So, you’ve found the house of your dreams, saved your deposit, and got your offer accepted. Now what? That’s where we come in. We want to help guide you through one of life’s most exciting yet daunting purchases.
Thinking about Buying your First Home?
Found your house, but the first sight of the legal documentation makes you feel nervous? Don’t worry; our friendly and experienced team of residential conveyancing experts are here to help.
Let’s get you on the property ladder
We’ve summarised the key aspects of a house purchase so you can understand the basics.
Applying for a mortgage
You’ll need to apply for a mortgage to get the ball rolling. By speaking to an independent financial adviser or your bank/building society, you can determine how much you can borrow. You will then receive an ‘agreement in principle’, which estate agents will want to see if you place an offer on a property.
Costs to consider
Buying a house is so much more than just buying a house. There are other costs to consider. We recommend you budget for the below, so you don’t get hit with any surprises:
- Solicitors’ fees
- Stamp duty land tax
- Mortgage costs
- Searches and surveys
- Insurance
- Removals
Making your offer
Have you found your dream house? Exciting! This is where you will be expected to make a verbal offer to the estate agent handling the sale.
Although the estate agent acts as an intermediary between you and the property’s current owners to negotiate the price, do remember the seller is paying them.
Once your offer has been accepted (fingers crossed!), the sale becomes ‘subject to contract’, and solicitors can be instructed – that’s where we come in.
The transaction only becomes legally binding when the exchange of contracts takes place.
Surveys
After your offer has been agreed upon, it is time to instruct a surveyor to assess the house’s structure and its condition. This will ensure your purchase runs smoothly, and there will be no surprise bills for remedial works.
There are three types of surveys available. They are:
- Valuation: This is a basic survey carried out by your mortgage lender to ensure the property is suitable to borrow against and is worth the risk.
- Homebuyers’ survey: This more detailed survey should pick up any significant faults with the property and highlight any areas that could need work in the future.
- Building survey: Often referred to as a ‘full structural survey,’ this most thorough of investigations is the most expensive but is recommended if you are buying a very old property, one in need of refurbishment, or you want total peace of mind.
Insurance
It’s essential to make sure your home is insured before moving in. You will need two types of insurance to protect your property and your mortgage, respectively – life insurance or an endowment policy.
You should arrange buildings insurance from the point of exchange of contracts, and you may want to add home contents insurance when you move into your new house.
First Time Buyers can now Move with TE Buyer Assist?
We want your property purchase to progress quickly, with minimal stress. That is why we offer all the benefits of TE Buyer Assist as standard for First Time Buyers.
TE Buyer Assist is FREE and a new proactive approach to conveyancing. Utilising the latest digital technology, we aim to seamlessly onboard you within 48/72 hours of your purchase being agreed.
TE Buyer Assist also offers you peace of mind through our ‘Buyers Protection’ cover. Your legal fees and searches are protected should your move fall through. Taylor Emmet will waive your upfront legal costs until completion and provide free searches on your subsequent purchase*.
Incorporating our ‘Fast Start’ solution, our proactive approach to conveyancing typically leads to completions upto 4 weeks quicker than the industry average.
Next steps
Our residential conveyancing solicitors are here to guide you through the buying process and get you on the first step of the property ladder.
Our expert team are highly experienced, so there’s not much they don’t know about the property market!
We’re ready to be a part of your journey. Call us on 0114 218 4015, e-mail us at newbusiness@tayloremmet.co.uk or complete our enquiry form.
