Top 10 Tips For First Time Buyers
Buying your first property can be daunting, so our Conveyancing team have put together some top tips to guide you through the process of buying your first home.
Save, Save, Save and Save Some More
Most lenders require you to have a deposit of between 5% and 10% so make sure you save as much as possible.
Know your Limits
Find out how much you can realistically borrow based on your salary and savings. Most lenders will give you a decision in principle which will enable you to see what kind of property you can afford.
The Government are keen to help first time buyers so look on their website http://www.helptobuy.gov.uk for more information.
Shop around for a Mortgage
Look around for the right mortgage lender and the right deal for you. Some mortgages come with fees so make sure you factor these and other costs such as the Stamp Duty into your budget before you decide.
Research the Market
You’ll probably view a lot of properties before you find the ‘one’. It’s important to priorities your list of requirements and get as much information from the estate agent and current owners as you can.
Hire a Solicitor
Instructing an approachable and proactive Conveyancer can help your transaction run as smoothly as possible. Our experienced Conveyancing team will be happy to provide a quotation and guide you through the process.
Get a Survey
Depending on the age and type of property you are buying it is recommended to get the most extensive survey you can afford.
Protect your Investment
Exchange of contracts is a big step as you will be making a legal commitment to purchase the property and will pay a deposit (usually 10%). We will make sure that any issues are resolved before reaching this point and you will need to ensure you have the necessary Buildings Insurance in place.
Home Sweet Home
The final step in the process is Completion, this usually happens a few weeks after you have Exchanged. This is where you will finally receive the keys to your first home.
Make a Will
Now you are a property owner you need to think about making a Will. This is vital if you want to ensure your assets are passed onto your loved ones when you die.