Buying your first home, from first steps to keys

The journey, step by step

Most purchases in England, Wales and Northern Ireland follow the same path. The main steps are:

• Get a mortgage in principle: a lender's statement of how much it may lend you, based on a quick check of your income and credit record.
• Find a home and make an offer through the estate agent.
• Instruct a conveyancer, the legal professional who checks the property's legal position and transfers ownership to you.
• Apply for your mortgage. The lender values the home and, if all is well, makes a formal offer.
• Book a survey while your conveyancer carries out searches (checks with the council and other bodies) and raises questions with the seller.
• Sign the contract and mortgage paperwork, then exchange contracts: the point where the deal becomes legally binding and your deposit is usually paid.
• Complete: your conveyancer sends the money to the seller's conveyancer and you collect the keys.

From instruction to completion, a freehold home (one you own outright, with its land) often takes 10 to 16 weeks. A leasehold home, which you own for a fixed number of years under a lease, commonly takes 12 to 20 weeks.

First-time buyer tax relief

In England and Northern Ireland, first-time buyers pay no Stamp Duty Land Tax (SDLT) on the first £300,000 and 5% on the part of the price from £300,001 to £500,000. Above £500,000, there is no relief at all. To qualify, you and anyone buying with you must never have owned a home, in the UK or abroad, and you must plan to live in it as your main home.

For example, on a £350,000 first home in England you would pay 5% on £50,000, which is £2,500. At the normal rates, the same home would cost £7,500.

Wales has no first-time buyer relief, but no Land Transaction Tax (LTT) is charged on the first £225,000 if you do not own another property. Use our stamp duty calculator for your own figures.

Deposits, gifts and Lifetime ISAs

Your deposit is the part of the price you pay yourself, and a larger deposit usually opens up more mortgage deals. Your conveyancer must check where the money comes from, as part of money laundering checks, so keep your bank statements to hand.

A gifted deposit from family is usually fine if your lender accepts it. The giver normally signs a letter confirming that it is a gift, not a loan, and that they will have no share in the home. Your conveyancer will also check their identity and the source of the money.

With a Lifetime ISA, your savings and the government bonus can go towards a first home costing £450,000 or less, bought with a mortgage, at least 12 months after your first payment in. Your ISA provider pays the money to your conveyancer, so tell your conveyancer early. The Budget on 28 October 2026 announced a new First Time Buyer ISA, to replace the Lifetime ISA for new savers from April 2029, and reduced the Lifetime ISA withdrawal charge to 20% from 29 October 2026 for a first home costing more than £450,000, so check the latest rules on GOV.UK. Our guide to gifted deposits and ISAs has more detail.

Shared ownership and new builds

Shared ownership lets you buy a share of a home and pay rent on the rest. In England the share is commonly 25% to 75%, sometimes as little as 10%, and you can usually buy more shares later, which is called staircasing. These homes are always leasehold, and income limits apply. The rules differ elsewhere in the UK; see shared ownership explained.

New build homes run to the developer's timetable. Developers often ask for a reservation fee and set a deadline to exchange contracts, sometimes before the home is finished. Your conveyancer checks the planning, roads, drainage, building warranty and the latest date for finishing the home. Read our new build guide before you reserve.

Surveys: know what you are buying

Your lender's valuation only confirms the home is worth the loan. It is not a survey and can miss costly problems. The Royal Institution of Chartered Surveyors (RICS) sets three levels of home survey:

• Level 1 Home Survey: a basic report on condition, suited to newer, conventional homes.
• Level 2 Home Survey: more detail for most conventional homes in reasonable condition, with or without a valuation.
• Level 3 Home Survey: the most detailed, for older, larger, altered or run-down homes.

If the survey finds a problem, you can get repair quotes and renegotiate before you exchange.

Budget for every cost

Your deposit is only part of the money you need. Plan for:

• Legal fees, VAT and disbursements (third-party costs such as searches).
• Any property tax due after relief.
• Your survey, plus any mortgage arrangement, booking or broker fees.
• Buildings insurance from exchange of contracts, unless the building is insured for you, as with most flats.
• Removals, furniture, utilities and broadband.
• Council tax (domestic rates in Northern Ireland) from the day the home is yours, plus any service charge (your share of the building's running costs) and ground rent (a yearly payment to the landlord) on a leasehold home.

Our moving costs calculator helps you add everything up. Your conveyancing quote shows each legal cost on its own line.

Mistakes to avoid

A few common slips can delay a first purchase or make it cost more. Avoid these where you can:

• Changing jobs, taking out new credit or missing payments before completion, which can affect your mortgage.
• Booking removals or giving notice on your rented home before contracts are exchanged.
• Choosing a conveyancer who cannot act for your mortgage lender.
• Acting on an email saying bank details have changed. Call your conveyancer on a number you already know before sending money.

Your next steps

Have your mortgage in principle, photo ID and evidence of your deposit ready, then get your quote. When you ask us to go ahead, we will introduce you to a regulated law firm that suits your purchase and lender. The firm confirms its fees in writing before you instruct it, and you remain free to choose any conveyancer.