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What to do first

We understand that purchasing your first home can be a daunting experience and does not come without its stresses.

As one of the biggest investments you will make, the purchase process must be tackled with both the head and the heart.

It is highly recommended to fully consider your budget prior to viewing properties.  Take in to consideration the fees, outlays and Land and Building Transaction tax in addition to your new furniture and removal costs.  If you will require the assistance of mortgage funding you should meet with a mortgage advisor to discuss the options available to you either with an independent advisor or directly with your own bank. Once you’ve refined your budget it is time to start the property hunt!

Our conveyancing experts are experienced in dealing with all aspects of buying and selling property, contact us today to see how we can help.

Ready to submit an offer

When you’ve found the right property for you it is time to submit your offer. You may verbally agree an offer price with the Estate Agents but this requires to be followed up with a written offer from a Solicitor.  We would suggest you speak with your Solicitor for some guidance on the negotiation process as they may be able to provide some helpful tips and statistics.  The offer will narrate the price, the date of entry, which fixtures and moveable items you wish included in the price and the conditions of your offer (for example subject to sale or mortgage financing).

Once your written offer has been verbally accepted, the seller’s Solicitors will issue a written acceptance.  When your finances are in firmly in place to proceed your Solicitor will conclude the purchase contract (missives). At this stage there will be a binding legal contract in place for your purchase of the property and financial penalties will be incurred by you in terms of the contract if you then failed to proceed with the purchase at the completion date.

Purchase conveyancing

During the purchase your Solicitor will exhibit to you the title deeds of the property you are purchasing.  This is to ensure you are aware of the boundaries of the property and familiar with  your rights and obligations in respect of your use and enjoyment of the property.  Your Solicitor will raise matters concerning the title to the property with the seller’s Solicitors prior to the completion of the purchase.

Where you are obtaining mortgage finance, you will be required to sign documentation which is required to protect the bank’s interest.  The principal document is the Standard Security which is registered against the title to the property and should you fail to keep up your repayments and obligations in respect of the mortgage is the document which allows the bank to repossess the property.

Land & Buildings Transaction Tax

The zero-rated Land & Buildings Transaction tax threshold has been increased to £175,000 meaning that if the purchase price of your property is less than £175,000 you pay no tax. If the purchase price is higher than this your Solicitor will be able to confirm the tax which is due.

After the purchase

Once you have collected your keys and start unpacking boxes your Solicitor is available should any matters of concern arise when you settle in to your new home.

Contact The McKinstry Company for Expert First Time Buyer’s Advice

We have helped hundreds of people buy their first home, efficiently and without stress. If you need the advice and assistance of a solicitor to buy a property, contact our team today by calling 01292 388048. We look forward to hearing from you.

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