own the property for a fixed period under the terms of a lease, but not the land.
Mortgage Offer
The lender’s formal agreement to lend you the required funds, subject to conditions.
Searches
Checks carried out by your solicitor to identify legal or environmental issues affecting the property.
Stamp Duty Land Tax (SDLT)
A tax payable on certain property purchases in England, depending on the purchase price and current legislation.
Survey
An inspection of the property’s condition to identify any defects or maintenance issues.
Title Deeds
Legal documents confirming ownership of a property.
Useful Resources
For up-to-date guidance, first-time buyers may find the following official resources helpful:
- HM Land Registry
- HM Revenue & Customs (Stamp Duty)
- MoneyHelper
- GOV.UK guidance on buying a home
Always ensure you refer to official government guidance for the latest rules and thresholds, as these can change over time.
📍 Local Insight
If you’re considering buying in Morden, Mitcham, Sutton, Wimbledon, Tooting or the surrounding areas, it’s worth speaking to a local estate agent who understands the unique characteristics of each neighbourhood. Factors such as transport links, school catchment areas, future development plans and local demand can all influence both your buying decision and long-term investment.
Why Choose Yes Properties?
Buying your first home should be an exciting experience—not an overwhelming one.
At Yes Properties, we’re committed to making the process as straightforward and transparent as possible. From your first viewing to the day you collect your keys, our experienced team is here to guide you through every stage of the journey.
When you work with us, you can expect:
- Friendly, professional advice.
- Clear communication throughout your purchase.
- Local knowledge of South West London.
- Honest guidance without unnecessary jargon.
- Support before, during and after your purchase.
- A commitment to high professional standards and customer service.
Whether you’re looking for your first flat, a growing family home or an investment property, we’re here to help you make informed decisions with confidence.
Frequently Asked Questions
How much deposit do I need to buy my first home?
Many lenders offer mortgages with deposits starting from 5% of the purchase price, although a larger deposit may improve the range of mortgage products and interest rates available.
Can I buy a property if I’m self-employed?
Yes. Many lenders provide mortgages to self-employed applicants, although you may be asked to provide additional evidence of your income, such as tax calculations and business accounts.
What happens if the survey identifies problems?
Depending on the findings, you may choose to proceed, renegotiate the purchase price, request repairs or, in some cases, withdraw from the purchase.
How long does the buying process usually take?
Most property purchases complete within approximately 8–16 weeks after an offer is accepted, although timescales can vary depending on the complexity of the transaction.
Should I buy a new-build or an older property?
Both options have advantages. New-build homes may require less immediate maintenance and offer modern energy efficiency, while older homes often provide more character and established locations.
Can I withdraw from the purchase?
Yes. Until contracts are exchanged, either party can usually withdraw from the transaction without being legally obliged to complete the purchase.
What is the difference between exchange and completion?
Exchange of contracts is when the purchase becomes legally binding. Completion is when ownership officially transfers to you and you receive the keys.
Related Guides
Continue learning with these helpful articles from the Yes Properties Knowledge Hub:
- Understanding Mortgages Explained
- Freehold vs Leasehold: What’s the Difference?
- Property Surveys Explained
- Conveyancing Step by Step
- Stamp Duty Explained
- Choosing the Right Area to Live
- The Complete Home Moving Checklist
- Home Buying Costs You Shouldn’t Overlook
Ready to Start Your Property Journey?
Whether you’re buying your very first home or simply looking for honest, professional advice, the team at Yes Properties is here to help.
Get in touch today to discuss your requirements, arrange viewings or speak with one of our local property specialists.
Visit our office:
15 Morden Court Parade
London Road
Morden
SM4 5HJ
Telephone: 0208 191 3717
Email: info@yesproperties.co.uk
Or use our online enquiry form to get started.
Start Your Home Buying Journey with Confidence
If you’re ready to take the first step towards owning your first home, we’d be delighted to help.
- Book a free consultation
- Browse our latest properties
- Speak to a local property expert
- Register your property requirements
- Visit our Morden office
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