A few months ago, I decided it was time to stop scrolling Rightmove and start the process of buying my first home.
I had a house deposit sitting untouched in my Trading 212 cash ISA and a habit of bookmarking “it could be” homes without ever booking a viewing. Fear, more than finances, was holding me back.
At 25, I’m single and, up until recently, was renting a three-bed semi in south London with two friends, paying around £1,000 a month each once bills are included.
I don’t struggle financially, but the idea of a mortgage felt like an overwhelming commitment.
Still, I realised I was ready for my own space – and ready to stop putting my money straight into my landlord’s pocket.
Once I made the decision to buy, things moved quickly. Within a week I had viewed several properties, made an offer, and had my second bid accepted on an adorable one-bed maisonette.
Despite working in the money world, I was surprised by how much I didn’t know – and how close I came to making costly mistakes. Here’s what I’ve learned so far.
How a recommended conveyancer nearly cost me £1,500
The legal side of buying was where I felt least confident. After my first viewing, the estate agent introduced me to their in-house mortgage adviser.
It felt convenient. We had a long Zoom call discussing affordability, mortgage types – my preference is a two-year fixed deal and a 35-year term.
Shortly after, I received a conveyancing quote of £3,333. I had no idea what to expect, so I assumed it was normal.
Out of curiosity, I checked a comparison site and was shocked to find that most quotes for the same work were between £1,500 and £2,000.
The estate agent’s recommended firm justified the higher price with a lifetime guarantee that promised discounted remortgaging for an upfront fee.
When I challenged it, they knocked £800 off the price, but it was still far more expensive than alternatives. Convenience, I learned, can be costly.
Why service charges matter more than the asking price
Once I decided to buy outside London, I was surprised by how much I could afford.
The first flat I viewed, in Hertfordshire, which I am now buying, felt perfect. Still, I viewed others to keep my options open.
It was only after my dad asked about service charges that alarm bells rang.
Several flats had annual charges of £2,500, plus ground rent – a fee paid by a leaseholder to the freeholder – of up to £500 a year. Suddenly, a manageable mortgage no longer felt affordable.
In some cases, the high charges were blamed on underground car parks or communal maintenance, yet the buildings appeared poorly kept.
At one viewing, the front door was broken, and flat numbers were written on the wall in marker pen. It did not add up.
Service charges can rise, and they do not always reflect quality.
How I knocked money off and nearly lost the flat
Although I was offered more than I expected by lenders, I wanted to keep my monthly repayments low.
I like to travel, and I want financial breathing room for emergencies, like my car’s clutch that failed unexpectedly a few months ago and cost me the best part of £700.
I offered £10,000 below the asking price and was rejected – which I expected.
I then increased my offer by £5,000, emphasised that I had no chain, and asked for a four-month completion period as the sellers were still looking to buy.
They accepted my second offer. I was delighted.
What I did not expect was how long everything would take afterwards. From having my offer accepted to finally reaching exchange, the process ended up taking around six months, with constant back-and-forth between solicitors, management companies and various third parties.
One of the biggest delays involved something called a deed of covenant. This is a legal agreement between a leaseholder and a freeholder or management company, where the buyer agrees to comply with the obligations set out in the lease, such as paying service charges and following building rules. In theory, it sounds straightforward. In practice, obtaining it seemed to take forever.
There were repeated delays and long waits for documents, and every time I thought we were getting close, another issue appeared. Then, just a week before exchange, my solicitor informed me that I could pay a £130 expedition fee to bypass a particularly odd requirement that there had to be five working days between exchange and completion.
Everyone I spoke to told me not to pay it. They thought the fee was unnecessary and that I should wait. But after months of delays, I was desperate to get things moving, so I paid it anyway.
Ironically, the transaction was delayed regardless, meaning I ended up paying the £130 for absolutely nothing. It was a frustrating reminder that even when you throw money at a problem during the home-buying process, there is no guarantee it will actually speed anything up.
Timing helped. The property had gone on the market just before last Autumn’s Budget and interest had been slow due to uncertainty.
Negotiating, I learned, is about being realistic rather than aggressive.
The emotional cost
I feel conflicted about buying at all. Most people my age are not able to, especially with the cost of living so high.
A large part of my deposit came from inheritance after my grandad passed away last year.
While I always intended to use the money for a home, spending it does not feel like an achievement.
I know I am privileged, even though I saved part of the deposit myself and am covering all legal costs.
I also know my grandad would be happy I am buying. Still, it is a reminder that the housing market is not an even playing field.
How the system assumes there is always a second income
Buying on my own has been one of the hardest parts as I had always assumed I would buy with a partner one day. But after becoming ill last year, waiting felt like putting life on hold.
There is no second income to fall back on. Every cost, from legal fees to furniture, falls on me.
The worries are real, like what if I lose my job or get ill again? But there is also freedom. Every decision is mine.
I am moving out of London partly because I could never afford to buy here and partly because I want to be closer to family.
That feels more important now, especially with my nearly one-year-old puppy, Sunny.
Lease length
I knew little about lease lengths beyond hearing my dad complain when selling my grandad’s house.
Once a lease drops below around 80 years, costs rise sharply because of something called marriage value – the additional value created when a short lease is extended.
The law assumes that extending the lease makes the property more valuable, and once it falls below 80 years, the freeholder is entitled to claim a share of that increase in value.
In practice, that means the cost of extending the lease can jump significantly almost overnight.
The flat I am buying has 88 years left. That is not an immediate issue, but it is something to keep an eye on.
An online calculator suggested extending it now would cost around £6,000, which I factored into my offer.
Even if I only live there for a few years, lease length affects resale and mortgageability, and it is not a detail buyers can afford to ignore.
Buying my first home has been exciting, stressful and eye-opening. I am still learning, but if sharing these lessons helps someone else avoid the mistakes I nearly made, it is worth it.