By Grace Welch

Trainee CILEx Lawyer

Residential Property Solicitors

06 February 2026

Blog News

Buying your first home is a huge milestone. Whilst it is exciting, it can also feel overwhelming if you’re unfamiliar with the process. A little preparation at the start can make your transaction smoother, quicker and less stressful. That’s why we’ve prepared some top tips to help you through.

Understand your budget

Before you start house hunting, it is a good idea to take time to review your finances carefully. Alongside your deposit and mortgage repayments, you will also need to factor in Stamp Duty Land Tax (if applicable), legal fees, survey costs and moving expenses. It is also useful to speak to a Mortgage Broker to get an agreement in principle to understand how much you can borrow before you start house hunting. This can also help strengthen your position when making an offer on a property.

Be ready for source of funds checks

All buyers must provide evidence showing where their purchase funds originate and how these have accumulated. This is a standard legal requirement to comply with Anti-Money Laundering Regulations and nothing to worry about. You may be asked for bank statements, savings records and/or other source of funds documents and providing these early can help prevent delays.

Using a Lifetime ISA

Lifetime ISA accounts are a popular way to save for your first home but it is important that you familiarise yourself with the rules of these particular accounts. You will only be able to claim the government bonus if the purchase price for the property you are purchasing is under £450,000 and your Lifetime ISA account has been opened for at least 12 months prior to completion.

Lifetime ISA funds are usually withdrawn by your conveyancer before completion rather than being used as a deposit at the point of exchange as most Lifetime ISA’s carry a 90-day period in which completion must take place. Don’t worry! Your well saved money is still being used to buy the property, it just gets used at a different stage to avoid any unwanted penalties. It is helpful to speak to your conveyancer at an early stage about your intention to claim the bonus as it may be necessary to come to an agreement with the Sellers Solicitors as to how much deposit is available at the point of exchange.

Gifts from Family

Many first time buyers receive a helping hand from loved ones in order to get themselves on the property ladder. If any part of your deposit is a gift, your conveyancer will need to carry out identification and source of funds checks on the giftor(s). This is standard practice and helps to ensure the transaction proceeds safely and compliantly.

It is helpful to make your conveyancer aware when obtaining an initial quotation as to whether you intend to use a gift or Lifetime ISA to ensure the quote is as accurate as possible.

Buying your first home doesn’t need to be daunting. With the right legal guidance and early preparation, the process can feel straightforward and exciting. If you are planning your first purchase, please do get in touch with our Residential Property team here.

Disclaimer: General Information Provided Only
Please note that the contents of this article are intended solely for general information purposes and should not be considered as legal advice. We cannot be held responsible for any loss resulting from actions or inactions taken based on this article.