First timebuyers….unsure of the steps of buying?
Buying your first home is a daunting step and without the right advice and professional assistance can be extremely stressful.
See our handy how to guide for first time buyers
How To Get A Deposit
There is no way around it. If you want to buy, you will need a substantial deposit in order to borrow the remainder of the property’s value.
The mortgage deals that allowed you to borrow more than the value of your property have gone. And although there are still some lenders offering high loan to value mortgages, they are likely to be much more expensive. The bigger the deposit, the better the interest rate. We work in conjunction with an indecent financial adviser who can search out the best deal for you, your income and your circumstances.
It’s very popular now for first time buyers to boost their buying power by looking for property as a couple. In fact, joint ownership mortgages are available for up to four people (although lenders tend to lend on multiples of the two highest incomes). Lenders have become much more relaxed about who you can take out a joint mortgage with – family, friends, even a stranger looking for property to invest in.
But anyone considering a joint mortgage should ideally rent together first to make sure they really do get on and get a legally drawn up co-habitation or joint ownership agreement when they buy. You need to be clear what happens if someone loses their job, moves a boyfriend in, how you deal with the deposit, what belongs to whom, and so on. Be aware, too, that if one person stops paying their share, the remaining owners are responsible for meeting the whole of the mortgage payment each month.
Stamp Duty For First Time Buyers
If you buy a property in the UK over a certain price, you have to pay Stamp Duty Land Tax (SDLT). This is charged on all purchases of houses, flats and other land and buildings.
Purchase price of property Rate of SDLT (percentage of the total purchase price)
£0 – £125,000 0%
£125,001 – £250,000 1%
£250,001 – £500,000 3%
£500,001 – £1 million 4%
Over £1 million – £2 million 5%
Over £2 million 7%
Over £2 million bought by corporate bodies 15%
Finding the home for you
Pop into our office on Stonegate Road to register yourself in our mailing list and discuss your requirements. As we are experts in the North Leeds area we can assist with suggesting the best areas to look at to get the most for your budget.
Making an offer
Is the property Freehold or Leasehold?
Agree what fixtures and fittings you might like the vendor to leave, make sure anything you ask to be included in mentioned at the time you offer and confirmed in writing to avoid confusion later.
When making a decision on what to offer bear in mind that the property value can be increased by factors such as extensions, loft conversions, fitted kitchens, being in a good location or being a new build.
Call the agent and start discussing negotiations
A good conveyancer is imperative. Don’t just go for the cheapest quote! We work very closely with a Leeds based panel of solicitors who we are happy to recommend, we do not work on any form of commission with them we just feel that when making the most expensive purchase you’re probably going to ever make you should be dealing with a trustworthy experienced conveyencer.