Quick Guide to Buying your First Home: Top Tips for First-Time Buyers

There is nothing more exciting than buying your first home. However, a lot needs to happen before you take that first step on the ladder, and you need to ensure you have all your ducks in a row before you get the keys in your hand.

In this blog, our experienced Conveyancing Solicitors give their top tips to ensure the purchase of your first home goes smoothly.

1. Explore the schemes available.

Various government-backed schemes are available to first-time buyers in the UK to help them get on the property ladder. It is worth researching the various options at the start of your search to see what the criteria is and whether you are eligible. Some of the most popular schemes include:

First Homes Scheme. This allows first-time buyers in England aged 18 or over a discount of 30%–50% on certain new-build homes.

Shared Ownership. This enables first-time buyers to buy a share of between 10% and 75% of a property’s total market value and pay rent to the landlord on the rest. You have the option to increase your share during your ownership by “staircasing” the percentage.

Mortgage Guarantee Scheme. This scheme has been extended until the end of 2023 and enables people to buy a property valued at up to £600,000 with a 5% deposit.

Lifetime Individual Savings Account. The government will pay a 25% bonus on savings in a lifetime ISA up to a maximum of £1,000 a year. You can put in up to £4,000 per annum and can only withdraw the money to buy your first home or wait until you are 60. Our Conveyancing Solicitors will deal with the request for the funds prior to completion.

2. Consider the different types of properties on offer.

There are advantages and disadvantages to buying a flat, new-build home, or an older property, and it is worth weighing up your options and considering the pros and cons of each.

Buying a new-build property, for example, might mean that you avoid the conveyancing chain and could qualify for a green mortgage. However, the conveyancing process on a new build needs to fit a much tighter timeframe and additional challenges are involved. Frequently, new developments can involve management companies to maintain roads and grassed area, which means a service charge is payable annually. If you are thinking of buying a new-build property, call 01630 652 405 to speak to one of our specialist new-build conveyancers who can tell you about the extra issues you may face.

3. Research the best mortgage rates and offers.

Much has been written lately about rising interest rates and you will need to research mortgage deals and repayment rates carefully before committing to a deal. Factors to consider when deciding on an appropriate mortgage include:

• The size of your deposit.
• The sort of property you are buying.
• Your income.
• Your credit commitments and spending habits.
• If you want a repayment or interest-only mortgage.
• How long you want to ‘fix’ a rate.

4. Instruct an experienced conveyancing solicitor.

A solicitor handles the legal side of your property purchase and plays a vital role in liaising between the parties involved. Communication is key and it is worth asking family and friends for personal recommendations when you are looking to instruct a solicitor. Having an experienced conveyancer you trust can save time, stress and money.
5. Don’t scrimp on a survey.

Instructing a professional chartered property surveyor to undertake a survey of your potential new home is a vital part of any purchase. A property survey is an expert inspection of a property’s condition and will alert you to any potential problems or possible risks to the structural integrity of a building. It is entirely the responsibility of the buyer to check the physical condition of a property and you have no recourse against the seller if there is a problem after completion that may have been revealed by a survey. It can also be used to negotiate the property’s purchase price if significant works are required to rectify faults.

6. Budget.

Buying a home involves a significant financial outlay and you must budget accordingly to ensure you can cover the necessary levels of expenditure. It is not just the house purchase price and mortgage payments that you have to allow for, buying a new home also involves other costs, including:

• Survey costs.
• Solicitor fees.
• Mortgage arrangement and valuation fees.
• Removal costs.
• Buildings insurance.
• Furnishing and decorating costs.
• Stamp Duty.
• Council tax and utility bills.
• Service charges and ground rent.

7. Ensure you are on top of the paperwork.

There is a lot of paperwork involved in a house purchase and it can greatly assist a transaction to proceed smoothly if any documentation is checked thoroughly and completed, submitted and returned in good time.

Some of the documents that are involved in buying a home include:

• ID and proof of address.
• Evidence of source of funds
• Title deeds.
• Copy of the lease.
• Management pack.
• Property information form.
• Fittings and contents form.
• Warranties
• Stamp Duty receipt.

Home buyers need to pay particular attention to the Report on Title that a solicitor will supply after they have reviewed the legal papers and conducted the various ‘searches’ that are required during the conveyancing process. Searches are the series of enquiries made by your solicitor to find out more information about the property you are looking to purchase and highlight any issues that are, or could be, a problem.

This document should be read carefully so that your solicitor can raise any queries with the sellers and they can provide any additional information you might need.

Conveyancing Solicitor Near Me

Buying a property is likely to be one of the most important legal transactions that you undertake. It is therefore crucial to ensure that the legal advice that you receive is accurate and relevant to your personal circumstances.

At Onions & Davies, we have extensive experience advising clients on the buying and selling of properties. We understand the stresses involved and we will work closely with you, the estate agent and your mortgage adviser to achieve a smooth and efficient move. We firmly believe good communications is the key to a successful transaction.

We will guide you through all the relevant stages of your property purchase and protect your interests by making sure that your new home is worth the money you are paying.

At Onions & Davies, we do this by keeping in constant communication with you and by using our considerable experience to ask the right questions.

We provide legal services in Market Drayton and surrounding areas, Whitchurch, Telford, Shrewsbury, Loggerheads, Nantwich, Eccleshall and Newcastle.

To speak to one of our conveyancing solicitors, please call us on 01630 652405 or use our online contact form.

For more information about how we can help you buy a property, please click here.