Buying your first home is exciting. However, the conveyancing process can be daunting, and the system can be hard to navigate, particularly if you don’t know what to expect.
In this blog, our experienced Residential Conveyancers give first-time buyers some top tips to ensure a home purchase goes smoothly.
1. Do your homework.
There is a lot to think about when buying a property, but spending a bit of time doing your research can mean you really reap the rewards.
Some of the things that are particularly worth researching include:
- Homeownership schemes.
First-time buyers in England and Wales can benefit from the various government-backed schemes available to help them get onto the property ladder. Some of the most popular include:
First Homes Scheme. This allows first-time buyers in England to buy a new-build home for 30% to 50% less than its market value.
Shared Ownership. Under this scheme, first-time buyers can buy a share of between 10% and 75% of a property’s total market value and pay rent to the landlord on the remainder, with the option to increase the percentage owned whilst living there.
Mortgage Guarantee Scheme. This is currently available until June 2025 and enables people to buy a property valued at up to £600,000 with a 5% deposit.
Lifetime Individual Savings Account (LISA). LISAs are available to people over 18 and under the age of 40. They are designed to help people buy their first home or save for later life. One can put in up to £4,000 per year until age 50, and the government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
- Mortgage deals.
You should carefully research mortgage deals and repayment rates before committing to a particular mortgage. Factors to consider when deciding on a mortgage include:
- The size of your deposit.
- The sort of property you are buying.
- Your income.
- Your credit commitments and spending habits.
- Whether you want a repayment or interest-only mortgage.
- How long you want to ‘fix’ a rate.
- Preferred property type.
Once you have decided on the ideal location for your new home, it is worth viewing different types of properties to see which you prefer. Flats, new builds and older properties all have their advantages and disadvantages, and it is worth weighing up your options and considering the pros and cons of each.
You might be drawn to a new-build property, for example, as you will be its first occupants. However, new developments often require a management company to maintain roads and communal areas, and additional charges may apply.
2. Don’t over-stretch yourself.
Buying a home involves a significant financial outlay and you must budget accordingly. It is not just the purchase price and mortgage repayments you must allow for. A property purchase may involve many one-off payments plus various ongoing expenses. These 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.
3. Instruct an experienced conveyancing solicitor.
A specialist residential property solicitor handles the legal side of your purchase and oversees the conveyancing process.
Do not underestimate the difference a ‘good’ conveyancer can make to your overall experience. Conveyancers will undertake the necessary searches, communicate with you and liaise between the parties, ensuring that all documentation is correctly completed, and dealing with any hiccups along the way promptly and efficiently.
At Beverley Morris & Co., our dedicated conveyancing solicitors are very experienced in helping a wide range of people complete their dream move.
Whether you are buying a property for the first time, moving house or are an experienced property developer, we will provide a personalised service designed to fit your needs and support you every step of the way.
To speak to our Residential Conveyancing team, call 020 8852 4433 or email enquiries@beverleymorris.co.uk.
4. Don’t scrimp on a survey.
Buying a new home is an expensive business and it can be tempting to look for ways to cut costs. Cutting corners on a survey is not one of them. Whatever you think you may save in the short term could cost you dear in the long run.
A property survey is an expert’s inspection of a property’s condition and it will alert you to any potential problems or possible risks to the structural integrity of the building.
It is entirely the buyer’s responsibility to check the physical condition of a property. Buyers have no recourse against the seller if there is a problem after completion that could have been found by a survey.
5. Enjoy it!
Yes, it can be stressful, but don’t forget that buying your first home is a hugely exciting step. Enjoy the process and celebrate when you receive the keys to your first property!
Residential Property Solicitors Near Me
From our offices in Blackheath Village, Beverley Morris & Co. Solicitors have provided conveyancing services to individuals and businesses across London and the South East for many years.
Our dedicated residential property solicitors can advise on all the legal issues you may encounter during the conveyancing process. They will provide clear, practical, and pragmatic advice should any issues occur.
Beverley Morris & Co.’s conveyancing specialists are accredited under the Law Society’s Conveyancing Quality Scheme (CQS), so you can rest assured that you have direct access to expert help.
Our Residential Property team can help you with:
- Buying and Selling.
- Mortgages and Re-mortgages.
- Transfers of Equity.
- Lease Extensions.
- Collective Purchases of Freehold.
- New Build Sales and Purchases.
We have developed in-depth local market knowledge and enjoy strong relationships with estate agents and other industry professionals working in the surrounding area.
To speak to our Residential Conveyancing solicitors, please call us on 020 8852 4433 or make an online enquiry.