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Things to know as a first-time buyer

Purchasing your first house is an exciting step in life. Whether it is moving out of your family home for the first time, or simply moving from rented accommodation into your own home, it is a process which can be daunting for the first-time buyer.

To help you understand the ins and outs of buying a property, here are some tips to get you started.

Finding a solicitor

Finding a solicitor is an important step after you have your offer accepted. They can help support the purchase of your first home by:

Explaining how home-buying process works
Investigating the title to the property to ensure their will be no issues with ownership
Carry out and advise on property searches
Resolving any legal issues by working with the seller’s solicitors

Think about costs

Buying a house includes additional costs as well as the property itself. Additional things you need to budget for include Stamp Duty, surveying fees, and land registry fees to name a few.

In addition to these costs, there will be solicitor fees to pay, as well as the general costs that come with moving house such as removal companies. These are equally as important to think about when organising finances.

Surveyors

Having a property surveyed is an important step in buying a house. It will identify if there is anything wrong with the property you intend to buy, and provide a valuation.

A survey also gives some protection should later faults that should have been spotted during a surveyor’s assessment become apparent. Chartered surveyors are required to have professional indemnity insurance which covers the costs to a homeowner they have been negligent in carrying out the survey and losses incurred as a result.

Get organised

You will be asked to produce documents ranging from your own forms of identity (such as passports, utility bills, and bank statements), to information about the property which you intend to buy.

To help you speed up the process of moving, having the right information and documentation to hand is essential. Organising it from the beginning will help reduce stress the further along the process you are and assist your solicitors and other advisers.

If you are looking for more information about buying a property, please do not hesitate to contact us.

Elizabeth Jennings

Director - Commercial Property & Charities

I joined Mander Hadley in 2004, qualified as a solicitor in 2006 and have focussed on commercial law throughout. I am also a member of Coventry and Warwickshire First and Warwickshire Law Society.

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