Buying your first home? Here’s what you need to consider

Buying your first home? Here’s what you need to consider

Current estimates show that around 64% of the population owned their own home last year, a figure that continues to rise steadily, though it’s still far below the pre-recession peak of 71% that was seen in 2003. Here, Attwells discuss what you need to consider when it comes to starting the conveyancing process for your first home.

From Rightmove to the right conveyancer

Once you’ve found a property you want to buy, and your offer has been accepted, it’s time to find a property solicitor who can look after your purchase. Make sure you get several quotes from various firms, so you can compare costs. Be aware that some firms may have hidden fees that will bump up the initial quote, whilst others may seem to offer value, but won’t offer the service levels and communication you need during such a large financial transaction. A local, established name such as Attwells will of course offer both value and service.

Property searches

If you’re applying for a mortgage to purchase your first home, one of the conditions will be that searches are carried out before you can get the funds from your lender. As part of our conveyancing service, Attwells carry out all required searches. These might include local authority, environmental and water and drainage searches. We move quickly when it comes to property searches during the conveyancing process, and this ensure you, and of course your lenders, have access to valuable, up to date information about your property and the local area without facing unnecessary delays.

Should you get a survey?

A survey is different from a mortgage valuation. And if you’re buying a new or fairly new home, you may not need to have a full structural survey or even get a homebuyer report. However, if you’re buying an older property, we generally recommend getting a survey. It may pull up issues that could affect the initial offer you’ve made on the property, and provide important information on any issues your new home may face in years to come.

Exchanging contracts and completing

These are the final laps in the race to enter your new home. When contracts are exchanged, that means your conveyancing solicitor has entered a fixed date for completion of your house purchase into your contract.

In general, we advise giving yourself a week or so between exchanging and completing, to give you time to pack and organise removals. Of course, if there is a chain, this can have an effect on the timing. Don’t forget, at this point, the contracts become legally binding, and that means you may incur penalties if you then decide to pull out of your house purchase.

Collecting your new keys

When completion day comes around, your property solicitor will send your funds over to the seller’s conveyancing lawyers, and you can collect your keys from the estate agent. And that’s it, you’ve moved into your new home. Congratulations!

At Attwells, we’ve built a reputation on trustworthiness and transparency. Our conveyancing fees reflect the high level of service you will receive, and the speed with which we’ll work to ensure your transaction completes as quickly as possible. Get your instant online conveyancing quote via our online calculator, to find out what your conveyancing fees will be…  and that’s all you’ll pay, no hidden costs, guaranteed.

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