First Time Buyers
Purchasing your first flat or house is an exciting time; however, it can be a daunting process. At Watermans Legal, our experienced conveyancers are here to guide you towards your first purchase.
Buying Your First Home
From submitting the offer to handover of the keys we are here to help. For over 30 years we have acted for first-time buyers throughout Scotland.
We understand that if you've never bought a house before, a lot of the terminology used may be unfamiliar. We will always do our best to communicate things clearly and straightforwardly, while making sure you always know what's happening at each stage of the process.
Here is a list of practical tips for First Time Buyers
- Start saving for a deposit. Try to get your credit card balances down and not to make any large purchases prior to applying for your mortgage.
- Apply for a mortgage in principle. You can contact a lender directly or use a recommended mortgage broker. In most cases, you will need at least a 5% deposit.
- Your mortgage will be based on the Home Report value of the property. When offering over the Home Report value the funding must come from your own savings eg if the property is valued at £180,000 and your accepted offer is £200,000 you will need to pay £20,000 cash on top of your deposit
- There are government schemes to assist with financing a deposit eg First Home Fund or Help to Buy.
- Remember that the Home Report valuation will usually be higher than the asking price on the sales brochure. Offers are normally based on offering the above valuation. If there are other people than you interested in the property the estate agent will fix a closing date. We can submit a formal offer at the closing date and advise on the best price to offer.
- It is important to visit lots of properties and have a good look around to get a feel for the place. Online viewing is no substitute. Be sure to ask questions about utility costs and any common repairs.
- Arranging a second viewing is highly recommended. It is worth remembering that most people take longer looking at a car. Go back along to make sure that this is the one for you.
- Watermans Legal will provide you with a quotation of costs covering our fees, Land Register charges, and tax (LBTT).re is a list of practical tips;
How we can help?
We can assist you throughout the process of buying your first property, and take over some of the work, such as the searches and checking the legal rights and burdens which come with owning a property. However, our services go even further. We can advise you on legal, inheritance, and tax considerations as well. At Watermans Legal, it is our mission to make the purchase of your first home a smooth and stress-free experience.
Call our Estate Agency Team today on 0131 467 5566 or get in touch with us via our online enquiry form below.