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 First Buy - Help for First Time Buyers
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New Build Initiatives For First-Time Buyers
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Exchanging Contracts
You are now entering the last stages in the legal process. Exchanging contracts means that the buyer and the seller are both legally committed to the sale. Once completed, you legally own your new home and can move in.
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The Legal Process
The legal process to transfer a property is called 'conveyancing'. If you are buying a property with a mortgage you will have to have a solicitor to do this for you.
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What Can You Afford?
The first thing you need to consider when buying a property is how much deposit you can afford to put down, how much you can borrow and which is the most suitable mortgage for your circumstances.
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Key Worker Homes
The £690m Government Key Worker Living programme gives public sector workers, such as nurses and teachers a helping hand to buy homes and the objective is to help people working in front line roles for key public services that may have difficulty in buying.
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How Parents Can Help
These days, a significant proportion of first time buyers are helped out buy parents. Many parents now have a significant amount of equity tied up in their property and are willing to help out.
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Buying With Friends Or Family
These days buying a property on your own is less common. Property prices can be quite daunting and difficult for first time buyers. Many people are now teaming up with friends and family to buy their first home.
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Now all of the paperwork is out of the way, it’s time to move into your new home.
Completion day checklist:
- Has your solicitor transferred payment to the homebuilder? If you have a mortgage, this money will have been sent from your lender to your solicitor.
- Have you received the keys to the property?
- Has your solicitor received the Transfer Deed, originals of any important documents, and registered you as the owner?
- Has your solicitor completed a tax return to pay the Stamp Duty Land Tax? You’ll need to sign this before sending.
Contributed by Helen Adams, Managing Director of www.FirstRungNow.com
