Purchasing a property as a first-time buyer

Verisona conveyancing is part of bpl solicitors. We have a number of offices located in the North of England and we can support you with your first-time property purchase.

As a first time buyer, someone who has never brought or owned a home, you are entitled to several benefits to get you onto the property ladder. Purchasing a home for the first time can be a daunting experiences for many but here at Verisona Conveyancing our expert team are on hand to get you through the transaction with advice and guidance all the way through.

Understanding your position

It is important to make sure you are a first-time buyer as you get more financial benefit. If you have previously owned a home, including inherited or brought a property abroad, you won’t be classed as a first-time buyer. This means you will have to pay stamp duty and won’t be able to use some of the government backed schemes.

Working above your expectations.

The Verisona conveyancing team are experience within property transactions and will make you feel confident that you have chosen the right solicitor. They will give you support throughout the sale process and advice that you will know doubly reply on as a first time buyer.

Using a government backed scheme.

When instructing your solicitor make sure you let your solicitor and your agent know you are using a Government scheme (if this applies) as they will have to carry out some extra work. For example, they will have to advise you when to close your ‘Help to Buy: ISA’ so your full deposit is available to access when needed. This means the lender will be to provide you with your mortgage within a set timescale.

Understanding the sale process.

It is a good idea to get some indication on how the sale process works. Our team at Verisona Conveyancing will always be on hand to answer any queries you might have.

    • Surveys: Mortgage valuations tend to be free or at a very low cost but you may want to consider having a home buyers report or a building survey on the property as these go into more detail but will most likely be an expense to the buyer and not the homeowner.
    • Mortgage application fees: Depending on your broker you may have to pay your lender a set fee to get the mortgage set up and the application fee may be added to your loan but if not you will have to pay this upfront.
    • Property insurance: You will be required to take out building and content insurance as part of your agreement with your mortgage provider (If this applies).
    • Removal costs: Another expense to consider, even if you are planning to do this yourself.
    • Estate agent fees: Most estate agents across the UK won’t charge buyers to purchase a property but it is best to check.
    • Council Tax: You will have to pay your local council tax. These payments

Financial help to get on the property ladder

It is becoming harder and harder for first-time buyers to get onto the property ladder as property prices increase and higher deposits are required. This means it is becoming more common for individuals to be helped out. In some cases, one party is putting in a lot more money compared to the other and might require some safeguarding of the funds. A legal document called ‘Declaration of Trust’ may be required which states how the monies will be divided up if the property is sold. Verisona Conveyancing will be able to draw this up for you at an additional cost.