Buying Your First Property Guide

Stage 1: Get Your Finances in Order

Before you start browsing properties, you need a clear picture of what you can afford. This means understanding your deposit, your borrowing power and the additional costs involved.

Saving for a deposit

Most lenders require a deposit of at least 5% to 10% of the property price. The more you can put down, the better mortgage rates you will typically be offered. For example, on a property worth £250,000, a 10% deposit would be £25,000.

If saving feels like a challenge, consider opening a Lifetime ISA. You can save up to £4,000 per year and the government adds a 25% bonus (up to £1,000 annually) to help you reach your goal faster. However, the property you purchase must be worth £450,000 or less to use these funds. There are other rules with a lifetime ISA – ie. must be having a mortgage – do we need to mention here?

Understanding your budget

Lenders typically offer mortgages of around 4 to 4.5 times your annual income, though this varies depending on your circumstances. Use online mortgage calculators to get a rough idea, then speak with a mortgage broker or lender for a more accurate figure. We recommend Oak Tree Mortgages – is it worth putting a link in here?

Additional costs to budget for

Beyond your deposit, you will need to set aside money for solicitor fees (typically £1,000 to £2,500), survey costs (£300 to £600), removal costs and any furniture or repairs needed once you move in. First time buyers in England currently pay no stamp duty on properties up to £300,000, which is a significant saving.

Stage 2: Get a Mortgage Agreement in Principle

Before you start viewing homes, it is worth getting a mortgage agreement in principle (also called a decision in principle). This is a statement from a lender confirming how much they may be willing to lend you based on an initial assessment of your finances.
Having an agreement in principle shows estate agents and sellers that you are a serious buyer who can afford to proceed. It puts you in a stronger position when making an offer, especially in a competitive market.
An agreement in principle is not a guarantee. The lender will carry out more detailed checks before issuing a formal mortgage offer once you have found a property.

Stage 3: Start Your Property Search

Now comes the exciting part. With your budget clear and agreement in principle in hand, you can begin searching for your first home.

Decide on your priorities

Make two lists: one for essentials such as the number of bedrooms, location and transport links, and one for features that would be nice to have but are not deal breakers. Being flexible on location or property type can open up more options within your budget. Use our property search to filter by price, bedrooms and area to find homes that match your criteria.

Research the area

If you are considering Solihull, Shirley, Sheldon or Wythall,  take time to explore each neighbourhood. Visit at different times of day to get a feel for traffic, noise levels and the local community. Our area guides provide detailed insights into schools, transport and amenities across the areas we cover.

Register with local estate agents

Contact estate agents in your target areas and register your details. This ensures you hear about new properties as soon as they come to market, sometimes before they appear online. At Melvyn Danes, we regularly notify registered buyers about properties that match their criteria.

Stage 4: View Properties and Make an Offer

When viewing properties, take your time. Look beyond the decor and consider the structure, layout and potential. Check for signs of damp, test the windows and doors, and ask questions about the boiler, electrics and any recent work carried out.

Once you find the right property, it is time to make an offer. Your estate agent can advise on an appropriate figure based on the local market and how long the property has been listed. Do not be afraid to negotiate, but be realistic about what the property is worth.

When your offer is accepted, the real work begins. At this stage, neither party is legally committed until contracts are exchanged, so it is important to move quickly and stay in close contact with all parties involved.

Stage 5: Appoint a Solicitor and Apply for Your Mortgage

You will need a solicitor or licensed conveyancer to handle the legal side of your purchase. They will carry out searches on the property, review the contract and ensure the transfer of ownership is completed correctly.

Choose a solicitor who communicates well and keeps you updated throughout the process. Ask for a full breakdown of their fees upfront so there are no surprises later.

At the same time, submit your full mortgage application. Your lender will arrange a valuation of the property to confirm it is worth the agreed price. Once they are satisfied, they will issue a formal mortgage offer.

Stage 6: Arrange a Survey

While the lender’s valuation checks the property is acceptable security for the loan, it does not assess the condition in detail. As a first time buyer, it is wise to commission your own survey.

A Homebuyer Report highlights any significant issues such as damp, subsidence or roof problems. For older or unusual properties, a full Building Survey provides a more thorough assessment. The cost of a survey is a small price to pay compared to discovering expensive problems after you move in.

Stage 5: Appoint a Solicitor and Apply for Your Mortgage

Once your solicitor is satisfied with the searches, your mortgage offer is in place and any issues have been resolved, you are ready to exchange contracts. At this point, both you and the seller are legally committed to the sale. You will pay your deposit (usually 10% of the purchase price) and agree a completion date.

On completion day, your solicitor transfers the remaining funds to the seller’s solicitor. Once the money clears, the property is officially yours. You can collect your keys from the estate agent and move into your new home.

Ready to Take the First Step?

Buying your first home is a big decision, but with the right guidance it does not need to be stressful. At Melvyn Danes, our experienced team is here to help you every step of the way, from finding the perfect property to handing over the keys.

Browse our current properties for sale or contact your local branch in Solihull, Shirley, Sheldon or Wythall to discuss your search.