It may seem like an unnecessary expense to hire a property lawyer when you are about to purchase your first property, but it’s a very good idea. There are many things that you may not understand as a first-time buyer and you could end up missing out on a number of opportunities without the aid of a professional.
First Time Buyer Schemes
The government offers a number of schemes for those who qualify. If you have had land in your name previously, even if it was an inherited property, you do not qualify. In addition to this, each scheme has different requirements. It can get confusing, so it’s helpful to have an expert in conveyancing on your side.
Get a Mortgage
Unless you are one of the rare people who can pay for a property in cash, it’s likely that you’ll need to get a mortgage. Again, this is possible to do on your own, but it is much simpler if you have an expert with you. They can explain how the entire process works and take you through the necessary steps to get a mortgage.
Your mortgage will likely come from a bank or a building society and will be based mostly on how much income you have. It is helpful to select a lender who is more likely to provide you with a good mortgage rate and who will understand your situation, particularly if it is complicated. A solicitor can help you understand how this type of loan works and can prepare you for the legal obligations that are involved.
Get a Survey Done
Once you’ve found a property, you’ll need to have a survey done. In addition to this, some properties require stamp duty to be paid. The survey will be carried out by a third party and should give you an idea of any potential problems in the home. This may affect the price or it could result in some adjustments being made to the contract.
In some cases, you may request that the seller fix a problem before the sale. Otherwise, you may be able to reduce the price in order to cover the cost of resolving the issue yourself once the property is in your name. It’s useful to have a property lawyer who can help you get what you deserve in this case.
Sign the Purchase Contract
There will be contracts, as well, which is why you really do need a solicitor at this stage. It’s important that everything is done correctly and in the proper order to avoid problems in the future.
To learn more about purchasing your first property, contact Andrew Lee Property Lawyers. We’re here to help.
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