First time buyer of property and utilities

RBRaven

Hello,

This is my first post, so I am
grateful of any help that is given.

There has, of course, been a lot of discussion about utility bills recently amid the cost of living crisis.

However I am a first time buyer of a property, and because I am moving out of a parents house, this will be my first time buying utilities.

The property will be a two bed/two bathroom flat. I will be living on my own and work relatively long hours (7am to 6pm roughly).

Can someone tell me what I should do? I have seen some posts on the internet saying I should be asking to be stuck on the most basic tarrifs, and therefore I will be protected by the price cap. However I also don’t want to pay more than what I need.

Any information will be greatly accepted.

Many thanks

MWT

The property you move into will already have an energy supplier.

The details should be in the information your solicitor will obtain from the seller.

You will need to contact them, open an account and tell them to leave you on their standard variable tariff (you may need to do this by phone, not online).

Take ,meter readings on the day you take legal possession of the property (completion) even if you do not move in straight away, and don't forget the water meter as well as electricity and gas (if you have it).

QrizB

Welcome to the forum.

RBRaven said:

However I am a first time buyer of a property, and because I am moving out of a parents house, this will be my first time buying utilities. The property will be a two bed/two bathroom flat. I will be living on my own and work relatively long hours (7am to 6pm roughly).
Can someone tell me what I should do? I have seen some posts on the internet saying I should be asking to be stuck on the most basic tarrifs, and therefore I will be protected by the price cap. However I also don’t want to pay more than what I need.

We could do with a linkable guide to this, because this question come up a couple of times a week.

• Your property will already have an energy supply, and an energy supplier.
• If you are buying your property, you should get the details of the current supplier from the vendor via your conveyancer. If you are renting, your landlord or agent will be able to tell you.
• The day you take possession of the property, you become liable for the energy bills. On that day you should read the meters (and ideally agree them with the previous owner / landlord).
• You don't need to do it immediately (you might have higher priorities on moving-in day) but within a eek or twoyou should contact your supplier, tell them you're the new owner/tenant, give them your details and the meter readings you took.
• The supplier might try to get you to agree to a fixed-rate deal. Don't do this; ask to remain on the standard variable rate.
• Once your account is set up, then you can take your time to decide whether to choose a fixed rate, switch to another supplier or just remain on the variable tariff.
  

If your property has prepayment meters, rather than credit meters, it's slightly different. I've never had those so I'm not the best person to explain them.

RBRaven

QrizB said:

• The supplier might try to get you to agree to a fixed-rate deal. Don't do this; ask to remain on the standard variable rate.
• Once your account is set up, then you can take your time to decide whether to choose a fixed rate, switch to another supplier or just remain on the variable tariff.

Many thanks for the reply.

Is there any chance of explaining why I would want to remain on the standard rate? Or why I would want to change it. And how I could work out what tarriff would be best for me if I do want to change it?

QrizB

RBRaven said:

Is there any chance of explaining why I would want to remain on the standard rate? Or why I would want to change it. And how I could work out what tarriff would be best for me if I do want to change it?

Historically, it's been possible to find a cheaper energy deal by switching suppliers. Today, however, switching won't be any cheaper as all the suppliers have very similar standard variable tariffs. All available fixed-rate tariffs are currently more expensive than the variable rates, but one or two might work out cheaper in the long run.

There is an article from the main MSE site about this:
https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

EssexHebridean

The relevant form to find your utility providers is the TA6 - Property Information Form. This should also provide useful stuff like the location of your stop-c0ck, if I recall correctly. 

Alnat1

It's worth taking a photo of your meters showing the readings, just in case there's a problem with the previous owner not taking a final reading or giving incorrect figures.

Robin9

Generally on moving into a new property  -  in addition to gas and electricity -  don't forget water, phone, insurances, lots of people / organisations to notify, electoral roll, DVLA

RBRaven

EssexHebridean said:

The relevant form to find your utility providers is the TA6 - Property Information Form. This should also provide useful stuff like the location of your stop-c0ck, if I recall correctly. 

Many thanks.

I recieved this via my solicitors
on Friday. Hidden amongs all the other information that nearly put me to sleep….

EssexHebridean

haha - yes, it's not the most stimulating of documents. Definitely one to be read thoroughly and digested though! 

RBRaven

Robin9 said:

Generally on moving into a new property  -  in addition to gas and electricity -  don't forget water, phone, insurances, lots of people / organisations to notify, electoral roll, DVLA

I’m already getting anxiety from all of the on hold music I am dreading having to listen too…