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I am a First-Time Buyer.... What do I need to know?

View profile for Emily Jones
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Johnson Astills understand that property transactions, such as buying or selling a house can be a stressful process for any of our clients, but even more so for first-time buyers. Buying your first property is exciting and Johnson Astills aim to take as much of the stress and aggravation away from you as possible, so that you can enjoy the process.

Please have a read of the below article for a quick overview of what is included in buying your first house:

  1. Finances!

It is important not to overstretch yourself in terms of your budget. You must ensure that you have sufficient funds to cover a range of costs, for example:

  • The funds for a deposit – this can be from your savings, an ISA or a gift
  • Your mortgage payments
  • Conveyancing fees – Please see the following article for further information on Johnson Astills fees: https://www.johnsonastills.com/site/blog/conveyancing-blog/property-transactions-will-there-be-any-hidden-costs

Please be aware that you will be required to provide evidence of your source of funds – this can include providing six months of bank statements, wage slips, portfolios of investments etc. This is required to ensure we are compliant with Money Laundering Regulations.

The following article may assist you when arranging your finances: https://www.johnsonastills.com/site/blog/ejablog/top-tips-on-purchasing-a-property

Other considerations:

STAMP DUTY:

Following the Budget on 30 October 2024, there have and will be several changes made

with regard to how stamp duty is calculated on some residential property transactions

and this may result in an increase in the stamp duty payable.

For transactions which complete on or after 1 April 2025:

  • The nil rate threshold for first-time buyers which is currently £425,000

will revert to the previous level of £300,000.

  • The nil rate threshold which is currently £250,000 will revert to the previous level of £125,000.

Please see the below link to the Governments stamp duty calculator to enable you to

calculate the rates if these are applicable to you

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#!/intro

  1. Choose your property.

View the property and the neighbourhood – at different times of the day and night.   Ensure you also look at the back of the property as your neighbours at the back can be just as important as those on either side.

  1. Instruct your conveyancer.

Instruct your conveyancer.  The following articles regarding conveyancers may assist you with this stage of the transaction: https://www.johnsonastills.com/site/blog/conveyancing-blog/solicitor-or-conveyancer

https://www.johnsonastills.com/site/blog/conveyancing-blog/conveyancinghmm-what-in-fact-is-it

You will need to provide your chosen conveyancer / solicitor with:

  • Two forms of ID – including photographic ID and proof of address
  • Completed instruction forms
  • Proof of your Source of Funds
  1. Arrange your survey.

Your conveyancer will not be qualified to offer advice regarding the building/structural integrity of the property, so it is recommended that you arrange a survey. For more information on Surveys, you should visit the Royal Institute of Chartered Surveyors website.

 Please have a read of the following article if you are unsure why you need to arrange this survey: https://www.johnsonastills.com/site/blog/ejablog/i-am-buying-a-property-do-i-need-a-survey

  1. View the property again.

This means that before you are legally bound to buy, you can discuss any damage done to the property with your solicitor.

You should be sure that the boundaries of the property match those shown on the title plan. If you are unsure, you should speak to your Solicitor about this.  Ensure that you check the fixtures and fittings list for items which are being included in the purchase.

  1. Behind the Scenes.

Your conveyancer will be in touch with a report on the title to the property, reports on the searches and mortgage offer (if you are using a mortgage).

Your conveyancer will supply you with a copy of the additional enquiries they will raise with the seller’s conveyancer.  Once all enquiries and searches are back and your source of funds checked, and all relevant documents signed, you can discuss completion dates with your conveyancer.

  1. Provide your authority to exchange contracts to your conveyancer. 

The following article may be useful to read, if you are unsure about what is involved in the exchange of contracts: https://www.johnsonastills.com/site/blog/conveyancing-blog/exchange-of-contracts

  1. Agree a completion date with your conveyancer and pay your deposit.

Your conveyancer will then exchange contracts with your express authorisation, which fixes the agreed completion date.

  1. Completion!

Collect your keys and begin moving into your first home!

How can we help?

Johnson Astills can assist with the sale and purchase of residential properties. Transfer of equity or re-mortgaging of properties.

Please get in touch with Johnson Astills today and we would be more than happy to discuss your requirements further. Please call us at our office in Leicester on 0116 255 4855 or our office in Loughborough on 01509 610 312 and ask to speak to a member of the Property Team. Alternatively, you may prefer to email us at legal@johnsonastills.com or fill in our enquiry form.