BUYING A HOME
GREAT NEWS FOR FIRST TIME BUYERS? How will the reforms announced by the Government help first time buyers?
essential information about the property and its costs before they fall in love with it and spend money buying it. This means sellers should carry more of the responsibility to provide information about a property, along with the agent, before they market their home. The Government says the reforms could cut buying times by around four weeks and save first time buyers an average of £650. WHY FIRST TIME BUYERS NEED BETTER INFORMATION UPFRONT First time buyers are often at a disadvantage because you “don’t know what you don’t know”. Few buyers ask the key questions they should before even viewing a property, such as understanding the difference between freehold and leasehold, the costs of owning and running the property and issues that
could mean you can’t secure a mortgage. Understanding and explaining to an agent how you intend to live and use the property are critical as there could be rules which don’t enable you to do what you want to do, such as not being able to run a business from home, keep pets, make alterations, or park a tradesperson’s van. HOW WILL REFORMS HELP YOU NOW? One of the first changes is to make sales packs available before marketing a property. These include if its leasehold or freehold, Council Tax band, EPC rating, title documents, leasehold or estate charges, building safety information, searches and a condition assessment. Agents should already be providing much of this information and when you view properties online, there are fields
A clear guide for first time buyers on how the Government’s reforms could make buying a home faster, cheaper and less stressful. Buying your first home should be exciting. But for too many first time buyers it can feel scary, confusing and risky. Even if there is no chain, it can still take months, with no certainty that the purchase will happen until you exchange. You might find a property you love, make an offer, pay for searches, start the mortgage process and then discover a problem weeks later that means you have to pull out. It could be a short lease, high service charges, flooding, missing paperwork, a title problem, or a seller who is not really ready to move. The Government’s new plans aim to make homebuying and selling faster, more transparent and more certain. The main idea is simple: first time buyers should see
30 First Time Buyer August/September 2026
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