If you are a first time buyer in the UK, you probably have many questions about the process. We take a look at how it works, answer some frequently asked questions and list our top tips for first time buyers.
At Lockings Solicitors, we have been helping first time buyers in East Yorkshire onto the property ladder for many years. We know that buying a house or flat can be stressful and we will do all we can to make sure that the transaction goes smoothly.
We work proactively to complete as quickly as possible and use our extensive experience to resolve any problems without delay. We provide an excellent service and many of our clients come to us each time they move and refer family members to us. They have also taken the time to write more than 700 five-star reviews.
We will make sure you understand exactly what will be happening at each stage of your purchase and give you clear information about the process and the timescales. Our pricing is fair and transparent as well as being all-inclusive.
We offer a FREE initial chat so that you can ask us any questions you may have. Call us on 01482 300 200, email us at firstname.lastname@example.org or fill in our Free Online Enquiry and we will call you back promptly. We have offices in Beverley, Hull and York and we deal with conveyancing in East Yorkshire and beyond.
We are on the panels of approved solicitors of all major mortgage lenders and hold the Law Society’s Conveyancing Quality Scheme (CQS) accreditation in recognition of our high levels of legal competence, risk management and client service.
This will largely depend on the rest of the chain, if there is one. It is often the case that as a first time buyer, you will be ready to exchange and complete fairly promptly. However, if there is a chain, then it is necessary to wait until everyone is ready.
We always keep in close touch with sellers’ solicitors and estate agents to ensure that matters are chased up where necessary and that we are informed of any potential delays.
The minimum first time buyer deposit is usually 5%, although you are likely to find lower interest rates if you have 10% or 15% to put towards your purchase.
As soon as possible, you should check your credit score with the major credit agencies. If there are any errors, this will give you time to have them corrected. You can also take steps to improve your score if necessary. The following may help:
A mortgage broker will be able to advise you as to how much a mortgage will cost and how much you might comfortably be able to borrow. They will take your expenditure into account as well as any possible future rate rises to ensure that you don’t end up in a stressful situation.
Take the time to understand what is available in the area where you would like to live. If it is a more expensive area, you may need to consider a smaller home or one that needs work, or you may be happier looking elsewhere for the space that you want. Studying the property market and getting to know the areas in which you are looking will help you find a home that ticks as many boxes as possible.
It is important to have a survey carried out to make sure that you know the condition of your new home. Don’t rely on the lender’s valuation, which will not be in-depth. If the survey reveals any problems, you may be able to negotiate a reduction in price to cover the cost of the work. It may be in the seller’s best interests to agree as it is likely that they would be asked to do this by any other buyer.
Choosing the right conveyancers can be the difference between a successful purchase without undue delays and a difficult or even a failed transaction. Experienced solicitors will have dealt with almost every problem before and will have a sound understanding of how to resolve matters. If issues are not tackled promptly, it can sometimes mean that the seller will pull out of a transaction, frustrated by the lack of progress.
At Lockings Solicitors, we have the expertise to deal with problems effectively and a high success rate in dealing with even the most complex purchases.
If you are thinking of buying your first home, we would be delighted to represent you.
You can ring us for a FREE initial chat on 01482 300 200, email us at email@example.com or fill in our Free Online Enquiry and we will call you back promptly. We have offices in Beverley, Hull and York and deal with conveyancing in East Yorkshire and beyond.
If you are a customer of Lockings Solicitors and we have contracted with you online you may be entitled to use the EU Online Dispute Resolution (ODR) Platform to assist in resolving any dispute with us. This service can be found at https://ec.europa.eu/odr.
Our email address is firstname.lastname@example.org
Lockings Solicitors is a trading name of Lockings Legal Services Limited registered in England and Wales company registration number 09244568. Lockings Legal Services Limited is authorised and regulated by the Solicitors Regulation Authority (Main Office SRA ID number 626081). A list of our directors is available for inspection at all our offices. Use the following link https://www.sra.org.uk/solicitors/standards-regulations/
for online access to the current professional rules applicable to solicitors. All calls are recorded for training and quality purposes.
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