Tips for First Time Buyers

If you are looking to purchase a property, you may find the below tips for first time buyers a useful starting point.

For most people, buying a house is the biggest financial transaction they will make in their lifetime. This is an exciting time, as they prepare to get on the housing ladder and finally live in a place of their own. However, the process can also be daunting for first time buyers. It is essential that first time buyers are well-advised as they enter and navigate the house-buying process, to ensure everything runs smoothly so they can move into their dream home without worry.

In many cases, sellers welcome first time buyers, as there is no additional chain.

You can read more about the conveyancing process here.

Furthermore, if you are looking at a new build property, you may also wish to read our article about purchasing new builds here.

Our friendly conveyancing team are experienced in working with first time buyers and would be pleased to assist you. Please contact us on 01707 329333 or email law@crane-staples.co.uk to discuss your conveyancing matter. Alternatively, you can generate an instant, no-obligation fee estimate here.

National Conveyancing Week 2024

This week (11th-15th March 2024) is National Conveyancing Week.

The aim of the week is to:

Inform; Educate; Assist; Motivate; Reassure; Help recruit new entrants; Improve the profile of conveyancers and conveyancing and ensure fees can be set at and kept at an acceptable level.

Consequently, in our efforts to improve the profile of conveyancers and raise awareness about the conveyancing process, we asked our staff to suggest some tips for First Time Buyers (FTBs).

Tips for First Time Buyers

If you are a first time buyer, you should consider the following advice:

Do your research 🏠 

As mentioned above, buying a house is one of the biggest transactions you can make in your lifetime.

You should take the time and do your research on the property before you go ahead. Always ensure you have the full and accurate information on the property before you progress.

In addition, you should consider the advice and recommendations from your Solicitor and always seek advice from appropriate experts.

Survey 📏

For example, it is a good idea to instruct a Survey report on the property you intend to purchase so that you have details of the state and condition of the Property. This is because 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).

Buildings Insurance 🔒

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.

Removal Companies 🚚

When choosing a removal company to help you transport items to your new home, you should ask friends and family and the agents for recommendations. Remember that your preferred company may not be available on your completion date, so you should keep a few in mind.

Assess your budget 📊

Determine what you can afford for a deposit and monthly payments. If you have a financial advisor, they will do check all of this for you. You will need to have saved a deposit of up to 10% of the purchase price depending on your circumstances.

There may also be Government schemes such as Lifetime ISAs that you can apply for.

If you are obtaining any funds from your parents or relatives, ensure that your mortgage company and Solicitors are aware.

Compare mortgages 💸 

You may want to use a mortgage broker, who will advise you on the best mortgage and help you set it up. Your Solicitor and/or agent can put you in touch with a reputable local mortgage broker if you do not already have one.

You should also be aware that if you are obtaining a mortgage, your solicitors will be acting for your lender, as well as you.

With this in mind, you should check that the solicitors you choose are on the panel of solicitors authorised to act for your mortgage provider. Thereafter, you should inform your mortgage provider of your chosen solicitors as soon as possible.

Choose the best conveyancing firm for you 🔍 

This is important and you need to ensure you instruct a reputable conveyancing firm who can deal with the legalities and guide you through the process. You should not base your decision purely on fees, but on the best overall service.

You should be aware that some mortgage brokers and estate agents take referral fees to refer new clients to particular firms of solicitors. However you do not have to use the firm recommended by your agent or broker if it does not seem like a good fit for you. Here at Crane & Staples, we do not give referral fees, our service is purely based on recommendations and our service.

It is important to listen to recommendations from family, friends and professional contacts when choosing your firm of solicitors. You can read more about factors to consider when choosing a conveyancing solicitor here.

Look into Stamp Duty relief and exemptions 💰

First time buyers may benefit from purchasing a property for less than £425,000, as there will be 0% stamp duty to pay. You can use the government's Stamp Duty calculator to find out how much Stamp Duty you will need to pay on a particular property. Your Solicitor will also advise you on this.

Ask your solicitor! ❓ 

Please do not hesitate to ask your solicitor if you have any queries as a first time buyer. There are no silly questions. We are here to help you and we are used to dealing with first time buyers.

Contact Us

Our friendly conveyancing team are experienced in working with first time buyers and would be pleased to assist you. Please contact us on 01707 329333 or email law@crane-staples.co.uk to instruct us in your conveyancing matter. Alternatively, you can generate an instant, no-obligation fee estimate here. We would be happy to help! 🤝