Advice for First-Time Buyers

Advice for First-Time Buyers (FTB’s)

Finding your ideal home is important and difficult and there are many factors that need to be considered before picking a house. Here are 6 useful tips for first-time buyers to consider before putting an offer in on a property:

1. Set a Budget. When purchasing, the deposit isn’t the only thing that needs to be covered. Other fees will be incurred along the way such as solicitor’s fees, valuation fees, broker fees and sometimes product fees. It is recommended that you save an additional £2,500 on top of your deposit for all of these hidden fees you must pay. It is also important to be aware that if you aren’t actually a first-time buyer, that stamp duty will be due to be paid, even if the person you are buying with has never owned a property before.
2. Find a good conveyancer. It’s pivotal to find an experienced conveyancer who will provide a thorough service when buying a home. Your conveyancer will be able to give you legal advice, handle contracts, send out searches, contact the land registry, handle funds and contact the seller’s solicitors. It is crucial that you check that your conveyancer is certified by the Solicitors Regulatory Authority for Licensed Conveyancers or the Law Society.
3. Take care when filling in paperwork. Mistakes made when filling out paperwork is a common problem regarding delays in the purchasing process. You should read all paperwork in full and fill all required fields. Incorrect paperwork can lead to legal problems or/and time consuming processes in the future. Taking a little longer when filling out initial paperwork can save you time and money in the future.
4. Patience is crucial. Whilst you may be desperate to move into your new home, it’s important that all aspects of the process are dealt with accordingly. Lots of paperwork is completed in the conveyancing process and all of the legal aspects covered by the solicitors are being done in the best interest of the first-time buyer (the client).
5. Maintain good communication with your agents. If you make sure that you are kept in the loop with all parties, the process will run as smoothly as possible. Don’t be afraid of bothering the people who are being paid by you or on your behalf. It is also important to ensure that you keep up to date with your emails as documents can be sent to you at any time for you to fill in.
6. Be satisfied with all final arrangements. As a first-time buyer, you may enter a contract, not fully understanding what benefits you and what doesn’t. Your conveyancer will be able to provide you with the best advice in order for you to get the best deal in the long run. If at any point you aren’t happy with any agreements, you should speak to your solicitor and they will help to resolve the issue for you.

Post courtesy of What Mortgage.