Our Responses to Frequently Asked Questions from First-Time Buyers in Richmond Upon Thames

Buying a home for the first time is a significant milestone in anyone’s life, and navigating the property market can often feel overwhelming. If you are a first-time buyer in Richmond upon Thames, you may have numerous questions regarding the purchasing process, the local area, financing, and what to expect. This guide seeks to answer some of the most common queries from first-time buyers in this beautiful and vibrant borough, helping to clarify the journey of purchasing your new home.

Understanding the Richmond Property Market

What is the current property market situation in Richmond upon Thames?

Richmond upon Thames is one of London’s most desirable boroughs, known for its picturesque scenery and exemplary quality of life. The property market here is competitive, characterised by an array of homes ranging from charming Victorian terraces to modern developments. Recent trends indicate a steady increase in property prices, which continue to attract buyers keen to establish themselves in this affluent area.

As a first-time buyer, it’s crucial to understand the market dynamics in Richmond. Prices can vary significantly based on location, property type and amenities nearby. Familiarising yourself with these factors will help you make informed decisions during the buying process.

How much do I need to budget for buying a home in Richmond?

The average property price in Richmond upon Thames typically hovers around £800,000, though this can vary widely based on specific neighbourhoods and property conditions. It is advisable to budget for additional costs beyond the purchase price, including:

– Stamp Duty: This tax applies to properties costing over £125,000, with rates varying based on the property’s value.

– Solicitor Fees: Hiring a solicitor or conveyancer is essential for handling legal aspects. Costs can vary depending on the complexity of the sale.

– Survey Costs: Engaging a surveyor to assess the property can cost between £250 and upwards of £1,000, depending on the type of survey and size of the property.

– Removal Costs: Factor in costs for hiring movers; this can vary depending on the size of your move and distance.

Having a clear budget not only helps you find the right property but also prepares you for any unexpected expenses that may arise during the buying process.

Financing Your First Property

What financing options are available for first-time buyers?

First-time buyers in Richmond can explore several financing options to facilitate their property purchase. Most commonly, buyers will secure a mortgage to fund their purchase, and understanding the different types is essential:

– Fixed-Rate Mortgages: These loans offer a stable interest rate for a set period, ensuring predictability in monthly payments.

– Variable Rate Mortgages: Interest rates can fluctuate depending on economic conditions, which will affect your monthly payments.

It’s advisable to speak with a mortgage advisor who can help assess your financial situation and recommend options tailored to your needs. Understanding your borrowing capacity and being pre-approved for a mortgage can give you a solid framework as you begin your property search.

How much deposit do I need to save?

Deposits for property purchases typically range from 5% to 20% of the property value, depending on your mortgage agreement. For properties in Richmond, this can mean saving anywhere from £40,000 to £160,000 for a house priced at £800,000.

For first-time buyers, many lenders offer products that require low deposits; for example, some will accept deposits as low as 5% if your financial circumstances allow. However, saving a larger deposit can provide access to better mortgage deals with lower interest rates. It’s important to balance your savings goals with your timeline for buying.

The Home Buying Process

What are the steps to buying a home?

The process of buying a home in Richmond follows a series of steps:

1. Assess Your Finances: Calculate how much you can afford for a deposit and monthly mortgage payments.

2. Obtain a Mortgage in Principle: This gives you an estimate of how much a lender will allow you to borrow, strengthening your position as a buyer.

3. Start Property Hunting: Work with an estate agent to find suitable properties matching your criteria.

4. Arrange Viewings: Visit properties to assess their condition, location, and suitability.

5. Make an Offer: Once you find a property, submit a formal offer through the estate agent. This may involve negotiation.

6. Engage a Solicitor: Instruct us to manage the legal aspects of the transaction, including searches and contracts.

7. Conduct Surveys: Arrange for a survey or inspection of the property to identify potential issues.

8. Exchange Contracts: Once all checks are complete, and you are satisfied, you will exchange contracts with the seller’s solicitor. This is when the transaction becomes legally binding.

9. Completion: On the completion date, the property officially transfers to you, and you can collect the keys!

Understanding these steps will help you navigate the process smoothly. Each step is crucial, and ensuring you are well-prepared can prevent delays or oversights.

Types of Properties Available

When considering purchasing a property in Richmond, prospective buyers encounter three main options: new-build properties, shared ownership properties, and resale homes, each with their unique characteristics and advantages.

New-build properties are often highly sought after for their modern design, energy-efficient features, and the appeal of being the first occupants. Buyers can typically choose from varying layouts and finishes, allowing for a degree of personalisation. However, new builds may come with additional costs for furniture and fittings, and buyers might need to wait for construction to complete. The availability may also be limited, depending on the development phase of the area. Further information on new build properties in Richmond can be found in our blog here.

Shared ownership properties provide an alternative route to homeownership for those who might struggle to afford a full purchase. This scheme allows buyers to purchase a share of the property (usually between 25% and 75%) and pay rent on the remaining portion. This makes it a more accessible choice for first-time buyers or those with lower incomes. One of the significant differences with shared ownership is that buyers can eventually increase their stake in the property over time, known as “staircasing.” Nonetheless, it’s essential for prospective buyers to understand the long-term financial commitments, including rent payments and maintenance responsibilities associated with shared ownership properties. Further information on shared ownership properties in Richmond can be found in our blog here.

Resale properties, also known as second-hand homes, typically present a diverse marketplace with various styles, ages, and price points. These properties can often be more affordable compared to new builds, and buyers have the advantage of viewing the home in its current state, assessing any repairs needed before committing. Resale homes may come with established neighbourhoods and amenities, adding to their appeal. However, they might not offer the same energy efficiency or modern features found in new builds, which can lead to higher utility costs down the line. Ultimately, potential buyers in Richmond need to weigh these aspects carefully to find the right fit for their lifestyle and financial situation.

How long does the buying process take?

The duration of the buying process can vary widely depending on numerous factors, such as the complexity of the sale, the responsiveness of parties involved, and whether a chain exists. On average, the process can take anywhere from 8 to over 12 weeks from making an offer to completion depending on the type of property (leaseholds usually take longer due to there added complexities).

As a first-time buyer, it’s important to remain patient and adaptable, especially if delays arise. Maintain open lines of communication with your solicitor and estate agent, so you stay informed throughout the process.

Legal Considerations

What role does a solicitor play in the buying process?

A solicitor’s role is crucial when buying property. Their responsibilities include:

– Conducting Investigation of Title and Property Searches: They will investigate the property’s title and ensure there are no legal issues attached.

– Reviewing Contracts: Your solicitor will review and examine the contract of sale, ensuring your interests are protected.

– Liaison between Parties: Solicit their assistance to communicate effectively with the seller’s solicitor and any other parties involved.

– Navigating Legal Requirements: They will ensure compliance with paying your stamp duty land tax and dealing with registration and assist with the necessary paperwork to complete the sale.

Engaging a solicitor early in the process can help to streamline transactions and mitigate potential issues.

What are property searches, and why are they necessary?

Property searches are an integral part of the buying process. Your solicitor will conduct various searches, including local authority searches, environmental searches and title investigations. The purpose of these searches is to uncover any potential issues or liabilities that may affect the property you intend to purchase.

For example, local authority searches thee red planning permissions are in order and that any building regulations have been signed off. Environmental searches identify any historical or current issues that may pose a risk to the property. Conducting these searches protects you by ensuring there are no surprises once the transaction is complete.

Making an Offer

How do I make an offer on a property?

Making an offer on a property is a critical step in the buying process. This usually involves communicating directly with the estate agent who represents the seller. Here are a few steps to follow:

1. Determine the Offer Price: Consider the property’s market value and any competitive bids before settling on an offer price.

2. Communicate through your Solicitor: While you can make an offer through the estate agent, it is often best to have your solicitor involved from the start. This helps to formalise the process.

3. Include Conditions: You might want to include conditions, such as being purchase dependent on satisfactory survey findings or obtaining mortgage financing.

4. Be Prepared to Negotiate: The seller could counter your offer, so be ready to negotiate within your budget.

It’s essential to strike a balance between being competitive and ensuring you don’t overextend financially.

What happens if my offer is accepted?

Once your offer is accepted, both you and the seller enter a period of legal proceedings. Here’s what to expect next:

– Instruct Your Solicitor: Inform your solicitor that an offer has been accepted, and give them the necessary details to initiate the next steps.

– Conduct Surveys and Searches: Arrange for property surveys and complete the relevant searches. These assessments help confirm that the property is safe and free from significant issues.

– Exchange Contracts: Once surveys are complete and you are satisfied, your solicitor will prepare to exchange contracts, locking in your purchase.

At this point, it is crucial to communicate effectively with your solicitor and the estate agent to ensure smooth coordination between all parties involved.

Some agents to consider when looking to buy

Antony Roberts: Located in the heart of Richmond, Antony Roberts is a well-respected estate agency known for its local expertise and a keen understanding of the Richmond property market. The agency offers a range of services including residential sales, lettings, and property management, catering to both buyers and renters seeking quality homes in this vibrant borough. With an emphasis on personal service and local knowledge, Antony Roberts has established a strong reputation amongst the local community.

Barnard Marcus: Found in the bustling town centre of Richmond, Barnard Marcus operates as part of the national Sequence network, providing a comprehensive range of property services including sales, lettings, and mortgage advice. The agency prides itself on its extensive marketing reach and a strong online presence, making it easier for clients to find or sell properties in Richmond and the surrounding areas. Their team of dedicated agents is committed to delivering excellent service tailored to individual client needs.

Chancellors: Situated on Richmond’s main high street, Chancellors is a prominent estate agency offering a wide selection of residential properties for sale and rent in the Richmond area. With a customer-focused approach, the agency combines local market knowledge with a strong national presence to provide clients with effective solutions for their property needs. Chancellors also offers additional services such as property valuation and market appraisals, further enhancing their role within the community.

Chase Buchanan: Located in Richmond, Chase Buchanan is an estate agency that stands out for its distinctive branding and comprehensive property services. The agency prides itself on its local knowledge and proactive approach to sales and lettings. Chase Buchanan serves clients looking for homes across the Borough of Richmond upon Thames while facilitating smooth transactions through their dedicated team of experienced agents who offer personalised service.

Chestertons: Based in Richmond, Chestertons is a well-established estate agent with an extensive portfolio of properties for sale and to let. Known for its professional and knowledgeable team, Chestertons provides a high-quality service, ensuring that clients receive accurate and timely advice throughout the buying or renting process. The agency leverages its longstanding history and expertise in the Richmond area to foster strong relationships with clients.

Dexters: Located in the vibrant Richmond town centre, Dexters is a dynamic estate agent that has integrated several acquired brands, including Marsh & Parsons, to enhance its service offering. The agency focuses on both residential sales and lettings, leveraging its local expertise and extensive network to assist clients in finding their ideal homes in Richmond upon Thames. Dexters prides itself on customer satisfaction, utilising innovative marketing techniques and dedicated staff to guide clients through every step of property transactions.

Featherstone Leigh: Situated in Richmond and East Sheen, Featherstone Leigh is a well-regarded estate agent known for its friendly service and expert knowledge of the local property market. The agency offers a wide array of services including sales, lettings, and property management, catering to various client needs. With a commitment to providing tailored solutions and a strong focus on client relationships, Featherstone Leigh is a trusted choice for those looking to navigate the Richmond housing market.

Foxtons: Renowned for its extensive presence throughout London, Foxtons operates a branch in Richmond, offering a comprehensive range of property services including sales, lettings, and financial advice. The agency is celebrated for its innovative marketing techniques and cutting-edge technology, which provide clients with extensive exposure for their properties. Foxtons’ experienced staff are dedicated to delivering exceptional service and leveraging their in-depth market insights to benefit clients.

Hamptons: Formerly known as Hamptons International, Hamptons in Richmond is a prestigious estate agency offering a wide range of residential properties for sale and rent. The agency combines a rich heritage with modern real estate practices, providing clients with unparalleled service and market insights. Hamptons is known for its professionalism and commitment to client satisfaction, offering various services including property management and investment advice.

Jackson-Stops: Situated in Richmond, Jackson-Stops is an esteemed estate agency with a long-standing history of serving the local community. The agency specializes in high-end residential properties and offers a variety of services including sales, lettings, and property investments. Jackson-Stops prides itself on its knowledgeable team of professionals who provide bespoke advice and support to clients looking to navigate the Richmond property market.

John D Wood & Co.: Located in the heart of Richmond, John D Wood & Co. is a prestigious estate agency known for its expertise in high-value residential properties. The agency offers a comprehensive suite of services, including sales, lettings, and property management. With a focus on providing exceptional customer service and in-depth market knowledge, John D Wood & Co. has established itself as a leading choice for clients seeking to buy or sell homes in the desirable Richmond area.

Savills: Situated in Richmond, Savills is a global real estate firm with a distinguished reputation in the property market. The agency offers a wide array of services including residential sales, lettings, and property management, catering to both buyers and sellers within the Richmond borough. Savills is known for its expert knowledge, comprehensive market research, and commitment to providing tailored solutions that meet the diverse needs of its clients in the competitive real estate landscape.

Conclusion

Becoming a first-time buyer in Richmond upon Thames can be an exciting but intricate journey. By understanding the property market, exploring financing options, familiarising yourself with the buying process, and knowing when to involve solicitors, you can navigate the complexities more confidently. The questions and answers provided in this guide are intended to clarify some common concerns and serve as a valuable resource as you embark on this significant life milestone.

With diligent preparation and the right support, you can find the perfect home in this vibrant borough and make the most out of your property buying experience. Best of luck on your journey to homeownership in Richmond upon Thames.

As with any investment decision, when buying a property it’s vital that you do your homework carefully. As well as fully researching the location and market that you are looking to buy in, it’s vital that you seek advice of experts, including surveyors and financial advisors. Alexander JLO, its Partners and employees cannot provide specific advice on choice of location or the market but can advise on all matters legal once you have made a decision to buy a property.

If you are looking for a first rate conveyancing service why not give one of Alexander JLO’s specialist property lawyers a call on 020 7537 7000, click on the get a quote button or email quote@london-law.co.uk for a free, no-obligation quotation? Come and see what we can do for you.

This blog was prepared by Alexander JLO’s property partner Matt Johnson on 2025 and is correct at the date of publication. Matt has many years of experience of dealing with property work and specialises in new build and shared ownership properties.  His profile on the independent Review Solicitor website and be found here