First time buyers: what you need to know
21 March 2024
Embarking on the journey of buying your first home is an exhilarating yet daunting experience. As a first-time buyer, you’re stepping into a realm filled with unfamiliar terminology, complex processes and significant financial commitments. However, armed with the right knowledge and guidance, you can navigate this adventure with confidence and clarity.
What is the process of buying a property as a first time buyer?
As a first time buyer it is important that you know the step-by-step process of buying a property, so you understand what is happening at every stage.
- Your mortgage is accepted
- The necessary searches are carried out by your solicitor
- Your solicitor prepares, reviews and exchanges contracts
- You pay any necessary taxes, including Stamp Duty Land Tax
- Your solicitor registers the property
What searches are carried out on the property?
There are many different types of searches that can be carried out on the property but not all of them are necessary. Your solicitor will assist you in deciding which searches should be carried out.
- Local Authority searches – These gather information about the local area that may affect the property.
- Water and Drainage searches – These gather information about sewer connections and the water supply to the property.
- Environmental searches – These searches gather information about the past use of the land.
Cost involved with buying a property as first time buyers
- Stamp Duty Land Tax – This is paid on properties over the price of £425,000.
- Land Registry – This is the fee which is paid to change the details on the title deeds.
- Survey fees – These are paid to your surveyor, once surveys have been carried out on the property.
How can Taylor Bracewell’s Residential Property team assist first time buyers?
Taylor Bracewell’s residential property team are experts within their field and helping first time buyer purchase their first property. We can guide you through each stage of the process using plain English for an easier and more understandable service. For further advice and information contact our Residential Property team on 01302 341414 or 0114 272 1884, alternatively, you can fill out our online enquiry form.
