As a first time buyer this is an exciting time for you. You have either found your dream home or you are in a position to start looking and taking your first step onto the property ladder.
We know that the conveyancing process can be a daunting one, which is why you need an experienced Conveyancer who can help you understand each stage, what is required of you and the financial costs involved.
You can find out more details on the Buying a Property process over on the Buying a Property Page, or you can view more specific questions tailored for first time buyers below. Alternatively, you can contact a member of our Residential Property team directly or receive an estimate for our fees using the Conveyancing Calculator.
This may seem like an obvious question but it is important to clarify whether you do qualify as a first time buyer.
The eligibility includes:
The Government has for many years recognised the barriers that first time buyers face in buying a property and as such has implemented various support schemes in recent years. The current schemes available to first time buyers include:
There is another option in the form of a Lifetime ISA, which can help you save money towards your first home. You can open and make your first contribution to your LISA at any time between 18 years of age and 40, contributing up to £4,000 each year until you turn 50. The Government adds in a 25% bonus up to a maximum of £1,000 per year. When the time comes for you to buy your first home, you can use your savings if all of the following applies:
As with any large purchase, there will be a multitude of considerations, including:
Stamp Duty Land Tax (SDLT) is a tax that is paid on all properties in England. If you are a first time buyer, you will not be required to pay SDLT on the property if it is valued at less than £425,000. This differs to other home purchases when SDLT is applicable on properties valued from £250,000.
If the property you are buying is over £425,000 you will pay 5% on the remainder of the sale price up to £625,000. Anything over £625,000 is then charged at the normal SDLT rate.
If it is applicable, you will pay SDLT at the time when you complete on the property; this will be one of the tasks that your Conveyancer or Solicitor will do on your behalf.
Buying a home is a significant financial commitment and you should budget for the following payments:
Anyone buying a property needs a survey to be done on the property they are buying. This is the responsibility of the buyer, not the seller, and it is completed to understand the condition of the property and highlight any potential problems for the buyer. This is usually done once you have made an offer and it has been accepted.
There are several different surveys available to you and the most appropriate one will depend on the property you are buying:
You can find out more details in our guide to property surveys.
Once you have moved in to your home and celebrated, you will need to ensure that the relevant organisations have your up to date contact information, for example the local authority, utilities, bank, DVLA etc. We would always recommend that you consider the legal implications of property ownership and put in place documents that can protect you and your future, including a Will, Lasting Power of Attorney and a Declaration of Trust.
To let us share in your experience of buying your first property and letting our experienced and professional team support you through the coming months, get in touch today with a member of the team from our offices in Andover, Romsey, Salisbury or Witney. Contact us by calling your local office, using our Contact Form or emailing moc.n1709424927ellub1709424927rekra1709424927p@ofn1709424927i1709424927 or to receive an estimate you can use our Conveyancing Calculator.