Buying Your First Home

Buying a home for the first time can be an exciting and nerve-wracking experience. I recently bought my first property and can totally appreciate the feeling. As a first-time buyer it is likely that you are not familiar with the conveyancing process, but there is no need to worry as this is exactly what we are here to help with. The purpose of this article is to offer guidance on the essential steps of the process to make your first purchase as smooth and stress free as possible.

As a starting point it is a good idea to review your finances as this will set the groundwork for working out your budget. You should calculate your savings, income and outgoings as this will give an understanding of your mortgage affordability. The next step is to explore different mortgage options available to first-time buyers. We recommend that you instruct mortgage professionals who will be able to advise the best fit for your financial situation.

You should also consider associated costs with buying a property such as legal fees, Stamp Duty Land Tax (SDLT) and furnishing the property. First time buyer relief is available on SDLT meaning there is no tax payable on purchases below £425,000 and further relief is available on properties up to £625,000.

Before you start your property search you should establish your desired location and whether a freehold or leasehold property would be preferable. This will help with narrowing down your search in finding a property which suits your needs and aspirations.

Once you have found a property and had an offer accepted you should instruct a solicitor to act on your behalf, which is where we come in to play. Your solicitor will act as your guide, navigating a course through the legal landscape and ensuring all necessary steps are taken to protect your interests. At the outset of the transaction, we will request a draft contract and ancillary papers from the seller’s solicitors and on their arrival, we will put in hand our investigation of title including local, environmental and drainage searches. Once the investigation is complete, we will raise any additional enquiries we may have with the seller’s solicitor and report to you in detail on all legal aspects of your purchase including your mortgage offer.

Once we receive satisfactory replies to enquiries, we will be nearing exchange of contracts. This is when a completion date should be agreed between yourself and your seller as the completion date will become fixed on exchange of contracts. Exchange of contracts is the moment your purchase becomes legally binding; it is not at completion as you might think. Following exchange, we will request any balance due from you and arrange to request the mortgage advance from your lender.

On the day of completion, we will transfer funds to your seller’s solicitor. The seller’s solicitor will confirm with the estate agent once keys can be released and your journey as homeowner can begin!

Embarking on the journey to buy your first home is a significant and exciting step but can also be daunting. Having an experienced solicitor on your side who communicates well with you is a valuable asset in ensuring a smooth and secure transaction. As you take this momentous step towards homeownership, remember that your solicitor is there to guide you through the legal intricacies and potential obstacles, allowing you to focus on the joy of acquiring your first home.

For specialist advice on buying your first home or for advice on buying or selling any property, please do not hesitate to contact our expert residential conveyancing team at Pearson Hards on 020 8948 9500 or email eholland@pearsonhards.co.uk or ncane@pearsonhards.co.uk