Becoming a home owner is an exciting milestone, but for a first-time buyer it can be a daunting experience. From saving for a deposit and finding the right mortgage, to making an offer on a dream home and completing all the legal paperwork.
With Kirwans you have access to a dedicated team of property lawyers and advisors who are on hand to guide you through your legal journey. Seeking professional legal advice from the outset can help to ensure that any complexities and potential implications are effectively managed.
As you take your first step on the property ladder there are many factors to consider.
Time to start saving?
Before the property hunt begins you need to ensure that you can afford the deposit for your first home and any necessary monthly repayments.
One of the most important decisions to make early in the buying process is what mortgage you can afford. Online mortgage calculators can be helpful for price comparisons however these will only provide you with an estimate so it’s vital that you speak to a mortgage expert.
It’s always helpful to plan your budget before you start looking for your new home so you can confidently plan for the future. Remember there are other costs associated with buying a home. For example, stamp duty, legal fees, survey costs, insurances as well as any furnishing costs.
Over recent years the property market has been increasingly tough for first time buyers. Following the UK financial crisis, banks restricted lending and the criteria became more stringent with most new mortgages requiring a deposit of at least 20 per cent.
The government recognised that the rise in house prices and lending restrictions were making things difficult for the first time buyer therefore in 2013 it announced new schemes aimed at giving home buyers a helping hand.
There are a number of options for the first time buyer to consider including, shared ownership and ‘Help to Buy’ schemes. The difference with these schemes is at the outset of the home buying process.
Shared ownership allows you to part buy and part rent your home. As a first time buyer you will need to check that you are eligible. For shared ownership your household income must be £60,000.00 or less. You also need to be a first time buyer or a previous homeowner who cannot afford to buy now. Alternatively, you will need to be renting a council or Housing Association property.
You can find our more about the shared ownership scheme by contacting your local Homebuy agent www.helptobuy.org.uk
The ‘Help to Buy’ scheme is a government equity loan of up to 20% (minimum 10%) of the purchase price of a new build property. When the property is sold the borrower repays the equivalent share of the sale price.
This scheme isn’t limited to the first time buyer, anyone buying a new build property up to £600,000.00 as a main residence can take advantage of this scheme. However, it must be their only property.
The legal process for the above schemes is the same as a normal property purchase, just be prepared for slightly more paperwork.
Make Your Move
After investing time in finding the right property for you, your offer has been accepted and you know how much you can borrow for a mortgage. You will need expert legal assistance to handle your purchase and confirm your offer with the seller’s estate agents.
At Kirwans, we know this can be a daunting time. That’s why our property team deliver practical and professional legal advice in a straightforward way. We are on hand to guide you through your legal journey and ensure that the property transaction is a seamless as possible.
Our property experts have produced a free guide that provides first time buyers with information on the key stages of the buying process and top legal tips. Click here for your free download.
As an all servicing law firm, our expertise is well-established both locally and nationally and we have extensive knowledge and understanding from working alongside various property agencies, brokers and investors throughout the UK. In addition, you have access to our specialist litigation team who can assist with any contentious property matters including boundary disputes and rights of way.
When you instruct Kirwans as a first-time buyer you will have access to wide range of service offers* including;
• Declaration of Trust
• Making a Will
• Lasting Powers of Attorney
• Property Sale
*Terms & Conditions Apply.
At Kirwans, it’s not just about initial contact. We progress each transaction effectively from start to finish, keeping you regularly updated throughout. We are committed in providing a competitive price without compromising on the quality of our service delivery.
With expert legal advice available 24 hours a day, 7 days a week, make Kirwans your destination.
For a free, no obligation quotation, or to find out more about our services, contact a member of our Property team today on 0800 525 035 or complete our online enquiry form.
There are many things to consider when purchasing your first home. Here is a free downloadable guide for those setting out to purchase their first home - providing all the important things you need to know before signing that contract.Download Here >
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Let Kirwans guide you on your legal journey.
I have been absolutely delighted with the work done by the [Conveyancing] team. The communications were prompt, efficient, professional and friendly. The whole transaction was a credit to your company and staff.Malcolm Saunders