The event, held in London on Friday, 6th September, brought together industry leaders, experts, and professionals from across the property sector. Several PLS team members attended the awards ceremony and had a fantastic time celebrating this incredible achievement.

A Special Thank You to Our Supporters

This award is especially meaningful to us because it’s voted for by the public—our clients, partners, and supporters. We are deeply grateful to everyone who took the time to vote for us.

Aash Dhand, one of the owners of PLS, shared their excitement, saying:

“Winning this award for the second year in a row is an absolute honour. It reflects our commitment to innovation and our passion for helping buyers navigate the complexities of purchasing a home. We couldn’t have achieved this without the trust of our clients and the dedication of our amazing team.”

Our Innovative Approach to Conveyancing

PLS was credited for our sector-leading and innovative approach to conveyancing. We understand the challenges that first-time buyers face and are committed to making the homebuying process as smooth and stress-free as possible. Our expert team provides tailored guidance and support every step of the way, helping clients achieve their dream of homeownership with confidence.

Looking Ahead

As we celebrate this exciting win, we remain focused on continuing to deliver top-quality service to not just first-time buyers but anyone requiring first class conveyancing services. Thank you again to everyone who voted for us. We look forward to many more years of success and service excellence!

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The First Time Buyer Readers’ Awards celebrate the efforts and achievements of companies that help aspirational buyers enter the housing market. They also highlight the dedication and innovation within the industry so we are delighted that we have been shortlisted in the following two categories:-

Best Supplier to the First Time Buyer Market: This award acknowledges a service, company, or agency that provides outstanding support and promotes homeownership to first-time buyers.

Best Law Firm for Conveyancing: This celebrates law firms that offer exceptional conveyancing packages and support tailored for buyers.

About the First Time Buyer Readers’ Awards

The First Time Buyer Readers’ Awards have been celebrating excellence in the housing industry for 14 years. These awards recognise and reward the best in the business, ensuring that the outstanding contributions of companies supporting first-time buyers are acknowledged. And after winning Best Law Firm for Conveyancing in last year’s Awards, we are hoping to go one better and pick up two awards this year.

Your support means the world to us! Please take a moment to vote for us and help us win these amazing awards. Vote here!

For more information on how we can help you achieve your homeownership dreams, contact us today.

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Being a first time buyer and purchasing your first property is an exciting milestone, but it can also feel overwhelming. With the right guidance and knowledge, however, you can approach this journey with confidence and minimal hassle. Here’s a step-by-step guide to help you navigate the process smoothly:

1. Assess Your Financial Situation: Before you start house hunting, it’s crucial to understand your financial standing. Work with a mortgage advisor to assess your affordability and budget. This will give you a clear understanding of what you can comfortably afford, helping you avoid overstretching yourself financially.
2. Finding Your Dream Home: Once you have a budget in mind, it’s time to start searching for your ideal property. Utilise online property websites and local estate agents to explore available options. Consider your preferences in terms of location, size, and amenities to narrow down your choices.
3. Making an Offer: When you find a property that meets your criteria, it’s time to make an offer. Remember, your offer doesn’t have to match the asking price. Work with your estate agent to negotiate a price that you’re comfortable with.
4. Seek Legal and Financial Advice: Engage the services of a reputable conveyancing firm like PLS to handle the legal aspects of your purchase. They will review contracts, conduct property searches, and ensure a smooth transaction. Additionally, continue working closely with your mortgage advisor to finalise your mortgage application.
5. Purchase Process: If you’re buying a property, your conveyancer will review the contract pack, raise enquiries, and apply for necessary searches. They will provide you with a comprehensive report on the property and legal documents before proceeding to exchange of contracts. Meanwhile, your lender will process your mortgage application and conduct a valuation of the property.
6. Sale Process: If you’re selling a property, your conveyancer will assist you in completing property information forms and preparing a draft contract pack. These documents will be sent to the buyer’s solicitors, who may raise enquiries. Your conveyancer will manage this process efficiently, aiming for a smooth exchange and completion.
7. Exchange of Contracts: Once all enquiries are resolved, and your mortgage offer is issued, your conveyancer will request your deposit. Exchange of contracts marks a significant milestone in the process, and your conveyancer will guide you through this step. Completion typically follows shortly after exchange.

As a first-time buyer, there are several important considerations to keep in mind:

By following these steps and staying informed about the costs involved, you can approach buying your first property with confidence and clarity.

Purchasing your first home is one of the most significant financial investments you’ll ever make. With PLS by your side, you can rest assured knowing that your transaction is in capable hands. From conducting thorough property searches to ensuring all legal documents are in order, we’re dedicated to protecting your interests and providing peace of mind throughout the process.

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As Best Law Firm for Conveyancing, awarded by the First Time Buyer Reader Awards, PLS Solicitors will offer expert advice on shared ownership, ensuring attendees to the show are well-equipped with essential knowledge to make informed decisions.

The London Home Show, taking place on 23^rd September at the QEII Centre in Westminster, marks its 10th year as the leading event for prospective homebuyers in the capital and the Home Counties. Following the success of the spring event earlier in April 2023, which saw over 4,800 potential purchasers in attendance, this autumn edition promises to be even more valuable for those embarking on their homeownership journey.

At the London Home Show, first-time buyers will find a wealth of resources and support to navigate the complex world of property acquisition. Whether you’re just starting out and feeling overwhelmed or ready to embark on the house-hunting adventure, this event has something for everyone.

Along with our expert team, you can expect to see national exhibitors, including housebuilders, financial providers, and everyone in between. It’s the go-to event for homebuyers in the region.

Discover new homes, shared ownership, affordability options and pose your questions in Q&As with the experts.

The London Home Show is a free event, running from 10 am to 5 pm. However, please note that it is a ticket-only event, so be sure to register in advance to secure your spot. Click here (LINK) to register.

Event Details:

Date: September 23, 2023

Time: 10:00 am – 5:00 pm

Location: QEII Centre, Broad Sanctuary, Westminster, SW1P 3EE

We look forward to seeing you there!

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Over the past few years, the PLS team has reached some commendable milestones. Almost 50% of our work has been with first-time buyers, and we continue to hold the number one conveyancer spot for new build transactions by volume.

At the core of our service lies an unyielding commitment to give our customers confidence and put them at ease with the homebuying process. Our dedicated team of conveyancers is wholeheartedly devoted to ensuring that the excitement and anticipation of purchasing a first home isn’t overshadowed by feeling overwhelmed or daunted at the prospect of what can sometimes be seen as a legal minefield  ahead.

Recognising the expectations of a digital-savvy generation, we’ve also made the home-buying journey as simple and convenient as possible. Our 24/7 app and portal eliminate the hassle of printing paperwork and posting documents. From signing important papers to providing identification and proof of address, our customers can complete these tasks safely and instantly, saving them valuable time and effort.

Commenting on the win, Rob Thomas, our co-founder, shared: “This award is wonderful recognition for our fantastic conveyancing and support teams. They are a great group of people, supported by market-leading technology, who deliver excellence day in, day out for our clients and referrers. We are so proud of their hard work and this fantastic recognition!”

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At the Growth Plan statement on Friday 23 September 2022 the Chancellor announced changes to the SDLT in England and Northern Ireland. 

The SDLT-free threshold is being raised from £125,000 to £250,000 – and for first-time buyers (FTBs) it will rise from £300,000 to £425,000. The value of properties upon which FTBs can claim relief will also increase from £500,000 to £625,000.

These changes are live from 23^rd September. 

This is a huge step to helping first-time buyers get on the property ladder, especially during the extreme fuel and gas price inflation. In fact, Kwarteng confirmed these steps will take 200,000 more people out of paying stamp duty altogether.

Example

In October 2022 you buy a house for £295,000. The SDLT you owe will be calculated as follows:

• 0% on the first £250,000 = £0
• 5% on the final £45,000 = £2,250
• total SDLT = £2,250

First-time buyers

FTBs will get a relief and will pay less or no tax if both the following apply:

• They and anyone they are buying with, are first-time buyers
• The purchase price is £625,000 or less

FTBs are eligible if all purchasers are first-time buyers.

Example

You are a first-time buyer and purchase a property for £500,000. The SDLT you owe will be calculated as:

• 0% on the first £425,000 = £0
• 5% on the remaining £75,000 = £3,750
• total SDLT = £3,750

The rules have not changed for higher rate taxpayers and clients will need to pay 3% on top of SDLT rates if buying a new residential property if it means they will own more than one.

This is obviously good news for first-time buyers and will have very beneficial changes for many property buyers as the rate thresholds have increased across the board.

Since COVID we have now seen three very significant changes to SDLT. In both previous “Stamp Duty Holidays” we saw a real surge in the housing market in terms of record numbers of sales and purchases. Many conveyancing firms like PLS saw huge increased volumes in sales and purchases during and leading up to the cut offs of those two SDLT holidays. Whether such numbers in sales and purchases would have happened anyway, albeit over longer periods instead of all happening at once in concentrated peaks, is difficult to tell. But we do know that, in the last two years, the housing market industry has remained as strong as it has ever been, in terms of volumes and of house prices. We can be sure that was down at least in part to the tax reductions. Other factors may well have come from the effects of COVID, including people wanting more space, or just a change, or having more spare cash saved from a reduction in leisure activities or travel. Today’s news is clear evidence that the Government regards the previous SDLT cuts as an effective means of keeping the housing market stimulated.   

When an immediate change like this is made, whilst it is great news for buyers, there is always a bit of a strain on our conveyancers. At PLS we will be spending a lot of today re-calculating our SDLT sums and refunding some lucky clients. We will then spend most of the weekend re-calculating our quotes and client completion statements and getting as much information out to our clients to let them know of the changes. It will be a long weekend for us – but we know it will all be very positive for many of our clients. 

How can PLS help?

Our experts can give you advice and support on what these changes mean to you and your home buying plans, contact us to have your questions answered.

You can also use our Stamp Duty calculator to find out how much you have to pay but remember as a first-time buyer, you will not pay any SDLT on your first £425,000!

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For those not yet on the property ladder in England, the climb to the first rung has become substantially steeper in recent months.

Spiralling inflation, hikes in energy bills and higher prices at the pumps and supermarket tills have made saving for a home of your own a huge ask. 

Thankfully, at a time when discounts and good deals are difficult to come by, there are two avenues of Government assistance that first-time buyers can explore in a bid to ease their escape from rental accommodation or living with family.

Prospective purchasers in need of a leg up can choose between the First Homes scheme, which was launched last year, and the long established – but soon to disappear – Help to Buy equity loan.

Both initiatives deliver on their aims of making property ownership more accessible, but which is the best option will depend on your personal circumstances.

In terms of providing financial help in the here and now, the First Home scheme is certainly a cracker. Those eligible will benefit from having 30 to 50% of the market value taken off the price of their chosen property and, in turn, will not need to borrow or put down as much money. 

However, the fiscal advantages come with several constraining factors – chiefly the scheme limits your options on where you can buy (the property must be in your local area and not worth more than £250,000 – or £420,000 in London – after the discount has been applied) and who you can later sell to. The “saving” you enjoy at the time of purchase is passed on should you opt to move on, meaning the keys can only go to first-time buyers.

With Help to Buy there are no geographic restrictions – you can buy a new build from a registered developer in any area of the country – and, when it comes to selling, your property will be available to the whole market. 

However, this freedom is balanced by the financial realities of securing a loan rather than a discount. The money borrowed to boost your deposit (up to 20% of a property price, rising to 40% in London) needs to be paid back, albeit you do not have to pay interest for the first five years.

The choice is yours… but it is not one that will be around for much longer with Help to Buy closing to new applications on 31 October 2022.

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As the Help to Buy scheme draws to a close, many first-time buyers are concerned about how they will get on the property ladder without any additional help. The good news is that, while Help to Buy winds down, a new government initiative is ramping up.

It’s called First Homes, and it’s designed to help first-time buyers reach their property dreams – with priority given to key workers and armed service personnel.

If you’re eligible for this initiative, you’ll be able to purchase a new property with a 30 – 50% discount on the market price. Putting this into practice, if a new build’s market value is £350k, you could purchase it with a 30% discount at £245k!

Below, we’ll answer some frequently asked questions about the First Homes scheme, so you can decide if it’s right for you. 

What is the First Home scheme? 

The First Homes scheme is a blossoming government initiative that provides discounted new-build homes to first-time buyers in England. It aims to help people purchase properties in their local communities instead of being priced out of the market. 

As a result, these homes are sold at a discounted rate of at least 30% compared to the market price. Local councils can choose to set deeper discounts in their area (of up to 50%) if property prices in the area are very high.  

To ensure the First Homes scheme is accessible to those who need it most, the government has put a price cap on these houses. After the discount, properties must cost less than £420,000 in London and £250,000 anywhere else in England.

Who is behind the First Homes initiative, and who pays for the discount?

The government is collaborating with property development companies across the country to make First Homes a reality. 

The scheme isn’t new, exactly. It was initially launched in June 2021 and piloted in the West Midlands, Staffordshire and Durham. These pilots proved a success, and looking to 2023, the scheme is set to accelerate across the country.  

The initiative in your community will be run by your local authority, which is responsible for working with property developers, setting the discount price and reviewing applications. 

The discounts are primarily funded by the property developers involved. They have to build a certain number of affordable homes to meet their planning agreement metrics. First Homes will help property developers to meet these targets. 

It’s important to note that the deductions applied aren’t one-offs either. The government wants this scheme to help generations of first-time buyers. As a result, when the property is re-sold, it will keep the percentage discount compared to the market value. 

Are First Homes different from regular new builds? 

Not at all! These houses are designed specifically to be comfortable first homes for new homeowners and are to the same specification as other new builds, even though they are sold at a discount. 

How much deposit do I need as a first-time buyer?

You will need a minimum of a 5% deposit to participate in the scheme. So, if a First Home is sold for £240,000, you’ll need a minimum deposit of £12,000.

Many leading lenders have agreed to 95% loan-to-value mortgages for the scheme, including:

1. Chorley Building Society

2. Darlington Building Society

3. Halifax

4. Leeds Building Society

5. Mansfield Building Society

6. Nationwide Building Society

7. Newcastle Building Society

What about the Help to Buy scheme in 2023?

The Help to Buy scheme officially concludes in March 2023, and applicants must submit their applications by the end of October. 

All is not lost, however! The First Homes scheme is a promising way for first-time buyers to get onto the property ladder, another fantastic option is Shared Ownership. 

Who is eligible for the First Homes scheme?

Properties in the programme are only available to first-time buyers who live and work in the local area. Local councils will also give preference to key workers and members of the armed forces.

You are eligible for the scheme if you: 

• Have an annual income of less than £80,000 (£90,000 in London). Note, if you plan to buy with a partner, your combined annual income must also be less than this, and you must both be first-time buyers.
• Want to remain in your local area but are struggling to identify a property within your price range. 
• Can obtain a mortgage for at least 50% of the purchase price after the discount. 

How do I apply for the First Homes scheme? 

Navigating the property process as a first-time buyer is undoubtedly daunting, but we’re here to help you every step of the way.

Here’s what happens when you buy a First Home: 

Step 1: We recommend you secure a mortgage in principle, which you’ll need to reserve your property.

Step 2: Keep an eye out for First Homes sites near you – or get in touch with us, and we’ll tell you about the latest houses in your area and check your eligibility. 

Step 3: When you find a property you like, we’ll help you reserve it with the house builder. They’ll then review your eligibility against the local criteria. 

Step 4: Once your eligibility is confirmed, it’s time to complete your application for the local authority.

Step 5: Now that your application is approved, we will receive an Authority to Proceed and Eligibility Certificate from your local authority on your behalf. 

Step 6: At this point, it’s time to formally submit your mortgage application and let us work on your purchase, so you can exchange contracts and officially buy your first home! 

What should I do next? 

If you’re interested in the First Homes programme, contact us today. We are here to guide you through every step of the process and turn your homeowner dreams into a reality! 

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