Property Conveyancing: 3 Tips for First Time Buyers in Kent
As a first-time buyer, the prospect of purchasing your first home can seem daunting. With all of the different aspects of residential property transactions that you need to take into account, even the most organised prospective buyers can quickly become overwhelmed by information overload.
As property lawyers , it is our job to make the buying process as straightforward and as stress free as possible, and to assist in doing so, we’ve put together a few tips and pointers by way of conveyancing advice and other related information to help you on your way.
1. Appoint Experienced Conveyancers
As a first-time buyer, the conveyancing process isn’t something that you should attempt yourself. In fact, we always recommended that everyone looking to purchase property make use of the services of experienced conveyancers.
In return, you will receive expert advice and a level of due diligence that will dramatically reduce the likelihood of anything arising throughout the course of the transaction that could negatively impact the sale being completed.
2. Read Up on Property Law
As mentioned, you will likely be exposed to terms that you have no prior knowledge of. For that reason, becoming familiar with the law surrounding property can be beneficial.
Depending on whether you’re looking for an apartment or a house, the property will either be what is known as freehold or leasehold. The difference is that freehold properties will include ownership of the land the house sits on whereas leasehold properties wont.
Houses are typically (but not always) freehold whereas an apartment will almost certainly be leasehold. The differentiation between the two is important and is another reason why hiring a conveyancer is beneficial.
3. Consider the Area Carefully
The area you are looking to buy in is important for reasons other than just local amenities and property prices. If the property you’re looking at is located on or near a flood plain, this may impact your ability to obtain a mortgage.
One of the many checks that a conveyancer will complete is whether the area the property is in lies on contaminated land, is on a flood plain or is subject to planning permission for a new development that might be considered undesirable.
Ascertaining Affordability and Completing Credit Checks
There are several other important aspects of property transactions that are separate to the conveyancing process. Two of the most vital things that you can do include;
Deciding on a comfortable loan to value ratio that is affordable based upon your existing monthly income and outgoings as well as any other liabilities you have.
Completing a comprehensive credit check to ensure that there is nothing in your past financial history that might impair your ability to obtain a mortgage.
Andrew Lee & Co: Experienced Property Solicitors
As property lawyers, part of our mission is to help first-time buyers navigate the pitfalls usually associated with the purchase of property. For more information on how we can assist you, call us today on 01622 750 101 to make an appointment.
Alternatively, you can visit us at our office which is located at 37 High Street, Maidstone, ME14 1JH.
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