Are you a first time buyer, looking to buy your first home but don’t know where to start?
Here are a few helpful tips:
1. Make sure you have been in touch with an independent mortgage broker so you know how much money you can borrow, and so you have an idea of the purchase price you can afford. Then when you find a property to purchase, the mortgage broker will be able to help you find the mortgage that is right for you.
2. If you have a Help to Buy ISA or Lifetime ISA keep making your monthly payments until your solicitor tells you to close the account. Do not withdraw the money without closing the account as this will mean you lose the 25% bonus from the government. The solicitor makes the request for the 25% bonus and they receive this direct.
3. Contact one of our experienced property solicitors for a quote for the legal fees involved in your purchase so you have an idea of the legal costs, searches and fees involved in the conveyancing. When you make a successful offer on a property, one of the first questions your estate agent will ask is for the details of your solicitor.
4. When buying a property you should always have a survey carried out. If you need a mortgage, the bank will only carry out a basic valuation, which can be upgraded to a full homebuyer’s survey, or alternatively you may wish to contact a local surveyor to carry out an independent survey.
5. When an offer is successful, the estate agents sends out the details of the sale agreement to the seller’s solicitors and to the buyer’s solicitor. This is when you will make contact with your solicitor to start the conveyancing for your purchase.
6. Don’t panic. Your solicitor will guide you through the process from start to finish. We at Oglethorpe Sturton and Gillibrand especially enjoy helping first time buyers achieve their goal of buying their first home and helping every step of the way.
For a no obligation conveyancing quote, our experienced property solicitors, at either our office in Lancaster or Kirkby Lonsdale, are available to speak to you today.