Being a first time buyer entering the housing market can be a slightly daunting prospect. This guide will hopefully enable you to be more assured of some of the pitfalls and challenges of buying your first property.

With the current state of the housing market people are looking at a variety of ways of making that all-important first step onto the property ladder. The high mortgage costs of today mean that unless you are fortunate enough to have a large deposit it’s more viable to obtain a joint mortgage. First time buyers who are looking at entering the housing market are generally in a far stronger position than those buying alone.

Whether you are thinking of buying a property with a partner, friend or business acquaintance you should always ensure that everything is carried out in a professional manner. Buying a property is the biggest single purchase most people will make in their lifetime so there should be no place for doubt.

Firstly draw up a Deed of Trust with a power of sale. This means sale of the property can't be blocked by one party if you fall out or the person disappears without a trace and will avoid any arguments at a later stage. Decide whether you'll be joint tenants (the property is then owned 50:50 and passes automatically to one if the other person dies) or tenants in common (each owns a different share, so the person bringing in the larger salary can take a bigger share of any gains - and losses). Make wills. If one co-owner dies without having made a will (intestate), the remaining person will have no rights over that person's share of the property. Put both names on the deeds. And if a new housing arrangement is set up by the individuals after one already owns the property, the lender has to be informed.

Buying with your friends or family are two popular options, but you could also take part in a shared ownership scheme. This allows you to buy a percentage of your home, and pay rent on the remainder, with the option of increasing your share as and when you can afford it. Many of these homes are new-builds, with initial shares starting from around 25%, and the eventual option of owning the whole property.

Different housing authorities have different criteria for who can participate in shared-ownership schemes. To find out if you are eligible, take a look at the Communities and Local Government Advice Government Advice website.

As well as looking in estate agents’ windows, the Internet is also an excellent research tool for finding properties. There are now many websites specifically geared for property searches, as well as those catering for people who want to sell without an agent altogether. Most estate agents also have their own websites.

Finding a property you like can be hard so make sure you are viewing properties quickly. If you do find one that you like and the asking price is reasonable it is worth making an offer at the full asking price. Trying to get some money off is all well and good but it could mean that you end up losing out as a result. If you make an offer try to get the seller to agree to take the property off the market.

Don't be afraid to make numerous visits with tradesmen to find out what you're letting yourself in for. Check the history of any scruffy - and therefore cheaper - property. If it's been rented it may have had a succession of landlords, all of whom may have done the bare minimum in repair and upkeep. If you're tempted to buy a run-down property to renovate and sell on, check how long it's been on the market. If it's been there a long time, it suggests there isn't a lot of profit to be made. Be aware that things like new carpets, bathrooms and kitchens could just be cosmetic changes that are masking more serious faults with the property.

One in three property chains fall apart. This can happen for numerous reasons, from one party not having their finances in order to an unpleasant surprise in the survey. The best way to ensure a chain progresses smoothly is through good communication. Stay in regular contact with your conveyancer and estate agent to make sure everything possible is being done to speed things along. It can also help to stay flexible. Be prepared to move in with your family or rent as a short-term measure if it means you can keep the chain going.

Getting ‘gazumped’ is one of the most unpleasant things that can happen when trying to buy a property. You have agreed a price only for someone to outbid you. Unless you're lucky enough to live in Scotland where there are laws to protect the buyer, under the Estate Agency Act, estate agents are obliged to pass on all offers they receive, although a determined buyer will probably go straight to the vendor.

There's little you can do to repel a determined bidder, but there are ways to lessen the chance of it happening, or at least reduce the impact if it does:

    * Offer the full asking price and request that the property is removed from the market as soon as your offer is accepted.
    * Be flexible with the vendor and don't quibble over minor points.
    * Make it clear you're willing to complete on their timescale, not yours.
    * Be nice to the vendor - if you've established some kind of relationship with them, it should be harder for them to let you down.
    * Take out insurance - you must do this before you instruct your solicitor, but then if you're gazumped, you can be refunded the cost of your various fees.