The Mundys first time buyer guide aims to give you the knowledge needed to make the right decisions along the way and achieve your goal of a new and exciting independent lifestyle.
Think of buying your first home like a journey. At Mundys we are happy to answer any questions and you can trust us to be your guide on this journey. Just pop into either of our offices or contact us by text, e-mail or telephone. All of our advice is free.
How Do We Afford It?
For most buyers the first step involves how much they can afford. At Mundys we have access to independent mortgage consultants who can offer initial general advice, explain the different types of mortgages available and then try to find you the best deal. It makes sense for you to obtain as many quotes as possible.
When you have sorted out figures you are comfortable with you can start your search.
Most lenders will give you what’s known as an ‘offer in principle’, or the amount they would be prepared to lend and it is useful to get this before you start looking for a home.
- Deposit normally 5-10% of the property value
- Mortgage repayments and lender charges
- Valuation / Survey fees
- Solicitor’s fees, including searches, Land Registry and stamp duty, if applicable
- Removal costs
- Possible reconnection costs for telephone, gas, electricity and water
Where Do We Start?
Come into the office and see our negotiators. They can offer a wealth of FREE advice on types of properties, locations, services and facilities and all aspects of buying a home (three of them have just done it, so they will be happy to give first hand experience).
Register on our buyer’s hotline (mailing list) and you will receive regular contact showing all properties which match your details. We can do this via instant text messaging, telephone, e-mail or post, just let us know your preference.
Access our website which is updated daily. Full brochures can be downloaded straight from this site, which also has lots of other information.
Access other major websites such as OnTheMarket, Rightmove and Vebra or look in the Property Echo which is out every Thursday. When you have found properties to your liking, arrange viewings for those that you want to see. If any stand out, make a short list and arrange second viewings.
Choosing Your Property
Decide on the kind of property you want, such as semi-detached, terrace, or flat then ask yourself a few questions each time you view somewhere:
- Can you really afford it?
- Is it near the transport links, schools or facilities you need?
- Do you like the area?
- How old is it?
- Does it have enough outdoor space, such as gardens and garages?
- Is it freehold or leasehold?
- How easy will it be to sell?
You Found One! What Happens Next?
Make an offer. How? Ask for our help. We are happy to give general advice. If we are selling the home you want we cannot advise you what to offer as we are acting for the seller, who is paying us to look after their interests. If you are buying from another estate agent, we can help you with negotiation strategy, free of charge.
Once your offer is accepted you will need to:
- Apply for your mortgage
- Arrange your own survey if you require one
- Find and instruct solicitors
Once again we can offer free initial advice on all these matters. You can see our mortgage adviser by appointment and fill in the necessary forms.
Mundys are Chartered Surveyors, so we can advise on the different types of surveys and costs and, if necessary, recommend suitable firms.
If you prefer, we can obtain solicitors’ costs and find you a solicitor, or you can use your own. You then need to instruct them to proceed to act on your behalf in the purchase. They will explain the legal side, but we can give a general guide to the process (our Home Move Managers can talk you through the process).
The Final Hurdle
Once your solicitors are happy they have carried out all the necessary legal checks and your funds are in place, you will be able to sign contracts. Once these contracts are exchanged the transaction is legally binding and you can agree a completion date, which is the time you can move into your new home. In most cases the estate agent will hold a key. You need to verify with the estate agent that everything is ready before you call in, as keys cannot be released until the funds have cleared and the agent has been advised.
The RICS also have a useful extensive general buyers guide, which is available via their website.