Intro
Buying your first home is exciting, and it should be! But it’s also full of small traps and hidden details that no one really explains until it’s too late.
Most guides focus on the steps of buying. This one’s about the realities, the parts that can cost you money, time, or peace of mind if you don’t spot them early.
These are the truths every first-time buyer should know before diving in.
1. It’s Not Legally Binding Until Exchange
You can have your offer accepted, celebrate, and still lose the property.
In England and Wales, nothing is legally binding until exchange of contracts. Until then, either party can pull out for any reason and you can’t recover the money you’ve already spent on things like your survey or solicitor.
hntr tip: Track your progress in hntr so you know when you’re moving toward exchange, and don’t book removals or give notice on your rental until you’re legally locked in.
2. Your Solicitor Must Be on Your Lender’s Panel
This one catches so many people out.
Lenders work with a pre-approved list of solicitors known as their panel. If your chosen solicitor isn’t on that list, your lender may refuse to work with them, forcing you to either switch solicitor or pay for two (one for you, one for the lender).
hntr tip: When you’re picking your solicitors, ask upfront: “Are you on [your lender’s name]’s panel?” It can save weeks of delay.
3. Survey and Search Fees Aren’t Refundable
Even if the sale falls through, you’ll still pay for the survey, searches, and any legal work completed so far.
Many buyers don’t realise this, and can easily lose £500–£1,000 if a seller pulls out or accepts another offer.
hntr tip: Keep a record of your spending in hntr’s budgeting section so you always know what’s already been invested in a purchase.
4. The Lease Term Can Affect Your Mortgage
If you’re buying a flat, always check how many years are left on the lease.
Anything under 80 years can cause issues, lenders may refuse the mortgage or charge higher rates. Extending a lease can cost thousands.
hntr tip: Record lease length in hntr as soon as you view a leasehold property, it’s one of the most common deal-breakers buyers overlook.
5. Some Flats Have Very High Service Charges
Service charges can rise every year, sometimes significantly, depending on the building’s management and maintenance costs.
Ask for the last three years of service-charge statements before you buy, so you can see the trend.
6. Not All “Help-to-Buy” or Developer Schemes Are Equal
New-build incentives can sound appealing, but read the small print.
Some include restrictive covenants or higher management fees. Others may overvalue properties compared to resale homes nearby.
7. Mortgage Offers Can Expire
Most mortgage offers last between three and six months. If your purchase drags on, for example, because of a slow chain, you might need to reapply, which could affect your rate.
hntr tip: Keep your mortgage-offer expiry date noted in hntr to avoid surprises if timelines slip.
8. Don’t Forget Buildings Insurance Before Exchange
Once you exchange contracts, you’re legally responsible for the property, even if you don’t have the keys yet.
If anything happens between exchange and completion, you’d need to claim on your insurance.
9. Completion Day Isn’t Always Morning Keys and Champagne
It’s common for funds to transfer late in the day, especially in long chains.
Sometimes you’ll get your keys at 10 a.m., sometimes at 3 p.m. Plan your removals with flexibility and don’t schedule deliveries for the same morning.
10. There Are Always Unexpected Costs
From courier fees for signed documents to lender admin charges and Land Registry updates, there are dozens of small expenses no one tells you about.
They add up, so always budget an extra few hundred (in some case few thousands) pounds for the unknowns.
hntr tip: hntr’s budgeting tool includes placeholders for these “hidden extras,” so your estimates stay realistic.
11. The Emotional Whiplash Is Real
Buying a home isn’t just financial, it’s emotional. There are moments you’ll feel sure, and others you’ll feel panicked. That’s normal. The process is messy for everyone, even when it goes right.
hntr tip: If you’re feeling overwhelmed, use hntr’s step-by-step journey to remind yourself how far you’ve already come, and what’s next. We also have a little AI-powered emotional support chat (called Scout) who is there whenever you need
Closing Thoughts
These aren’t dealbreakers, they’re just the details no one explains until you’re already deep in the process. Knowing them upfront means you can navigate it with fewer surprises and a lot more confidence.
hntr was built for exactly this reason, to make the process clearer, calmer, and kinder for first-time buyers.
➡️ Download hntr free on iOS or Android and keep your home-buying journey organised from day one.