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There is a first time for everything

05 February 2019

Andrew Smith

property ladder

The Sheffield Property market is going from strength to strength and we are seeing more and more first time buyers taking their leap onto the property ladder.  As Valentines approaches loved up couples will be spending an evening together and then either heading home separately or heading their rented accommodation dreaming of owning their own home.

With the government backed schemes helping first time buyers with their deposits, now is the time for first time buyers to seriously thing about making the move.  There are various schemes in the market place to help the first time buyers including Help to Buy Equity Loans and Lifetime ISAs.  Depending on your circumstances one of the schemes could assist you with your deposit towards your first home.

Some first time buyers are choosing to purchase a new build property where others are choosing properties in up and coming residential areas to suit their work and personal needs.  A first time buyer of a new build property could have assistance under the Help to Buy Equity Loan scheme meaning that they will only require a 5% deposit and the government will provide an interest free loan of 20% of the purchase price. In conjunction with their personal deposit and Help to Buy Loan most mortgage lenders will lend the remaining balance. If a new build property isn’t for you then you may already have a Help to Buy ISA or Lifetime ISA which means that the government will provide £50 for every £200 you save up to a maximum bonus of £3000.00.

The introduction of the life time ISA means that the government will offer a tax free boost up to £1000 per year to use either towards purchasing your first home or towards your retirement.  These ISAs are for the long term saver who might not be looking to purchase their first property anytime soon.  These ISAs are more complex than the Help to Buy ISA or the Help to Buy Equity Loan scheme and you should undertake some research to see which is best for you before opening your accounts.

The legal process will differ depending on the type of property you choose to purchase however they will all follow a similar process. 

Once you have decided to make the move to purchase your first property then Taylor Bracewell's residential property lawyers are here to help you through the process and make this as stress free as possible.  We offer a unique and human service and are always here to answer your questions.

Our Property team has a wealth of experience in the local and national market place and will help the legal process run as smoothly as possible.

If you have any questions about buying, or selling, a property do not hesitate to call our residential property lawyers today for friendly, helpful advice. 

Sheffield - 0114 272 1884 or Doncaster - 01302 341 414