First Time Buyers
Buying your first home can be overwhelming, at P.A. Duffy and Company our aim is to simplify the process and help you to understand the legal jargon involved in buying property.
What We Can Offer
It is worth noting that we are on an extensive list of Mortgage Lenders Panels. This will mean that the following mortgage lenders will work with us in securing your mortgage.
Your mortgage lender only allows certain solicitor firms to act as mortgage solicitors for them. You will therefore need to be sure that your conveyancing solicitor is on what’s termed your mortgage lender’s ‘panel’ before you instruct that solicitor to act for you, regardless of whether you’re buying or selling.
What’s the process of buying a house?
Buying a property for the first time can be overwhelming. Following the acceptance of an offer on a house, you will still have to undergo various procedures and checks will need to be carried out before the sale is finalised and the contracts are exchanged. We can advise you on the legal complexities and make the process a lot easier and more understandable for you.
Key stages in the process include:
Saving for a deposit and getting your mortgage in principle
Finding your dream house and securing your mortgage and appointing a conveyancer
Arranging the necessary searches and surveys
Extensive legal review of title and subject to all being in order, exchange of Contracts
Paying SDLT and other relevant taxes and registering your property
What costs are involved?
There are various fees, charges, and taxes, outside of the price of the property itself, that need to be taken into consideration when purchasing your property. These will include Land Registry charges, Stamp Duty Land Tax, survey fees and legal fees which include any the drawing up of contracts and handling the completion of sale.
What do I need to be aware of as a first-time buyer?
Be aware of possible delays: The conveyancing process can occasionally experience setbacks, so it's advisable to be ready for this possibility. Maintaining a calm and patient approach during any delays can contribute to keeping the process on schedule. For first-time homebuyers, it's essential to engage a conveyancer with expertise in working with individuals in your situation. They can demystify legal terminology, manage your documentation, address any issues that arise, and provide valuable guidance and assistance throughout the process.
If you receive money for your deposit from other sources or people, your mortgage provider should be made aware of any potential third-party interests. Many first-time buyers receive money from their parents to pay the deposit. Any other financial investments from anyone that is not named on the mortgage can have third-party interests.
A first-time buyer needs to be aware of how the Stamp Duty Land Tax may affect them as it varies depending on the value of the property when it surpasses certain thresholds.
What types of Mortgages are available?
A variety of mortgage options are accessible to new buyers. Selecting the one that aligns with your financial circumstances and future objectives is crucial. Our team specialises in assisting with Help to Buy programs, which encompass the Help to Buy ISA scheme and the Help to Buy equity mortgage.
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