Buying your first home is one of the biggest and most important decisions you will make. It can be a daunting time. So many decisions to make and figuring out who you may need to instruct to assist you in the conveyancing process. Read our step by step guide to what you need to know and how we can help you when you are buying your first home.
Step-by-step guide to house purchasing
1. Once you’ve found the home you would like to purchase, you will make an offer with the Estate Agent. Once your offer is accepted you will give the Estate Agent your Solicitor’s details. They will forward details of the purchase to your Solicitor (conveyancing).
2. You will need to obtain financial support from a Lender in the form of a Mortgage. There are thousands of Mortgage products available. It may assist you to approach a Mortgage Advisor. They will help you with this part and make an application on your behalf. We at PA Duffy & Co. are happy to refer you to a local and reputable Mortgage Advisor. Once you have received and accepted a suitable Mortgage Offer, this Offer will also be sent to us, your nominated Solicitor. We will also be acting for the Lender in this transaction.
3. Once we receive the Sales Advise from the Estate Agent and your Mortgage Offer, we will write to the Vendor’s Solicitor requesting Title Deeds and a Contract for the property in sale. We will review these documents and raise any appropriate queries that we feel relevant.
4. When we are in a position to advise you in respect of the Title to the property we will then arrange to meet with you and have the Contract and Mortgage Documents signed. We will discuss with you and advise you on the Title Deeds, Maps and also agree a Completion Date which suits you and the Vendor.
5. We will release a Contract with a Completion Date inserted in same. We also call this an ‘Offer to Purchase’, we await the returned Contract also signed by the Vendor. Once all parties have signed the Contract it is legally binding.
6. We will request your Mortgage monies from your Lender. We also ask you for any additional monies required to complete the purchase prior the agreed Completion Date.
7. On the completion date we will forward completion monies to the Vendor’s Solicitor who will then authorise release of keys. Once this is done, you can now collect the keys to your new property!
8. After completion we will attend to registration formalities in the Land Registry of Northern Ireland. We then submit your Stamp Duty Land Tax Return to HMRC. The great thing about being a First Time Buyer is that you will benefit from the First Time Buyer’s Relief. You don’t have to pay stamp duty to HMRC on your property. For more information on Stamp Duty please use the following link- https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers-guidance-note
We can help
The approximate time from being Sale Agreed on a straight forward purchase from sale being agreed to getting your keys on the Completion date is normally 6-8 weeks.
We cannot emphasise strongly enough how important it is to instruct the right conveyancing solicitor in dealing with one of the most important decisions in your life. We at PA Duffy & Co. pride ourselves on dealing with the matter in a professional and expert manner using my many years of experience in this field.
You will see positive reviews from clients who have used my services on our website www.paduffy-solicitors.com
If you have any questions about the process or if would like to instruct us to act on your behalf in purchase please contact a member of our conveyancing team.