Get On The Property Market: Steps For A First Time Buyer

Whether you’re a young person branching out, or looking for that first home with your family, it can seem tough for a first time buyer. If you’re unfamiliar with the property market, the jargon and process may seem very daunting to you.

Here at Andrew Lee Property Lawyers, we work with first time buyers to help them make the right move. Here are some key steps for a first time buyer.

Find A Property

It might sound obvious, but finding a property is the step that many falter at, as they are unaware of what goes into finding a property. You have to consider if you can afford to buy the house, as well as make your monthly mortgage payments. You’ll need to be able to pay the deposit, stamp duty and mortgage fees, as well as considering what will happen if interest rates rise or your income drops.

Make An Offer & Arrange Surveys

The next step is to make an offer on the home, which is typically done through an estate agent. Once successful you’ll want to arrange a surveyor to come to the property. They will value the property and check it for any issues, as this might affect the cost of the home. Once this survey is done, you may want to go back and renegotiate the price of your home, as the survey might enable you to ask for a price reduction.

Exchange Contracts

Once all the problems have been ironed out, then it is time to exchange contracts. Before signing it, make sure you go through it all with a solicitor to ensure all the details are correct. Once signed, you and the seller are committed to the sale, so it is vital you ensure everything is correct beforehand.

Final Steps

There are a few things that will need wrapping up before you can relax. Any money owed to anybody who assisted you throughout the process must be paid, such as surveyor and solicitor fees. Your solicitor will register the transfer of ownership with the Land Registry and help to arrange any final things.

Property Advice From Andrew Lee Property Lawyer

Being a first time buyer is always tricky, as you don’t have the experience in the property market to make the process easier. If you’re in need of help, get in touch with Andrew Lee Property Lawyers. We provide quality property advice to first time buyers in the South East of England and Wales, using our years of experience to ensure you understand your options and obligations when buying a home for the first time.

We can help you through the process, helping you understand any legal jargon and commitments you could be facing, so you don’t have any unwelcome surprises before or after buying a property. If you’re thinking of buying your first home, give us a call today at 01622 750 101.