1 Save a Deposit
Most lenders require you to have a deposit of between 5 and 10% so make sure you save as much as possible.
2 Know your Limits
Find out how much you can realistically borrow based on your salary and savings, this will enable you to see what kind of property you can afford.
3 Government Schemes
The Government are keen to help first time buyers so look on their website www.helptobuy.gov.uk for more information.
4 Shop around for a Mortgage
Look around for the right mortgage lender and the right deal for you. Some mortgages come with fees so make sure you factor these and other costs such as the Stamp Duty into your budget before you decide.
5 Research the Market
You’ll probably view a lot of properties before you find the ‘one’- prioritise your list of requirements and get as much information about the local area as you can.
6 Hire a Solicitor
Instructing an approachable and proactive Conveyancer can help your transaction run as smoothly as possible. Harold G Walker’s experienced Conveyancing team will be happy to provide a quotation and guide you through the process.
7 Get a Survey
Depending on the age and type of property you are buying it is recommended to get the most extensive survey you can afford.
8 Exchange of Contracts
This is a big step as you will be making a legal commitment to purchase the property and will pay a deposit (usually 10%). Your solicitor will ensure any issues are resolved before reaching this point.
9 Home Sweet Home
The final step in the process is Completion, this usually happens a few weeks after you have Exchanged. This is where you will finally receive the keys to your first home.
10 Make a Will
Now you are a property owner you need to think about making a Will, to ensure your assets are passed onto your loved ones when you die.
For further information please contact Harold G Walker Solicitors on 01202 881454 or email firstname.lastname@example.org
Law Spot is brought to you by Harold G Walker Solicitors, your Friend-in-Law. The answers in this feature are for guidance purposes only and do not constitute legal advice.