Buying a new home is a big undertaking. However, for first-time buyers with no previous experience of what is involved in a property purchase, the conveyancing process can be particularly daunting.
But fear not! Our team of experienced Residential Conveyancers has extensive experience helping first-time buyers take their initial steps on the property ladder and will guide you through what is required at every stage of the transaction.
In this blog, we give our top five tips that every first-time buyer needs to know.
1. Do your homework.
There is lots to consider when buying a first home. However, putting in the legwork and undertaking the necessary research before you commit to a purchase ensures your experience as a homeowner is built on solid foundations.
Some key factors first-time buyers need to consider include:
- Type of property. New builds, flats and more established older properties have their own advantages and disadvantages. It is worth carefully weighing up the pros and cons of each before deciding which is right for you.
- Freehold v leasehold. In the UK, most houses are freehold, while the majority of flats are leasehold. Whether a property is leasehold or freehold has significant repercussions and you must check the deeds and relevant documentation carefully. Even if it is freehold, there may be costs associated with maintenance of roads and grassed areas, so make sure you are aware of these.
- Mortgage rates and offers. You should carefully research mortgage deals and repayment rates before committing to a particular mortgage. Consider the size of your deposit, repayment rates, your income, and credit commitments and spending habits.
- Form of property ownership. If you are buying a property with another person, you can buy either as joint tenants, or as tenants in common. Joint tenancies are generally preferred by married couples and those in other committed relationships, while a tenancy in common is most usually used for a joint purchase with friends or family members.
Read more about the differences between joint tenants and tenants in common here.
2. Research the schemes available.
Buying your first home is an expensive business, but fortunately several schemes exist to help a buyer get a leg up onto the property ownership ladder.
Some of the most popular government schemes for first-time buyers include Lifetime Individual Savings Accounts (LISAs), the Shared Ownership scheme, and the Mortgage Guarantee scheme.
Find out more about property ownership schemes by reading our previous blog here.
3. Instruct an experienced residential conveyancer.
A solicitor plays a vital role in a property purchase, handling the legal side of the transaction and serving as a key point of contact throughout.
It is worth asking friends or family members for a recommendation when looking for a solicitor for conveyancing. A personal endorsement will likely yield a better result than a Google search. Check a solicitor’s previous experience and read their reviews.
Instructing an experienced residential conveyancer you trust will save you time, money, and stress as the transaction unfolds.
4. Familiarise yourself with the process involved.
Knowing what to expect from a property purchase and understanding what needs to happen when helps the process runs smoothly.
Once you have found your dream home and had an offer accepted, the key stages involved in buying a property are:
- Instruct a solicitor.
- Arrange for a survey.
- Pre-contract matters.
- Searches and enquiries.
- Exchange of contracts.
- Completion.
- Post-completion.
5. Do your sums.
It is not just the purchase price and any mortgage payments that you need to consider when buying a property. A lot of additional costs are associated with the purchase of a new home, and it is crucial to budget accordingly.
Some extra costs first-time buyers may need to factor in include:
- Survey costs.
- Solicitors’ fees.
- Mortgage arrangement and valuation fees.
- Removal costs.
- Buildings and contents insurance.
- Furnishing and decorating costs.
- Stamp Duty.
- Council tax, water rates and utility bills.
- Service charges and ground rent.
Conveyancing Solicitors Market Drayton
Conveyancing is time-consuming and complex and can be risky without proper assistance, particularly for those taking their first steps on the property ladder.
Specialist legal advice is vital. Instructing an experienced conveyancer to oversee your property purchase helps it run smoothly and ensures any unexpected hiccups are dealt with professionally.
At Onions & Davies, our skilful and experienced conveyancing solicitors will guide you through the entire property purchase, working with you from our instruction all the way to completion.
We are focused on delivering high levels of customer care, and our specialist conveyancers will ensure that your matter is dealt with efficiently and with the utmost professionalism and expertise.
Onions & Davies is accredited under the Conveyancing Quality Scheme (CQS), which is a recognised quality standard for residential conveyancing. Being an accredited member of the CQS means we meet the high standards the Law Society sets to ensure we give clients a professional and quality conveyancing service.
To speak with our residential property team today, call us on 01630 652405 or email us at david@onionsanddavies.co.uk.