First Time Buyers Advice
Buying your first home is an exciting time, however as a First Time Buyer you may not be aware of all of the costs involved in buying and indeed owning your own property. That’s why we encourage all First Time Buyers to call our Conveyancing Solicitors and get a full breakdown of what conveyancing costs they will incur when buying their first property. You can call one of our solicitors or complete our online Conveyancing Enquiry Form and we’ll get back to you.
How Can Vincents help First Time Buyers?
We think that it’s important that all First Time Buyers have a full understanding of all of the cost implications of buying a property before they’ve even viewed their first house. There are also other considerations, because of the rise in house prices over recent years you may be thinking of buying with friends or another member of your family. Circumstances do change however, and we want you to consider what you would do if one person wanted to sell their share or how sale proceeds would be shared if one of you paid a larger amount of deposit for example. We ask all First Time Buyers to get some good legal advice from one of our Conveyancing Solicitors so that agreements can be drawn up in advance.
What are the Conveyancing Costs for First Time Buyers?
The government has helped First Time Buyers to get onto the property ladder by increasing the threshold for Stamp Duty for First Time buyers. You qualify as a First Time Buyer if you have never owned property or land before, both inside or outside the United Kingdom. If you are buying a property jointly and one of you has owned a property or land before then you will be subject to Stamp Duty. For more information about Stamp Duty you can read our Stamp Duty Guide or our Solicitors can give you full guidance. Other Conveyancing costs vary depending on the purchase price of the property. Conveyancing costs include Search Fees, Land Registry Fees, Stamp Duty and our Conveyancing Fee. Once you know how much you can afford to pay for a property we will work out all of the fees for you.
What other costs will First Time Buyers incur?
During the process of buying a house you will have to pay various costs. These will include:
- Mortgage Booking Fee
- Search Costs
- Land Registry Fees
- Survey Fee
- Stamp Duty Fee may apply depending on Purchase Price
- Your Deposit
- Removals Costs
And this is all before you’ve even moved in! On top of your mortgage you’ll have other bills to pay too. Don’t forget about the Council Tax, it’s worth checking out what band your property falls in and how much it is in advance. Make sure that you’ve got enough left over after your mortgage and council tax each month for other bills and for emergencies!
We also recommend that you talk to our financial services team, Vincents Wealth Management who can advise on mortgage deals across the whole of the market place. They will also advise how much you can afford to borrow. Simply ask to be passed on to one of our advisors when you call about conveyancing advice.
Call our First Time Buyer Experts Now
Our friendly team of conveyancing solicitors will be only too happy to guide you through your first purchase and help you with any questions you may have along the way. Give us a call today and we’ll provide you with a full quote for your conveyancing costs, or you can complete our online conveyancing calculator to give you an initial cost indication.
For any enquiries regarding
First Time Buyers Advice
please contact our
01772 555 176