Buying a house - idiots guide!

[SolemnlySwear2010]

Hoping that someone can help me understand the ins and outs of buying a house! Myself and my DH are looking to buy a property in the next few months - what should be our first step? We currently have a 5% deposit in a Lifetime ISA and about £3000 in a separate bank account.

We are looking to purchase a home in Scotland (we live in Glasgow) and we could afford around £210,000.

Do we need a solicitor- how to find one, what are the fees, what do these fees include?
Mortgage broker? Again, how much and what's included?

Also what extra expenses should we be aware of? We are completely new at this and we are both first time buyers. Thanks

First mortgage on High Street is a decent broker (lots of 5 star reviews) ... I've not completed so far but good experience so far.

Yes you need a lawyer to put in offers for you. Most high street lawyers offer this.

Start viewing houses, get your. Let gage lined up and when you want to make an offer or register interest ask your lawyer to do it.

Extra expenses:

Lawyers fees - maybe 1500
Product fee - 0-995 ish

We have just exchanged on our first house. Started by going to viewings and at the same time we looked around for solicitor so we would be ready to instruct them once offer was accepted. Went with a company recommended to us in the end and they were great.
Same with mortgage broker, looked up few and went to see some of them (they should all do a free initial meeting) and picked the one we preferred. Every single estate agent also asked if we would like to see their recommended broker, we said no to all except one.

Once you pick a broker they can get you a decision in principle which you need for offering on a house as a proof you can actually afford to buy the house.

We paid around £1600 for solicitors and £250 for broker (although free ones do exist but we disliked all of them so went with someone with a fee). Also paid a total of £600 ish for home buyers survey and an drainage one following a possible fault picked up in the homebuyers.

Hope that helps!

1. Find mortgage broker. Please don't just walk into your bank. There is good advice on finding on, on the MoneySavingExpert website. Last time I remortgaged I used London and Country over the phone and they were great. If you need a specialist product (self employed or some other reason) ask friends and family to recommend a local person. Many take their fee from the bank and won't charge you.

2. Once you have your agreement in principle (this says the bank will lend you money, but they will confirm this during full application when you've found a house) you can start searching. At the same time here (England) it is good practice to also find a solicitor so you're ready to go once an offer is accepted. I would get plenty of quotes and check reviews, and decide before an offer is accepted, otherwise Estate Agents will try and bully you into whichever one pays them referrall fees. I found my last conveyencers through reallymoving.com which compared them and gives reviews. I then cross-referenced with trustpilot/google reviews to find one of the cheaper ones I was happy with - so far it's been better service than my previous (local, much more expensive) choice. You may need to check that the lawyer is on your lenders 'panel' - your mortgage broker can explain this.

Good luck!

These are the costs I am incurring from the solicitor alone to buy a house and I've paid £275 up front.

Buying costs:
Anti money laundering check (per person) £5.40
Local Authority Search Fee £123.80
Drainage Search Fee £57
Environmental Search fee £61.20
Stamp Duty - varies depending on house price
Land Registry Fee £135.00 if done online £270 if not done online
Final Search Fee £8.06
Chancel Liablity Indemnity Insurance £15.79
TMNLIS case charge (no idea before you ask!!) £6.60
Bank Transfer Fee £40
Solicitors fees £875 plus VAT (Solicitors fees vary wildly - yes I could get one cheaper but this firm has an excellent reputation and I've used them before)

Add into that £500 for the mortgage broker (you can get mortgage brokers who don't charge but I chose not to on this occasion) costs of survey (basic one is included with my mortgage but I'm paying an extra £320 for a Home Buyers survey as the house is 20+ years old and has had an extension) removal firm if you use them.

One other thing that I didn't realise when I got my first house is that the bills come in REALLY quickly!!

Hope this helps to clarify things a bit for you xx

It depends, some mortgage brokers have fees and some don't. You can go direct to your bank for mortgage advice with them but a broker is usually best.

Find a property lawyer. They're all over the place. You want someone who's thorough and has your best interests.

What areas are you looking in Glasgow for that? I've just bought and sold in Glasgow

Land tax depends on the house. The first £145,000 is not taxable, it's 2% for £145000 - £250000

We are england. It's helpful to meet with a mortgage advisor so you know what you can afford for definite (My husband was worried I had affected our credit rating by secretly racking up debt- I of course hadnt), lots of these are free. You don't need a solicitor until you've had an offer accepted, maybe ask for recommendations and get a quote based upon your max budget. You'll need money for survey and searches up front.