Gaining a clear understanding of both your priorities and the property buying process, as you embark on your first home journey.
To qualify as a ‘first time buyer’, everyone buying the property must meet the following criteria:
If you are buying a property, you need to make sure you have your finances in place first.
Once your mortgage and funding arrangements are in place, you will need to consider all of the finances for the transaction. These will include:
Arranging a survey of the property early on will ensure you know what you are buying and identify any structural or physical issues before you are committed to the purchase. You will be purchasing the property as it is, so it is important to enlist help from suitable experts so that you know what you are buying.
We will provide you with reminders of things to consider, such as conducting a boiler inspection and other physical checks, and will help you uncover issues that may prove costly after completion.
If you are buying a property jointly with someone, you will need to consider whether you will buy the property as “Tenants in Common” or “Joint Tenants”.
We can help provide guidance to you as you make your choice, including whether you need a Declaration of Trust.
|Tenants in Common||Joint Tenants|
|How is the property owned?||Owners can own equal or varying proportionate interests in the property.||Have equal rights to the property.|
|When can we buy the property?||You can purchase the property at the same time or one could purchase from a previous owner at another time.||You have to buy the property at the same time.|
|What happens if an owner passes away?||If one owner passes away their portion of the property would be inherited in accordance with their will or the intestacy rules and not default to the other owner(s). The other owner would still own their portion if the property, which could result in difficult circumstances.||If a joint tenant passes away, the other tenant(s) would automatically inherit the whole of the property. Even if the deceases made a Will, the property will no form part of the Will.|
|Can I sell my share of the property?||If one owner wanted to sell their interest in the property they could do so whilst the other owner retains their share.||If one tenant decides to sell their portion, the other tenants will become|
|Who usually goes or this option?||Friends, relatives or blended families.||Couples.|
Individuals that qualify as ‘First Time Buyers’ will not pay Stamp Duty on the purchase of a property up to £425,000 in price at current rates.
For First Time Buyers purchasing a property up to £625,000 in price, a rate of 0% will be applied to the first £425,000 of the purchase price and a rate of 5% will apply to the remainder.
Conveyancing is the term for the legal process of transferring one person’s property (the seller) to another (the buyer).
Your conveyancer will handle all the legal aspects of your transaction. We will provide updates along the way for you.
We will handle:
A conveyancing specialist will address issues before you buy the property to ensure there are no nasty surprises once your purchase has completed, leaving you free to enjoy your new home.
Good advice during the purchase process will in turn help to prepare for a smooth sale if you want to sell the property in the future.
Clients tell us how we deliver peace of mind.