HOW WE GOT ON THE PROPERTY LADDER

KFH sales experts from across the network use their fi rst time buyer experience to reveal some top tips

1. Get ready before you begin

JAVAID AHMED

Sales Branch Director

FOREST HILL

“My fi rst purchase was drama-free, back in 1996. The property was a top fl oor Victorian conversion fl at in Clapham. The property was chain-free and included a share of the freehold. The fi rst thing I did to ensure a smooth transaction was to have an agreement in principle from my mortgage broker and a solicitor who I had faith in to act swiftly to raise or respond to issues. I managed to get to exchange within six weeks. “So doing your homework and being prepared is crucial. My top tips would be to ensure you have a good solicitor, provide them with ID and money on account. Send all your paperwork, payslips and bank statements to your broker, so once the off er has been accepted the application is submitted immediately.

“There is nothing more reassuring for a seller to have a mortgage valuation booked in within 48 hours of having accepted an off er. This proves to the seller that you are a serious buyer and are doing everything within your remit to buy the property.

“Also, use common sense when reading through survey reports, which can often seem a little bit daunting. If you are unsure of something it is always good to seek advice from friends or family members who have bought and sold. Also remember the estate agent is there to help and a good agent will hold your hand through the process.

“There is always a level of unpredictability when buying a property but, as a solicitor once said to me, there is always a solution to all problems when it comes to conveyancing so try not to get too fazed.”

2. Get serious!

RITA GLOVER

Sales Branch Director

BATTERSEA

“I started off my search looking into diff erent areas around the SW16 postcode and after several weeks had tied myself in knots by looking at diff erent properties in diff erent areas. But it began to come together once I narrowed down a shortlist of streets I really wanted to live in and began doing viewings in earnest – before starting to look properly at properties, I’d been sort of tinkering.

“It also dawned on me that because I hadn’t done my legal and fi nancial preparatory work, I was losing out to other bidders when I made off ers. So I secured a mortgage ‘off er in principle’ nailed down via a broker, instructed a solicitor and then booked in ten viewings over a single weekend and fi nally found the ideal property – and had my off er accepted despite competing bids, albeit from less well prepared buyers.”

3. Learn about fi nance

PAUL BENT

Sales Branch Director

KENNINGTON

“My property journey started as a negotiator in our Forest Hill branch. I wanted to live in East Dulwich, but property prices there were out of my reach, so I looked at neighbouring areas that had the potential to be up-and-coming in the future.

“I decided on Peckham Rye, which met my criteria, buying a newbuild one-bedroom apartment with private balcony and parking. It was on the top fl oor, so I was within my rights to call it ‘the penthouse’.

“The fi rst-time buying process is exciting, but it can be like stepping into the unknown. The best tip I can give is not to cut corners when instructing a fi rm of solicitors. A property is someone’s biggest fi nancial asset, so choosing a solicitor on price alone for such a fundamental fi nancial decision is counterproductive and puts your purchase at risk. I instructed a solicitor who was on the KFH approved panel whom I had worked with regularly, so I knew they off ered a high quality and consistent service.

“I would also recommend fi rst time buyers brush up on their fi nancial knowledge before setting out and ensure their credit score is good. Do your due diligence and explore all the options available to you including shared ownership, help to buy, the resales market and new builds.

“If you’re purchasing a leasehold property, fi nd out the running costs. Also, fi nd out how long is remaining on the lease and how much it might cost to extend later on. Back then, as a 23-year-old fi rst time buyer, I learned the hard way because I hadn’t done my maths on the additional costs involved, which, when a global fi nancial recession hit soon afterwards, meant the champagne lifestyle had to take a back seat for a while.”

4. Ask experts

SUSAN TARY

Sales Branch Director

CHISLEHURST

“My fi rst experience in buying a property was possibly the most exciting yet nerve wracking experience I've had. I was buying a fl at above a shop in Islington with my new husband, and when our off er was accepted, we thought it was going to be an easy journey from there, but of course it was not.

“We had no experience of leaseholds and really did not understand the implications of a shorter lease or indeed how much more lengthy the transaction would be given lease enquiries. Su ce to say, our solicitor guided us through the process, explaining what the implications were and advising us every step of the way. I would always advise any buyer to do their homework, particularly on leasehold properties, but more importantly make sure you use a good solicitor, preferably one who comes recommended.”

5. Talk to a mortgage broker

SHAUN CUNNINGHAM

Sales Branch Director

HIGHGATE

“Establishing your budget is the fi rst step you should take. Make sure you talk to a mortgage broker who has access to the home loan market and will fi nd the best product for your circumstances. You will also need to account for other costs such as stamp duty, solicitor fees and a surveyor.

“Once you have started to register with estate agents, it is important to put yourself forward as a good buyer. Agents work for the seller and will naturally want to work with buyers that are eager and ready to buy.

“I bought my fi rst property in Potters Bar, Hertfordshire. It was a new-build development with off street parking, and it met all of my requirements for space and fi nish. I made sure to be clear on what items and appliances were remaining in the property [during the buying process].”

6. Consider compromised properties with potential

DAVID MORETON

Sales Branch Director

WEST HAMPSTEAD

“My fi rst place was a top-fl oor fl at in a period mansion building. I was on a limited budget and so I knew that if I wanted a better location, I’d have to make a few compromises.

“The fl at was in a location I wouldn’t have been able to aff ord had it not been for several limiting features that made it less attractive to most buyers – such as no lift, being above a commercial unit, being on a busy road and having a short lease of 78 years – all of which I was happy to accept in order to get on the property ladder.

“The short lease could have been a problem, but happily the seller had already undertaken most of the extension process, so I knew the exact amount the freeholder required to extend the lease.” 

“Doing your homework and being prepared is crucial. Prove to the seller you are a serious buyer and doing everything within your remit to buy the property”

Clapham High Street, Clapham SW4

£1,295,000

This stunning three double bedroom, four bathroom end of terrace maisonette with period features bene ts from a high end nish and private parking.

Three double bedrooms | Four bathrooms | Spectacular hallway | No onward chain

Long lease | Private parking space | Patio garden | EPC Rating C | Leasehold