First-Time Buyer FAQs

Yes, you do. Your solicitor handles the legal transfer of ownership, known as conveyancing, checks the contract and legal title, orders searches, liaises with your mortgage lender, and protects your interests throughout. We act as the central link between you, the estate agent, the seller’s solicitor, your lender and your surveyor.

Ideally, as soon as your offer is accepted. The earlier we are involved, the sooner we can start gathering information, verifying your ID, and liaising with the estate agent and seller’s solicitor. This can save valuable time and reduce delays.

Most purchases complete in around 8 to 12 weeks, but this can vary depending on factors such as the length of the chain, mortgage approval times, and how quickly information is returned. We will always keep you updated and aim to avoid unnecessary delays.

There are a few simple but important steps you can take to help things move faster. First, make sure you instruct your solicitor as soon as your offer is accepted. The earlier we are involved, the sooner we can start carrying out checks and requesting documents.

It also helps to be well organised. Try to have your ID and financial documents ready early on, including any bank statements, gift letters or mortgage paperwork. Responding quickly to any questions or forms we send you can save days, sometimes even weeks.

It’s worth staying in regular contact with your mortgage broker or lender to make sure they have everything they need to issue your mortgage offer without delay. Similarly, if you are arranging a survey, booking it as early as possible can prevent unnecessary hold-ups later.

Finally, putting us in touch with your estate agent from the outset means we can receive the Memorandum of Sale promptly and start work straight away.

While some things are outside your control, being prepared, responsive and proactive can make a real difference to the speed of your purchase. We will always let you know what is needed and help keep everything on track.

It is a document provided by the estate agent confirming the key details of your purchase. This includes the address, the price you have agreed, your details, the seller’s details and each side’s solicitor. We will ask the agent to send this to us so we can get started.

Yes. Your Report on Title is a key document we will prepare for you. It explains in clear terms what you are legally buying, including any rights, restrictions, search results, risks and contract terms. You should read it carefully and raise any questions before we move to exchange.

Exchange is when you and the seller legally commit to the sale. Your moving date is fixed, your deposit (usually 10 percent) is paid, and you can no longer withdraw without significant cost. From this point on, the agreement is legally binding.

This is moving day. We send the purchase funds to the seller’s solicitor. Once they have confirmed receipt, the seller moves out if they have not already, and the estate agent gives you the keys. You can now move into your new home.

Solicitors are legally required to verify identity and carry out anti-money laundering checks. That includes understanding where your money is coming from (source of funds) and how it was earned or gifted (source of wealth). At Laurus, we use secure digital checks to make this process quick and simple.

If someone is gifting you money towards the purchase, we will need the following:

• A signed gift letter confirming it is not a loan
• ID and address verification for the donor
• Evidence of where the money came from

We will guide you and the person gifting the funds through each step.

Yes, many first-time buyers purchase a home with a friend, partner or sibling. It is important to agree how you will own the property.

There are two main ways to own a property jointly:

• Joint tenants: you both own the whole property equally, and it automatically passes to the other if one of you dies
• Tenants in common: you own defined shares, which may be equal or unequal, and can leave your share to someone else in your will

We strongly recommend a Declaration of Trust if you are contributing different amounts or want to record what each person is responsible for. We can prepare this for you as part of the process.

If you are buying a property from the estate of someone who has died, it is known as a probate sale. The sale is usually handled by the executor or personal representative of the deceased’s estate.

In most cases, the seller must obtain a Grant of Probate before the sale can complete. This is a legal document confirming their authority to deal with the property.

What this means for you:

• The process may take longer if the Grant of Probate has not yet been issued
• The seller is unlikely to have lived in the property, so they may not be able to answer detailed questions about its condition or history
• You may be buying the property with limited information, so searches and surveys become even more important

We will confirm whether probate has already been granted, highlight any legal implications and keep you fully informed throughout.

If you are buying with someone else:

• Joint tenants means you both own the property equally and it automatically passes to the other if one of you dies
• Tenants in common means you own defined shares and can leave your share to someone else in your will

We will advise you based on your circumstances and can also prepare a Declaration of Trust if you are contributing unequal amounts.

Searches check for issues you would not discover during a property viewing, such as flood risk, planning restrictions, road schemes or contaminated land. Your mortgage lender will usually require them, and they are there to protect you.

Yes, we strongly recommend getting a survey, especially if you are buying an older property.

A mortgage valuation only tells your lender whether the property is worth the price you are paying. It is for the lender’s benefit, not yours.

A survey, on the other hand, is an independent inspection of the condition of the property. It can uncover issues such as damp, subsidence, structural movement or outdated electrics that could cost you money later.

There are different types of survey available depending on the age and condition of the property. Your surveyor or mortgage broker can advise which is most appropriate.

This is not unusual, especially with older properties. The important thing is not to panic. Most surveys will flag something, and it does not always mean the purchase has to fall through.

Start by looking at what type of issues have been raised.

• Minor issues like outdated wiring or a leaking gutter can often be dealt with after you move in.
• Major issues such as structural movement, damp, roof problems or Japanese knotweed may need urgent attention and further investigation.

Depending on the severity, you can:

• Ask the seller to carry out repairs before completion
• Negotiate a reduction in the purchase price to reflect the cost of repairs
• Request specialist reports if the surveyor recommends it (for example, a structural engineer’s report)
• Walk away, if the problems are too serious or too costly and the seller is unwilling to negotiate

Let us know as soon as you receive your survey. We will review it with you, speak to the seller’s solicitor if needed, and support you through any renegotiation.

This is known as a down valuation. It means your lender thinks the property is worth less than the price you have agreed to pay.

When this happens, the lender may reduce the amount they are willing to lend you, leaving you with a shortfall.

If you are down valued, you have a few options:

• Renegotiate the price with the seller
• Increase your deposit to make up the difference
• Challenge the valuation through your broker or lender
• Consider walking away if the gap is too large

We will explain the implications and help you decide the best next step if this happens in your transaction.

If a property is freehold, you own both the property and the land it sits on outright. You are fully responsible for maintaining everything, including the building, roof and land.

If a property is leasehold, you own the property for a set number of years (the lease term), but not the land it stands on. The freehold usually belongs to someone else, often called the landlord or freeholder. Leasehold is common for flats and apartments.

With leasehold, you will usually pay ground rent, service charges, and sometimes additional management fees. There may also be restrictions on what you can do to the property, such as making structural changes or keeping pets. We will review the lease and advise you clearly on your rights and responsibilities before you commit.

Ground rent is a fee you pay to the freeholder each year simply for having a lease on the property. In many newer leases, ground rent is being reduced to zero, but in older leases it can vary and sometimes increase over time.

Service charge is your share of the cost of maintaining and managing the building or estate. This may include cleaning communal areas, repairs, building insurance, lighting, gardening and management company fees. The amount can change year to year depending on what needs to be done.

We will check the lease carefully, review the service charge accounts and ground rent terms, and tell you clearly what to expect now and in the future.

Stamp Duty Land Tax (SDLT) is a government tax on property purchases over a certain value. As a first-time buyer, you may be eligible for relief. We will calculate what is due, explain it clearly, and pay it on your behalf after completion.

Nearly everything can be done remotely. We use secure technology to verify ID, share documents and keep you updated. You are always welcome to call or email us with questions.

You can withdraw at any time before exchange of contracts. After exchange, you are legally bound to complete the purchase and pulling out would involve financial penalties.