Please find below our top tips for first time buyers of a residential property:
- You will need to save up a 10% deposit and remember that there will be other costs such as Stamp Duty Land Tax, searches and solicitors costs.
- Compare mortgages. You may want to use a mortgage broker who will advise you on the best mortgage and help you set it up.
- Find a property and agree a price with the seller. Seller’s prefer first time buyers as you are not selling a property and so there is no additional chain.
- Choose a solicitors practice to represent you in your purchase. Ask family and friends for their recommendations or contact the Law Society for advice on solicitors in your local area. You should also check that the solicitors you choose are on the panel of solicitors authorised to act for your mortgage provider. You should inform your mortgage provider of your chosen solicitors as soon as possible. Be aware that some mortgage brokers and estate agents take referral fees to refer new clients to particular firms of solicitors.
- It is a good idea to instruct a buildings surveyor to report to you on the property you intend to purchase. Hidden structural problems can prove very costly! You can find information on surveyors in your area by going to the website of the Royal Institute of Chartered Surveyors (RICS).
- Most homebuyers will need to take out buildings insurance themselves. Start looking into building insurance early on and make sure you put your policy into force by the time contracts are exchanged.
- Choose a removal company. Again look for recomendations by family and friends but be aware that the company you choose might not be available for your completion day so keep a few mind.