First Time Buyer Advantages
As a first-time buyer, you benefit from several advantages that can reduce your conveyancing costs and make the process smoother:
No Stamp Duty on properties up to £425,000. Saves up to £21,250.
Access to Help to Buy schemes and shared ownership programs available in some areas.
First purchases typically don't require as extensive searches as later transactions.
£1,200-£1,800 typical for straightforward first-time buyer properties.
Step-by-Step Conveyancing Process
The conveyancing process for first-time buyers typically follows this timeline over 8-12 weeks:
Step 1: Offer Accepted & Solicitor Appointed (Week 0-1)
Once your offer is accepted by the seller, instruct a solicitor or conveyancer immediately. Provide them with the property details and mortgage offer (if applicable). Pay the initial deposit to your estate agent (typically 0.5-1% of purchase price).
Step 2: Searches & Enquiries Ordered (Week 1-2)
Your solicitor will order searches from the local authority, water authority, and environmental survey company. They'll also raise enquiries with the seller's solicitor about the property, boundaries, disputes, and any known issues.
Cost: Search fees around £200-£400 (included in conveyancing quote)
Step 3: Review Searches & Mortgage Valuation (Week 2-4)
Once searches return, your solicitor reviews them for any issues. Your mortgage lender arranges a valuation survey (different from your own survey). Request a survey if buying freehold—typically a HomeBuyer survey (£300-£500) or full structural survey (£500-£1,000+).
Important: If searches reveal issues, discuss with your solicitor before proceeding.
Step 4: Review Seller's Responses & Property Information (Week 3-5)
The seller's solicitor provides responses to enquiries, along with property information forms (TA6, TA7, etc.). Review any outstanding questions. Your solicitor checks building regulation approvals, planning permission compliance, and boundary disputes.
Step 5: Prepare & Review Contract (Week 5-7)
Your solicitor prepares the draft contract based on the seller's version. Review carefully—the contract sets out the agreed price, completion date, and conditions. Don't exchange until you're satisfied.
Red flags: Disputes disclosed, missing building regulation approvals, or complex survey findings.
Step 6: Mortgage Offer Review & Final Checks (Week 6-8)
Your mortgage lender issues a formal offer. Ensure your solicitor reviews it and that all conditions are met (survey approval, searches clear, etc.). Your solicitor confirms the mortgage funds will be available on completion day.
Step 7: Exchange of Contracts (Week 8-9)
Once everything is clear, you'll exchange contracts with the seller. This is legally binding—you must now proceed. Pay 5-10% of the purchase price as a deposit to your solicitor. The completion date is set (usually 1-2 weeks later).
Critical point: Don't exchange until you're ready to commit.
Step 8: Final Checks & Completion (Week 9-12)
Your solicitor performs final checks (insurance, keys collection point, final search update). On completion day, funds are transferred to the seller's solicitor. You receive the keys and own the property. Your solicitor registers the ownership with the Land Registry.
First Time Buyer Costs Breakdown
Total Expected Costs
For a typical first-time buyer purchasing a property worth £250,000-£350,000:
| Cost Item | Typical Cost | Notes |
|---|---|---|
| Conveyancing Fees | £1,200 - £1,800 | Fixed quote from solicitor/conveyancer |
| Searches | £200 - £400 | Local authority, water, environmental |
| Land Registry Fee | £40 - £270 | Depends on property value (included in quote) |
| Survey (optional) | £300 - £1,000+ | HomeBuyer (£300-500) or Full (£500-1,000+) |
| Mortgage Valuation | £200 - £500 | Paid to lender separately |
| Stamp Duty | £0 (first-time buyers up to £425k) | Major saving compared to later purchases |
| Buildings Insurance | £200 - £600/year | Lender requirement, separate arrangement |
| Moving Costs | £1,000 - £5,000+ | Removal company or DIY |
Deposit to Completion
Budget for additional funds between offer acceptance and completion:
- Surveyor deposit: Usually included in survey fee quote
- Searches & enquiries: £200-£400
- Survey (optional): £300-£1,000+
- Mortgage valuation: £200-£500
- Deposit (5-10%): Due on exchange of contracts
Important: Keep Money Available
Between offer and exchange, you may need to cover search costs (£200-400), survey fees (if not already paid), and have the deposit ready (5-10% of purchase price). Don't commit all funds until contracts are exchanged.
Common First Time Buyer Questions
What's the difference between a survey and a valuation?
Valuation: Your mortgage lender's surveyor checks the property is worth the loan amount. You don't choose the surveyor and don't get a detailed report. Usually £200-£500.
Survey: You arrange this for yourself. A HomeBuyer survey (£300-£500) covers major issues. A full structural survey (£500-£1,000+) is most comprehensive. This report is yours to keep.
Recommendation: Always get a survey—the lender's valuation isn't for your protection.
What happens if the survey finds problems?
If the survey identifies significant issues, you can:
- Renegotiate the price downward
- Request the seller repair the issues before completion
- Walk away (before contracts are exchanged)
- Proceed as-is (your choice to accept the risk)
This is why exchanging contracts before survey review is risky for first-time buyers.
Can I negotiate the conveyancing fee?
Yes. Get quotes from at least 3 solicitors. Competition is strong, especially for straightforward first-time buyer purchases. Online conveyancers are often 20-30% cheaper than traditional firms. Always clarify what's included in the quote.
What if the mortgage is declined?
This is rare once you have a formal mortgage offer, but if declined between offer and exchange:
- You haven't exchanged contracts—you can walk away without legal penalty
- However, you'll lose the negotiation and may have already paid survey/search costs
- Always ensure your mortgage offer is formal before exchanging contracts
When should I arrange buildings insurance?
Your mortgage lender will require buildings insurance. Arrange a quote once you've exchanged contracts—insurance is required from completion day. Don't leave it to the last minute. Cost: £200-£600+ per year depending on property value and location.
Tips for Smooth First Time Buyer Conveyancing
- Choose your solicitor carefully: Get quotes from at least 3. Ask about experience with first-time buyers and their average completion timescale.
- Respond quickly to queries: Your solicitor will need documents and signatures. Fast responses keep the process moving.
- Get a survey before exchange: Don't proceed without understanding the property condition.
- Review everything: Read all documents, contracts, searches, and enquiry responses. Ask your solicitor to explain anything unclear.
- Budget for additional costs: Stamps, survey, searches—budget £3,000-£5,000 beyond conveyancing fees and deposit.
- Don't rush exchange: Wait until you're completely satisfied. Once you exchange, you're legally committed.
- Maintain your mortgage offer conditions: If your lender has conditions (survey approval, final checks), ensure these are met.
- Plan for moving day: Arrange removal companies early. Moving can take a week or more of notice.
Related Guides
Learn more about conveyancing:
- What is Conveyancing? - Understanding the complete process
- Conveyancing Costs 2026 - Detailed fee breakdown
- Freehold vs Leasehold - Key differences for buyers
- How Long Does Conveyancing Take? - Timeline and delays
Frequently Asked Questions
Yes, absolutely. A mortgage valuation is to protect the lender, not you. It's often a quick drive-by without a detailed report. A survey protects your interests and costs £300-£1,000. Most first-time buyers should get at least a HomeBuyer survey.
For a mortgage, most lenders require 5-20% deposit. Government schemes (like Help to Buy or First Homes) may allow 5% deposits. Once you've exchanged contracts, you'll pay 5-10% to your solicitor. The remaining balance is due at completion.
Before exchange, you can pull out without legal penalty, though you'll lose any search and survey costs already paid and any agreementswith the seller. After exchange, you're legally bound and will lose your deposit if you don't proceed.
Rarely. The timeline depends on search response times (usually 2-4 weeks), survey availability, lender requirements, and contract negotiations. Rush conveyancing is possible but unusual for mortgaged purchases and may incur extra fees.
Yes. Arrange insurance before completion day—it typically starts from your completion date. Your lender will require it before they release funds. Conveyancers often arrange temporary cover if final insurance isn't ready.
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