First-time Buyer Guide for Bootle

If you’re from the Merseyside area or a first-time buyer in Liverpool, an area that you might have looked at is Bootle, and what a lot of people miss is that Bootle is actually a prime location to purchase property. 

At Lyons Estates, we’ve helped countless buyers find their perfect property across Liverpool, and we have noticed that Bootle is becoming a prominent property hotspot, so if you’ve been considering buying a property in Bootle, here’s everything you need to know. 

Why Bootle and North Liverpool are Great for First-Time Buyers

Bootle and North Liverpool have quickly become one of the most accessible property entry points in the city for first-time buyers. What makes the area stand out for buyers is its affordability, with some properties starting as low as 70k, which is far below the national average. 

The affordability of the area means that you’re almost guaranteed to find a property within your price range, meaning that you don’t have to spend years saving up for a deposit.

Bootle is becoming a popular location for those who want close proximity to the city without having to pay city centre prices, as Bootle is just a 15-minute drive from the centre of Liverpool and, with so many reliable transport links into the city, it’s an obvious choice for those looking to save money while still living in Liverpool and it has quickly become a hotspot for commuters working in the L1 area. 

What Your Budget Gets You in Bootle

Have a deposit ready to go and curious about what you could afford to buy in Bootle? We’ve broken it down for you. We have previously released a guide on the cost of living in Liverpool, where we break down pricing in more detail, so if you want more information, be sure to check it out. 

Under £60k

It might shock you to learn that you can purchase property for less than 60k in the Bootle area. For that money, you can buy smaller properties such as one-bed flats or low-cost refurbishment projects, so if you’re looking to completely renovate a property into the perfect family home or flip it, Bootle is the ideal place to buy. 

£80k – £90k 

In Bootle, you can actually get a 2-bed property for below 90k, which might surprise those of you who are more familiar with some of the more expensive areas of the city. For this price, you’d likely get a compact terraced house, but it is a brilliant starting point for first-time buyers, especially if you are looking to renovate and sell in the future. 

£130k – £150k

If you have a growing family or you are looking for a property with more rooms, you can get 3-bedroom properties for as low as 130k, which will get you a traditional Victorian mid-terrace family home, perfect for those of you looking for more space without a massive price tag. 

£190k – £300k

With a budget of up to 300k, you can get some spectacular properties in the area. In this price range, you can find 4-bed semi-detached homes and a range of spacious family properties, perfect for anyone looking to move in a growing family or develop the property further.  Bootle is home to beautiful period homes and character properties many people don’t know about, and with a budget like this, you can secure a fantastic property. 

£350k +

With a budget of 350k+, you’re in a great position to secure a fantastic property. You can get a 5-bed, detached property with plenty of space for a growing family. These properties are also ideal for conversion, so if you’re looking to buy a property to rent out, you can achieve a lot within this budget. 

How Much Deposit Do You Need for a First Home?

The exact amount you will need depends on the type of property you’re looking to buy, but with government schemes now allowing you to buy with just a 5% deposit, you don’t need a huge deposit to buy a property in Bootle. 

If you’re looking for the lowest-budget option, you can secure a property with a deposit as low as £3.5k, but it’s also important to factor in your annual wage and what banks are willing to lend you for the full property. 

Get Your Mortgage in Principle Sorted First

Before you start looking properly, we’d suggest getting a Mortgage in Principle first, as this will give you a clearer picture of your budget and will also show any estate agents that you contact that you’re serious about finding a property, as getting a MIP shows that you’ve already passed basic affordability checks and are in a position where you can afford to buy. 

If you put in an offer on a property and are competing with other offers, having your MIP gives you an edge because it signals financial readiness and improves your chances of getting the property. 

Found the One? Here’s What Happens Next

If you’ve been browsing properties in Bootle and you’ve found the perfect one, here’s what you need to do next. 

Make Your Offer

First, make your offer. Contact the agent who is handling the property as fast as possible to express your interest and inform them of your offer amount. Follow up in writing, including your personal information, offer price, and any proof of funding you have, such as a Mortgage in Principle.

Once Your Offer is Accepted

If your offer is accepted, you should instruct a solicitor to handle the legal transfer of ownership, draft contracts, and arrange any local searches. 

At this point, you should also formally apply for your mortgage and book a home survey to check the property’s condition; if repairs are needed, you may be able to negotiate a better price. 

Legal Searches and Formal Offer

Your solicitor will handle all legal searches, including local authority, environmental, and drainage searches, and will check for any planning restrictions or issues with the property. At this point, your lender will also issue a formal mortgage offer, preparing you to complete the purchase. 

Exchange Contracts and Completion

Once your solicitor issues a formal offer, they will exchange signed contracts with the seller’s solicitor and pay your deposit, confirming the sale is legally binding. 

At this stage, you’ll also agree on a completion date; when that day arrives, the remaining funds are transferred, and ownership officially changes hands. 

The Extra Costs of Buying a House Worth Budgeting For 

Your deposit isn’t the only money you’ll need to set aside when buying your first home. A few extra costs come with buying a property, and it’s worth budgeting for them from the start so there are no nasty surprises down the line. Here’s what you’ll need to plan for.

Stamp Duty

The good news for first-time buyers in Bootle is that most of you won’t have to pay stamp duty. First-time buyers currently pay no stamp duty on properties priced up to 300k, and 5% on the portion between £300k and £500k. So, unless you’re buying at the very top end of the market, you probably won’t need to worry about this cost.

Solicitor and Conveyancing Fees

You’ll need a solicitor or conveyancer to handle the legal side of your purchase, and their fees usually range from £1,000 to £2,000, depending on the property and the firm you choose. 

On top of this, you’ll need to pay for the local searches we mentioned earlier, which typically cost a few hundred pounds, so make sure you ask for a full breakdown of costs before you instruct anyone.

Home Survey

While a survey isn’t a legal requirement, we’d always recommend getting one, especially if you’re buying an older property like the Victorian terraces Bootle is known for. A basic survey can cost around £400, while a more detailed building survey can cost £1,000 or more, but it could save you thousands if it uncovers any issues with the property before you buy.

Mortgage Fees

Some lenders charge arrangement or product fees on their mortgages, which can range from nothing at all to over £1,000, and if you use a mortgage broker, they may charge a fee too. It’s worth comparing deals carefully, as a mortgage with a lower interest rate but a higher fee isn’t always the cheapest option overall.

Moving In Costs

Once you have your keys, a few costs remain. Most lenders will need you to have buildings insurance in place from the day you exchange contracts, and you’ll also need to budget for removals, furniture, and any small repairs or decorating you want to do before you move in. Setting aside a little extra will make settling into your new home much less stressful.

Find Your Perfect Property in Bootle With Lyons Estates 

Now you should be equipped to purchase your perfect property in Bootle, and if you’re looking for an estate agent to help you find your first property, we’re here to help. 

Get in touch with the team today, and we’ll help you find your first home.