Conveyancing Blog: some tips (and a little bit of help) for first-time buyers
I have much sympathy with first-time buyers: most will have spent years saving for a deposit and hours deliberating on whether to take this huge step into home ownership.
I can well remember getting my first mortgage offer: I was excited about being able to buy my first home but also nervous about taking on a large debt. It's definitely not something to be done without research, planning, lots of discussion with any proposed co-owner... and, as in my case, a glass or two of wine!
Some extra help for first-time buyers
For those of you just starting on the house-hunting path, Pearson Solicitors have an offer for you: a £50 B&Q, M&S or Next voucher when you instruct us and complete on the purchase of your new home. Simply quote the code FTB Pearson 2016 when you instruct us and we wil send you your selected voucher on completion of your property purchase
You can also read more about the conveyancing service here but if you have any questions, call me or make an enquiry.
Tips for first-time buyers
Here are a few of my tips for first-time buyers:
- Research the available mortgage options. What's on offer? What level of mortgage is the lending institution likely to offer you? Do you want interest to be set at a fixed rate or a variable rate – what is best for you? Will the monthly payments be affordable? Is there a little wriggle room in your financial ability to make those monthly payments?
- Obtain a mortgage offer before starting your house hunt. Do you need to get a guarantee for the mortgage?
- Once you have your mortgage offer, set yourself a budget – and stick to it. How much can you afford to spend on a home?
- Have you saved for the other costs of buying a home including stamp duty, the removal costs, buildings insurance and legal fees?
- Think carefully about the location - where do you want to live? Is it accessible to your workplace? What services are available nearby? Think about specifics too: for example, is there a supermarket near by?
- Read our step-by-step guide to conveyancing to find out more about the process of buying a house.
For further information about buying and selling a house, contact Victoria Marshall or make an enquiry today.
Posted 19 December 2016Subscribe to our newsletter
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.