First Time Buyer Guide

Making an offer

The asking price can quickly become an anchor, even when it says more about the seller’s hopes than the value of the home. Your offer has to work for your own budget and still make sense against nearby sales, the property’s condition and the competition for it.

Setting a maximum before the negotiation

Use completed sales of reasonably comparable homes, the property's condition, time on the market, any price changes, current competition and what the home is worth to you. Adjust for differences you can actually explain rather than copying the nearest sold price.

Set a maximum that still leaves the purchase affordable and a cash buffer intact. “Offers over”, “offers in excess of” and “guide price” describe a marketing approach; none replaces your own valuation.

What to include in the written offer

State the amount, names of the buyers, that it is subject to contract and any conditions. Include the facts that make you able to proceed: first-time or chain position, deposit, agreement in principle, conveyancer readiness and a realistic timescale.

If you want the property marked sold subject to contract and further viewings stopped, ask. The seller can agree or refuse; acceptance alone does not automatically create that condition.

What the agent may ask to see

The seller's agent will usually want to establish your identity, funding and ability to proceed. An AIP, proof of deposit and details of any property to sell are relevant. That does not require you to use the agent's broker or conveyancer, or to disclose the maximum you might pay.

An estate agent should pass offers to the seller promptly unless the seller has given a clear written instruction that certain offers need not be passed on. Ask for your offer to be confirmed in writing if there is uncertainty.

If it is rejected or countered

If the offer is rejected, ask whether the seller has made a counteroffer or has a timescale or condition that matters. You can then decide whether any increase is justified while remaining within the maximum you set.

In a best-and-final or sealed-bid situation, submit the strongest complete offer that you would be content to win with. Do not assume a token extra amount will win, or that you will have another round. Price is only one part of a seller's decision.

What an accepted offer means before exchange

In England and Wales, accepting an offer does not normally make the sale legally binding. The property is usually described as sold subject to contract, and either side can still change position or withdraw until contracts are exchanged.

Acceptance does not itself require the seller to stop advertising the property or allowing further viewings. If that matters to you, ask the agent whether the listing will be marked sold subject to contract and whether the seller has agreed to stop viewings.

Costs you may not recover if the purchase ends

You may already have paid for legal work, searches, mortgage fees, a survey or specialist reports by the time somebody withdraws. These costs are not normally recoverable from the other party, so check cancellation and refund terms before commissioning expensive work.

The first few days after acceptance

Confirm the agreed price and conditions in writing. Give the agent your conveyancer's and broker's details so the memorandum of sale can be issued. Instruct the conveyancer, submit the full mortgage application, arrange the survey and send requested identity and source-of-funds evidence promptly.

Ask what the chain looks like and whether the seller has instructed a conveyancer. Any dates discussed at this point remain provisional until contracts are exchanged.

If new information changes the deal

A down-valuation, survey finding, title problem or unexpected leasehold cost can justify reconsidering. Work out whether it changes safety, mortgageability, future saleability, affordable repair cost or simply your appetite for the home.

If you renegotiate, identify the evidence and the outcome you want: a lower price, a defined repair, more time to investigate or withdrawal. A quote helps with repair cost, but the seller is not obliged to contribute.

What to check at this stage

  • Decide your maximum offer from the available sales evidence and your budget before the negotiation starts.
  • Put the complete offer in writing, including how the purchase will be funded and whether you have a property to sell.
  • If you want further viewings and marketing to stop after acceptance, ask for that explicitly.
  • Provide reasonable proof of your identity, deposit and ability to proceed, but remember that you do not have to use the agent's mortgage broker or conveyancer.
  • If the offer is rejected, ask whether the seller has made a counteroffer before deciding whether to increase it.
  • After acceptance, instruct the conveyancer, submit the full mortgage application and arrange the survey promptly.
  • Expect some mortgage, legal and survey costs to be at risk before exchange, and avoid non-refundable moving commitments until the transaction is binding.