by Leanne Smith

When the BBC broke a news story implicating one of the UK's leading mortgage lenders and their partners in a mortgage scandal, there was a sharp intake of breath across the industry. It seems some mortgage advisers were encouraging buyers to lie about their incomes to get larger loans. Being overly generous with the wages figures can be tempting, but the repercussions later may be devastating.

Astonishingly, some people still fail to appreciate that lying about their income to obtain a loan is fraud and that mortgage fraud is a serious offence that could easily end in a prison term. The burden of maintaining payments on a high mortgage could also lead to defaults in payments and ultimately losing the property altogether with nothing to show for it.

If you are considering taking the plunge and purchasing a property, take a few moments to refresh your thinking and brush up on the essential steps for home buyers.

Money, money, money

A house is probably the most expensive single item you will ever buy. So, unless you have won the lottery, the first place to start is with a mortgage. What can you really afford and who has got the best deal?

• Take time to research the different types of mortgages available and their relative costs.
• Independent financial advisors can often offer you a wider variety, although some lenders will give you a better deal if you go to them direct.
• Put down as much of a deposit as you can afford. A 100%-plus mortgage sounds attractive if you are just starting out, but the additional risk associated is reflected in the higher interest rates you'll be asked to pay.
• Be brutally honest when budgeting your expenditure - don't overstate your income. If interest rates rise and you can't keep up your payment, your mortgage lender may dig out your application and start asking awkward questions.
• Obtain an agreement in principle, as this will speed things up when you come to put an offer in on your dream home.

Properties galore?

With your finances in place, focus in on the type of property you want to buy. Make a list of the criteria that are important to you: how many bedrooms, parking, local amenities.

Get a feel for prices, check the estate agents' windows, websites and local papers and register with the best agents in the area.

What you see is what your get - or is it?

Viewing properties is fun but don't be distracted by unusual features and overlook your original criteria.

• Be vigilant for pristine paintwork, undersized furniture or the fresh-baked bread aroma that may hide some less attractive points of the house.
• Take a friend with you for a second opinion - they might spot things that you have missed and be more objective.
• Go back for a second or even third look at different times of the day and night - it helps you to get a feel for the area and a preview of what the neighbours might have in store.
• Is the property leasehold? If so, ask for full details of all maintenance costs and ground rent. You don't want any nasty surprises later.

The offer

Negotiating an offer demands realism - there's no point in wasting everyone's time with offers that aren't likely to be accepted.

• Make it clear that any offer you put forward is subject to contract and a satisfactory survey.
• Once accepted, ensure that the vendors take the property off the market. If a seller refuses and continues marketing their property, they'll be tempted to take a higher offer should one present itself.

MoveAhead with Pryse Jones

Now call MovingAhead. As specialist property lawyers, we handle all the legal formalities of buying your dream home and reduce the stress normally associated with moving house.

• Get a quote for costs - surf lovers can visit our award-winning website for an instant on-line quote or you can call us and speak to one of our friendly conveyancing team.
• Formally instruct your conveyancer - this means filling in and returning to us, either online or by post, the essential forms that give information about the property you are buying, your estate agents and other parties involved.
• We will need a cheque to cover the searches and disbursements, as well as some proof of your identity (passport or driving licence) in order to get things moving.

So what comes next?

Get your pen out - it's time to complete your mortgage application form. Your lender will usually offer you several different types of survey.

• A standard mortgage valuation isn't a guarantee that the property is in good condition; it's an indication of its value relative to your mortgage.
• A full structural survey or homebuyer's report will give you more detailed information about the property's condition. The sellers are under no legal obligation to reveal any defect in the property to you themselves. So buyer beware!
• Always budget for the cost of more than one survey, as the results may require you to initiate further specialist inspections on the property.

Exchange and complete

Exchange is the point of 'no return'. Once you sign and exchange contracts, it is almost impossible to go back. Exchange takes place after your mortgage company has issued a formal offer, the contracts have been agreed and we have checked out all enquiries and searches.

• Moving dates - have a few possible dates in mind as, if there's a long chain, it may be difficult for everyone to agree on a mutually acceptable date.
• Allow a minimum of two weeks between exchange and completion to eliminate the risk of breaching your contract by being unable to get everything that needs to be done organised in time.
• On completion day make sure you speak to us before you set off for your new home. We will need to confirm that the deal is done and the money has been transferred.
• Redirect your post.

And finally, don't forget to leave the keys of your old accommodation behind. It is amazing how many people forget to take them off their key ring - remember it's time to 'move on'!