The process of purchasing your first home can be daunting, and it can often be difficult to know where to start. There are a lot of decisions to make, whether it’s the type of property you’re buying, the length of your mortgage or even the type of mortgage you choose.
That’s why we’ve put together a step-by-step guide to explain the process of becoming a first-time buyer.
Starting the process
Before beginning your search for your first home, it is important to get an idea about what your budget is. That includes how much you can borrow, the deposit you will need and how much this will all cost each month.
Once you are ready to begin your search, you can obtain an ‘agreement in principle’, which will serve as proof to the sellers and estate agent that your offer is legitimate and credible.
Once your offer is accepted
When you have had an offer accepted, you can then apply for a mortgage, and you will be required to pay for survey fees and a local search. First-time buyers are exempt from stamp duty liabilities, which means that you don’t need to worry about this additional cost. You will have to provide proof of your salary, as well as proof of your deposit and bank statements.
Choosing your solicitor
After your offer has been accepted, you will have to choose your solicitor. This is a key part of the conveyancing process, with the solicitor acting for you to ensure that the process is as smooth as possible.
The estate agent will prepare a sales notice once your offer has been accepted, setting out the details of the purchase with the agreed price and any conditions. These conditions could be that the sale is subject to the findings of a survey, or the inclusion of certain goods such as a built-in fridge or curtains.
The sale is not legally binding until the contracts are exchanged. Your solicitor will work on your behalf to confirm the transaction by dealing with paperwork and the deeds to the property. Once the mortgage conditions have been satisfied, your solicitor will then request the money from your lender.
Once all of the paperwork has been completed, solicitors on both sides will create completion statements and undertake any final checks before the money is transferred to the seller.
The seller’s solicitors will confirm that they have received the funds, and then the estate agent will release the keys to you ready for you to move in!
For help and advice with your first property purchase, contact our expert conveyancing team today.