When you’re looking for your first home it isn’t always easy, and you should take into consideration certain factors. If you’re a first-time buyer looking for your dream home these tips should help you get onto the property ladder.
- Be realistic about a budget
When buying property, it isn’t just the deposit cost you will to need to cover. As well as a deposit, which is about 5%-20% of the value, there will be other initial fees you will need to factor in. There are valuation and surveyors’ fees, as well as paying the broker/lender fees and also the conveyancer. You will also have fees associated with the mortgage including the booking and arrangement fee and a mortgage valuation fee. You should look to save an additional £2,500 on top of your deposit for the other costs. You should also note that if more than one person is purchasing, if they have already owned a property stamp duty will be payable even though the other person has not owned a property.
- Finding a conveyancer
You should look to find an experienced conveyancer who will provide the best service when you’re buying a home. Your conveyancer will give legal advice, take care of contracts, do all the important searches, deal with the Land Registry, and the transfer of funds. Day Morris will be able to recommend a conveyancer, but you should also undertake your own research to make sure you find the right one for you.
- Be careful when filling out paperwork
Incorrect paperwork is a common cause for a delay when buying a home. Make sure you read all contracts in full and fill in any paperwork as honestly as you can. Any wrong paperwork can lead to legal issues in the future. Taking extra care when filling in forms and applications can save you time and inconvenience in the long run.
- Communicate with your agents
You should be kept in the loop with the seller, estate agent, conveyancer and mortgage advisor. When you have chosen a property, you will want a smooth and hassle-free buying process, so don’t be afraid to keep contacting your agent. Also, always keep your phone on as you could need to be informed of a major change at any time.
You should also keep up to date with your emails, and check your junk folder, as documents will often be sent via email.
- Don’t rush
No doubt you will be itching to get into your new home, however, you need to make sure all aspects of the process are dealt with thoroughly. The conveyancing process can sometimes involve a lot of paperwork and further enquiries, so you need to understand that all the legal aspects are being done with your interests in mind as a first-time buyer. Apart from conveyancing, the estate agent negotiations, actual mortgage arrangements and the moving process all take time.
- Are you satisfied with final arrangements and negotiations?
As a first-time home buyer, you could get into a contract not fully understanding what is in your best interest. Your conveyancer should be able to offer the best possible advice to ensure you get the best deal. If at any time you are unsure or not satisfied, speak with your conveyancer and they should try to resolve any problems before it is too late.
We hope our tips will help you in with the house buying process!
If you are a first-time buyer and need advice or are looking for property in the Hampstead or Highgate area, you can visit our website here.
