First time home buyer guide: what are the tips I need to know before buying my first home?

Question: I've had enough of renting with my slob of a flatmate and want to try to work towards owning my own place as soon as possible. However, I’m not sure where to start.

I am embarrassed to say that, as a first-time buyer, I really am clueless. Any guidance you can give me would be very welcome.

Answer: There are many things to think about but basically, work out how to fund the purchase of your first property.

Maybe your parents or another family member could help financially.

Purchasing jointly with someone who could share the cost probably does not appeal, as you are fed up with sharing.

In general, 10 per cent of the property purchase price is payable on exchange of contracts and the balance will be due when you complete the purchase.

Unless you can accrue enough cash to cover the whole price of the property you will need to borrow money from a lender to help you fund the purchase.

As well as the purchase price you will have other expenses such as mortgage arrangement and valuation fees, surveyor’s and solicitor’s fees, possibly stamp duty, search fees, Land Registry fees, buildings and contents insurance premiums and moving costs — and you may need to buy furniture if you do not currently have any.

Speak to an independent financial adviser or your bank regarding borrowing.

As a first-time buyer, research and consider a Help to Buy Isa, a Help to Buy equity loan or a Lifetime Isa, as they may be of help to you. Budget very carefully.

These answers can only be a very brief commentary on the issues raised and should not be relied on as legal advice. No liability is accepted for such reliance. If you have similar issues, you should obtain advice from a solicitor.

If you have a question for Fiona McNulty, email legalsolutions@standard.co.uk or write to Legal Solutions, Homes & Property, Evening Standard, 2 Derry Street, W8 5EE. Questions cannot be answered individually, but we will try to feature them here.

Fiona McNulty is a solicitor specialising in residential property.