How to Get on the Property Ladder
09th August 2012

I have worked in the legal field for several years now but now I am buying my first home I have taken a more personal interest in the conveyancing process.

Being a First Time Buyer can be daunting and there is lots of contradictory information out there. Buying a house is a big step and probably the most money you will part with in your lifetime, but there are positives aspects of being a First Time Buyer and things that can help you on the path to buying your first home.

There are some advantages to being a first time buyer in this current economic climate:

  • interest rates are at their lowest for more than 30 years
  • first time buyers are more appealing to sellers because they are not in a chain – so you are not part of a long list of people all dependent on each sale in a chain going through on time
  • first time buyers are sought after by mortgage lenders

Calculate the Costs

As a first time buyer, you will have many one-off initial costs including:

  • a deposit
  • Stamp Duty Land Tax if your property costs over £125,000
  • surveyors’ fees
  • lenders fees and charges
  • Land Registry fees
  • removals/or moving in charges
  • Solicitors fees

You will need to make sure that you have considered these costs before you decide to buy.

How to find the right mortgage

Most mortgage lenders will require a deposit of at least five to ten per cent of the value of the property you wish to buy. As the price of property increases, the deposit can become expensive. You may want to consider asking family or friends for financial help. There are many types of mortgages available and some are targeted specifically at first time buyers. An independent mortgage broker can help find the best mortgage to suit your own circumstances.

Find the Right Solicitor

Before you move, your solicitor will ensure that everything is in order with the property you want to buy. This is a vital part of the process and can highlight issues that you otherwise wouldn’t have been aware of. Any complications are best discovered at this stage so you are fully informed of what you’re getting for your money before it changes hands.

If you are a First Time Buyer and would like a quote for Legal Services, contact PLS Solicitors today on 0161 941 7449.

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