A guide to buying your first home

by Sintons on November 18, 2013

  • Sumo

Buying your first home is an exciting and momentous occasion by anyone’s standards. Not only is it a new opportunity, becoming a homeowner is a symbol of your independence and maturity.

However, as The Independent recently suggested, around a third of people are confused by the home buying process. That’s why we’ve put together this handy guide to help you understand the basics of buying your first home.

Choose a solicitor.

Your solicitor will be invaluable during the process of buying a house. They will arrange the exchanging of contracts, as well as finding out any issues that could affect both you and the property you intend to buy.

If a house sale is delayed, on many occasions it is due to poor time management skills on behalf of the solicitor. Failing to meet a deadline for sending off important documents can seriously delay your move.

That’s why it is vitally important that you choose the right solicitor. You should go for a professional, well-organised solicitor who will make the whole process run smoothly. It is likely that your estate agents will recommend a solicitor for you. Many estate agents are in partnership with law firms, receiving commission for every client they secure. This means that you may end up paying over the odds for the service in order to cover this extra cost to the firm.

We’d recommend choosing a well-established solicitor. Sintons, for example, has been established for 117 years and is one of the most well-respected solicitors in Newcastle. They specialise in legal property matters, so would be a great choice for your move.

Fund it

Getting funding for your property is perhaps the most difficult hurdle you will face during the buying process.

The good news is that figures released from CML and published in The Guardian show an increase in the number of mortgages given to first time buyers. Before you apply for your mortgage, you should always work out how much you can afford – this BBC mortgage calculator should help you out.

The government is also offering a number of funding schemes to help out first time buyers. With the Help to Buy equity loan, the government will provide an interest free loan of up to 20 per cent of the value of a new build home.

The shared ownership scheme is another great option as it allows you to buy a share of a home, and pay rent to cover the costs of the remainder. In addition, the NewBuy Guarantee scheme allows all buyers to purchase a new build home with just a five per cent deposit.

You can find out more information about these UK government schemes through their website.


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