Finding a home is a complex task even for those who have been through the process several times before. For those venturing onto the property ladder for the first time during the present climate, this can seem quite daunting.
The latest government advice has stated that homeowners and prospective homebuyers can now get started on the process of buying and selling, as long as guidance from the Ministry of Housing Communities and Local Government is followed.
From deciding on a budget figure to sorting necessary paperwork and choosing a trusted conveyancer, the experts at JMP Solicitors, have compiled a list of top tips to help get you ready.
- Decide on a realistic budget
When purchasing a home, the deposit isn’t the only cost you’re going to need to cover. As well as the budget for a deposit, which will be around 5%-20% of the value of the home, there will be a number of initial fees such as the valuation fee and the surveyors fee, as well as the additional parties to pay such as the lender/broker fees (if first-time buyer, no estate agents fees) and the conveyancer. There is then the fees associated with the mortgage including the booking fee, arrangement fee and mortgage valuation fee. We recommend saving an additional £2,500 on top of your deposit to cover the costs. Please be aware that if more than one person is purchasing and they have already owned a property then stamp duty will be payable even though the other person has never owned a property anywhere in the world before.
- Find a suitable conveyancer
It’s important to find an experienced conveyancer who will provide a thorough service when you’re buying a home. Your conveyancer will be able to give legal advice, handle contracts, undertake important searches, deal with the Land Registry, and the transfer of funds. Many estate agents will recommend a conveyancer, but it’s important to undertake your own research to make sure you find the right one for your particular purchase. Ensure that they are certified by either the Solicitors Regulatory Authority or Council for Licensed Conveyancers or the Law Society.
- Take extra care in filling out paperwork
Miswritten paperwork is a common cause of delays when it comes to buying your home. It is important to ensure you read all contracts in full detail and fill in all paperwork openly and honestly. Any incorrect paperwork could lead to a great deal of legal problems in the future. Taking a little extra caution when filling in forms and applications can save you a great deal of time in the long run.
- Be patient
While you may be itching to get into your new home, it is vital that all aspects of the process are dealt with thoroughly. Sometimes the conveyancing process may involve a lot of paperwork and additional enquiries, but it is important to understand that all the legal aspects are being done in your best interests as a first-time homebuyer. Aside from conveyancing, the mortgage arrangements, estate agent negotiations and the actual moving in process will also take some time.
- Uphold good communication with your agents
Ensure you are always kept in the loop with the seller, your estate agent, mortgage advisor and conveyancer. When you have decided on a property, you want the process to be as smooth and hassle-free as possible, so don’t be afraid to keep pestering your agents. In the same way, make sure to keep your phone on at all times in case you need to be informed of any major turning points. Additionally, keep up to date with your emails, including checking your junk, as conveyancers will often send over documents via email.
- Ensure you are fully satisfied with your final arrangements and negotiations
For first time home buyers, you may go into a contract not fully understanding what is in your best interests. Your conveyancer will be able to provide you with the best possible advice to ensure you get the best deal for the short and long term. If at any time you are not satisfied with your agreements, it is vital you speak with your conveyancer and they will endeavour to resolve any issues before it is too late.
Jacqui Harley, Head of residential conveyancing, comments: “Many have been waiting to move since the end of March when the government told homebuyers to delay completion until lockdown ends, so following government advice, estate agents and viewings are now permitted and removal companies have started.
“As long as safety guidelines are adhered to, now is a good time to get started on the conveyancing process, and first-time homebuyers are in a fantastic position to start putting the wheels in motion.”