First-time home buyer Q&A

With this in mind, I answer some frequently asked questions from first-time buyers

What areas in Aberdeen/Aberdeenshire tend to be popular?

In Aberdeen, popular areas for first-time buyers include the city centre, particularly Rosemount, and a host of streets around Great Western Road. The easy access to city centre shops and hospitality venues makes these areas attractive.

Nationally, as well as locally, the age of the typical first-time buyer has increased over the years, so we see many first-time buyers stay at home longer to save a deposit. This allows them to bypass the more traditional route of purchasing a one-bedroom flat and move directly to a two-bedroom house in popular suburbs such as Bridge of Don or Kingswells.

What are the most important factors to consider when buying a home?

When buying a home, don't be too swayed by the interior appearance, such as furniture and décor, as it's the bricks and mortar that matter. You can always paint and decorate the interior, but issues like leaking windows or structural repairs can be costly.

In addition, pay close attention to communal areas such as internal stairs and external boundary walls. These will most likely be a shared liability, meaning you will need the agreement of your new neighbours before any work can go ahead.

Lastly, location, location, location! No matter how beautiful the kitchen is, if it’s in the wrong area, nothing you do will change that. Do your research and ask your solicitor if you need advice.

What should I look for in the home report?

The home report is a document that tells you what you need to know about the house. It's split into three parts: a single survey and valuation, a property questionnaire, and an energy performance certificate (EPC).

Pay close attention to the single survey. There is a traffic light system in the survey, with one being green, two being amber, and three being red. Aim for no threes and as few twos as possible.

In older properties, some twos are inevitable, so you should budget for some future repair costs. However, too many can indicate potentially costly repairs, especially in communal areas. Issues such as rot or dampness should be promptly addressed.

If the survey does contain a three but the property is otherwise perfect, it is sensible to address this before finalising your offer so you know what you are taking on.

The property questionnaire section contains valuable practical information provided by the seller. The Energy Performance Certificate (EPC) is also important, as many lenders now offer incentives for properties with a low EPC rating.

Is it a good time to buy?

It’s a great time to buy. Major lenders have already reduced interest rates in anticipation of the Bank of England continuing to lower the base rate, currently held at 5.00%.

According to the latest ASPC report, prices in Aberdeen and Aberdeenshire remain reasonable, with estimated prices as follows —

• Flats in Aberdeen: £122,235

• Semi-detached houses: £185,072

• Detached houses: £315,690

In the first quarter of 2024, house prices in Aberdeen have decreased by 2.9%, making this an opportune moment for first-time buyers to enter the market.

As mentioned before, mortgage rates are expected to continue to drop, and, at the moment, most properties are selling at or below their valuation, so you are not being forced to pay more than a property is worth to get your foot on the ladder.

First-time buyers typically benefit from lower LBTT payments. The tax starts at £175,000 for first-time buyers, and many properties fall below this threshold, meaning buyers may not pay any LBTT.

For example, purchasing a home for £180,000 incurs an LBTT of only £100. You can use the LBTT calculator from ASPC to estimate the tax for your property.

There are deals to be made, and working with a knowledgeable solicitor can help you navigate the process and determine the best approach.

What questions should I ask a seller?

Ask about the average bills for gas and electricity.

If it's a flat, inquire about formal arrangements for communal repairs and any recent repair costs. If there are factors appointed, do they also arrange buildings insurance?

If there's a shared garden, it may be wise to inquire about how it is managed.

What does the buying process look like?

The buying process typically takes about six to eight weeks from making an offer to getting the keys. Before then, a buyer will have spent time viewing properties, researching areas, and arranging a mortgage in principle, meaning the overall process, including property search, may take two to three months.

We offer fixed-fee services for buying residential property in Scotland, with fees varying based on the property's price and type.

We pride ourselves on transparency, which is why we will always provide an individual quote for every transaction. Not only is it essential for budgeting for what will be one of the most important transactions you ever undertake, but it also allows you to make an accurate comparison of quotes.

What does a closing date mean and what can I expect?

Closing dates do still happen but are not the norm.

If a property has a closing date, it means at least two parties have expressed a desire to offer, and offers are made via sealed bids. Be prepared to submit your best offer on the closing date, as there's no opportunity to negotiate afterwards. Your solicitor will be on hand to advise.

Noting an interest is where a solicitor has formally registered your interest in the property with the seller. This does not guarantee a property will not be sold without your knowledge, but it is still the best way to ensure you are kept advised of any developments.

How do I know if a property is priced fairly?

In Aberdeen, properties are generally priced at or just below the home report valuation, ensuring fair pricing.

How do I prepare for moving into a home and what help is available?

The key element here is your mortgage. Consult with a financial advisor to confirm your borrowing capacity and avoid surprises. We have connections with several trusted and experienced advisors who can offer expert advice and help you secure the best mortgage available.

If you have a Help to Buy ISA or a Lifetime ISA, inform your solicitor early on to ensure you don't miss out on any bonuses.

Consider applying for the OMSE scheme, which offers a government contribution of 10-40% of the property price, depending on your circumstances. This can significantly reduce the amount you need to borrow.

How should I choose a solicitor to work with?

It's important to choose a solicitor who will take the time to sit down with you and explain the process in detail.

Recommendations from family and friends can be invaluable.

Speak to us

We’re happy to talk you through the process and provide any guidance you might need. Get in touch with our team or pop in for an informal, no-obligation chat.