Buying Your First Home
Buying your first home is an exhilarating journey, a significant milestone marking the beginning of a new chapter in your life.
We understand that purchasing a property as a first time buyer can be overwhelming.
The good news is that we will work towards simplifying the process and making it as smooth as possible and straightforward for you.
Unlocking the Mystery of Stamp Duty Land Tax (SDLT)
One of the most complex areas in your purchase is considering the Stamp Duty Land Tax (SDLT), that your purchase will attract. SDLT has historically been a significant expense that was often deemed as an additional cost of buying a home. However with recent government initiatives, new first-time buyer relief schemes have been introduced which do allow certain exemptions for properties falling below a specific threshold. More information can be found online by visiting https://www.gov.uk/stamp-duty-land-tax
Mortgage Lending and financing your purchase
Dealing with finances when buying your new home is an essential part of the process and usually is arranged by buyers prior to agreeing to purchase your new property.
The finance can be in various forms. This may require borrowing from a mortgage lender, your own savings and/or gifts from family/relatives.
Whichever form of financing you are pursuing you will be required to provide evidence of where the funds for your purchase are coming from. Being well-prepared with all the right documentation will not only help with the mortgage application but also assist in making your transaction progress smoother.
Property surveys are a fundamental part when it comes to the home buying process.
They assist with identifying any potential issues with the property, ranging from structural concerns to hidden defects. While this is an additional step with an associated cost, they are not compulsory, however as Solicitors we do highly recommended that these are carried out, as the process ultimately safeguards the buyer’s interests by protecting them against unexpected complications down the road.
Navigating Completion Dates
Here at Rainer Hughes we will work together to agree a desired completion date. This is the day that you collect your keys and legal ownership is transferred to you.
Conclusion: Rainer Hughes – Your Trusted Guide to Homeownership
We at Rainer Hughes are committed to making this process simple and convenient for all new homeowners embarking on this new journey.
We understand the significance of buying your first home and are dedicated towards providing the best legal advice and guidance to make this process seamless, comfortable and secure.
Rainer Hughes is With You Today, For Your Tomorrow.