Buying guide
First-Time Buyer Guide: Costs, Steps and Getting the Keys
To buy your first home, calculate the deposit and the cash needed for tax, legal fees, survey and moving costs; obtain a mortgage agreement in principle, view properties, offer, arrange mortgage and legal checks, commission a survey, then exchange and complete. In England and Wales an accepted offer is generally not binding until exchange. Scotland and Northern Ireland use different processes.
Applies to: The exchange-and-completion steps described are for England and Wales. Scotland has different offer/conveyancing procedures and LBTT; Wales uses LTT; England and Northern Ireland use SDLT. Seek nation-specific advice.
Start with the total budget
A mortgage deposit is not your only upfront cost. Budget for conveyancing and searches, surveys, mortgage-related charges, removal costs, insurance and any property purchase tax. Use an affordability calculation as a planning guide, not a lending decision. Test whether the repayments still work if interest rates rise.
Know the property tax rules
For qualifying first-time buyers in England and Northern Ireland, Stamp Duty Land Tax is zero on the first £300,000 and 5% on the portion up to £500,000. If the purchase price exceeds £500,000, first-time buyer relief does not apply. Wales uses Land Transaction Tax and Scotland uses Land and Buildings Transaction Tax. Confirm that every buyer satisfies the applicable relief rules.
Practical checklist
- Confirm whether all purchasers qualify as first-time buyers.
- Check the relevant UK nation and purchase date.
- Include the tax in your upfront cash budget.
After an offer is accepted
Instruct a solicitor or conveyancer and confirm their quotation covers likely disbursements. Progress identity checks, mortgage application, property searches and a survey appropriate to the property's condition. A mortgage valuation is not the same as a detailed condition survey. Ask about lease terms and service charges if buying leasehold property.
Before exchanging contracts
Check your solicitor has answered the legal enquiries, the mortgage offer is in place and survey findings have been considered. Make sure you understand the completion date and what fixtures are included. In England and Wales, exchanging contracts normally makes the sale legally binding, so obtain legal advice before committing. Different rules apply in Scotland.
Practical checklist
- Mortgage offer and deposit funds ready
- Legal searches and enquiries completed
- Survey issues resolved
- Insurance cover arranged at the right stage
On completion day
Your conveyancer confirms that the funds have transferred and when you can collect the keys. Book the removal team around the likely handover, but allow for chain delays. In England and Northern Ireland, SDLT returns and any tax due usually have a 14-day deadline after completion; the conveyancer commonly handles filing.
What to read next
Continue with the most relevant next step, or explore the buying journey.
References and further reading
These are the original legal, regulatory and professional sources used to inform this article. MMG explains the key steps above so you do not have to follow external links to find the answer. Circumstances and UK jurisdiction can affect the rules, especially for legal or financial decisions.
- GOV.UK: Residential Stamp Duty rates(opens in a new tab)
- MoneyHelper: Exchange and completion(opens in a new tab)
- GOV.UK: Stamp Duty overview(opens in a new tab)
- GOV.WALES: Land Transaction Tax overview and threshold(opens in a new tab)
- Revenue Scotland: Land and Buildings Transaction Tax(opens in a new tab)
My Move Guide publishes general information, not personalised legal, tax, mortgage or financial advice. Estimates and requirements differ by location and circumstances.