Buying your first property – a Guide for First Time Buyers
Do you feel overwhelmed by the prospect of purchasing your first ever home? At Hine Solicitors we understand that buying your first property is a major milestone in your life which can feel exciting, overwhelming and nerve-wracking at the same time. Our CQS accredited conveyancing team prides itself in making the conveyancing process as straight-forward and as stress-free as possible for you.
With our empathetic and efficient approach, we’ll ensure you feel fully informed, confident and well supported throughout the entirety of the transaction.
Below are some key points you may wish to consider when preparing to buy your first home:
Instruct a conveyancing solicitor:
Having a solicitor in place early can speed up the process. Our key goal is to work towards exchanging and completing as soon as possible once all legal matters are resolved.
Our role includes:
- Reviewing draft contracts and title documents
- Raising enquiries
- Ordering property searches such as Environmental Search, Local Search, Water and Drainage Search and reporting to you on the results
- Reporting to you on the title, the contract, the documents from the seller’s solicitor and your mortgage offer
- Exchanging contracts and completing the purchase
- Dealing with post completion requirements, including the Land Registry application and submission of Stamp Duty Land Tax
Mortgage Agreement In Principle:
If you require a mortgage to finance the purchase it is wise to speak with a mortgage broker (or directly with a lender) and have a mortgage agreed in principle to avoid any issues which may arise with mortgage approval later down the line.
Proof of funds and ID checks:
Prepare to provide identification documents such as your passport and driving license together with proof of your address. We need to carry out source of funds checks too so will require bank statements and any additional evidence such as inheritance or gifts.
Having the documents ready will allow your solicitor to carry out checks as smoothly and promptly as possible.
Consider a survey:
Although this is not a legal requirement, we strongly recommend commissioning a survey. This can uncover structural issues which may arise and a surveyor can advise on any relevant issues or concerns which may influence your decision to proceed.
Deposit and additional costs:
The deposit on exchange of contracts is typically 10% of the purchase price and therefore should be readily accessible. Be sure to also budget for paying for extra costs such as solicitor fees, any post-completion fees, Stamp Duty Land Tax, Land Registry costs etc.
If you are considering purchasing your first property then rest assured our team of conveyancing professionals will be delighted to support you on your journey.
