First-Time Buyers Guide
Kornelia Matson, Legal Assistant | 11th August 2022
Buying your first home? Congratulations!
This is one of the most exciting milestones in your life, but also can be a very stressful one due to the legal processes and large amounts of money leaving your accounts.
The legal part can often seem daunting, so you should be encouraged to ask questions throughout – no matter how trivial you think they sound! This First-Time Buyers Guide has been put together to shed light on the steps ahead as you embark on your exciting journey.
Sit back and enjoy the ride.
Finding Your Home:
- If you require a loan, get to the bank/ lender and get yourself a mortgage in principle.
- Now the fun part, search the web, look in every estate agent window and view as many houses as it takes for you to find your perfect first home. There’s no shame in walking away but move fast if it’s somewhere you like.
- Put in your offer to the estate agent for your perfect home!
Once Your Offer Has Been Accepted:
- Appoint your conveyancer. This is an important step, choosing who will do this for you is key to the smooth running of your transaction, so check reviews and get some quotes.
- Once you are set up and ready to go, your conveyancer and the seller/s conveyancer will start a dialogue, a contract pack will be issued and your searches should be ordered.
- Start thinking about a survey, what level of survey you would like and who will do the survey for you. This should get booked in by you, and some findings may be used as a negotiation point during the purchase.
The Conveyancing Process:
- The next step is what we call a ‘tango’ between conveyancers. It’s a dance of going back and forth with enquiries being raised by your Conveyancer and then being answered by the seller/s conveyancer.
- At this stage, the title, searches and documents to your new home get reviewed. If anything of concern is revealed, your conveyancer should let you know.
- Your official mortgage offer should be on its way to you and your conveyancer.
- Whilst the tango continues, your conveyancer will want to see your ‘Proof of source of funds’. This is evidence of ‘where’ your money has come from. So gather up all evidence of your money trail. As each trail is different, don’t be afraid to ask what is needed from you.
- If you have an ISA bonus – contact your bank to ask how long it will take for your closing statement to be issued (in readiness for when this is required from you).
- Once the tango is finished, you will receive a ‘Final Report’. Get a cuppa and read through this very important report thoroughly, because it will tell you everything you need to know about the property you are about to buy! This will often come with all the documents you need to sign and return.
- Once your signed documents have been returned to your conveyancer and your deposit transferred, a date for completion can be agreed upon.
- Exchange – this is the legally binding part of the transaction. Once the contracts are exchanged, this sets the completion date in stone.
- Completion day! Your funds get sent to the seller/s conveyancer and the keys to your new home are released!
What’s next?
Congratulations, you are now a homeowner and have survived the ‘first-time buyers rodeo’. You should receive your registration confirmation from your conveyancer once it is completed with HM Land Registry.
