Buying your first home is an exciting milestone, but it can also feel overwhelming. Our Residential Conveyancing experts at Tees are here to provide you with practical advice and valuable insights to make your journey smoother.
Assess your financial position
Committing to a mortgage and home ownership is a significant step. Beyond your mortgage payments, consider additional costs like maintenance, insurance, council tax, and utilities. Use online mortgage calculators to estimate your expenses and create a sustainable long-term budget.
Understand your credit score
Your credit score plays a vital role in obtaining a mortgage offer at a competitive interest rate. You can check your credit score online for free. If your score needs improvement, consider steps like:
- Paying bills on time
- Reducing outstanding debt
- Limiting the number of active credit cards
Save for a larger deposit
The bigger your deposit, the better your mortgage options will be. If you have a Help to Buy ISA or a Lifetime ISA, be mindful of their restrictions. Always check the terms and conditions before using these for your purchase.
Get a mortgage agreement in principle
Speak to a mortgage broker to understand how much you can borrow. They can advise on fixed-rate, tracker, or variable mortgages based on your financial circumstances. Factor in additional costs like:
- Survey and mortgage application fees
- Land Registry fees
- Property searches
- Stamp duty
- Legal fees
At Tees, we can provide a transparent quote for legal services to help you budget accurately.
Choosing the right property type
Freehold
- Full ownership of both the property and the land
- Indefinite ownership period
- Responsible for all maintenance and repairs
Leasehold
- Ownership for a fixed term (typically 99 to 999 years)
- After the lease expires, ownership returns to the landlord
- Service charges and ground rent may apply
- Properties with fewer than 80 years on the lease may be harder to mortgage
Shared ownership
- Purchase a percentage of the property and pay rent on the remainder
- Opportunity to buy more shares over time (staircasing)
- Typically sold as leasehold
Finding the right property
Consider factors like proximity to schools, amenities, and transport links. Evaluate the property’s condition and budget for any necessary repairs or renovations.
- Research local property prices: Use platforms like Rightmove and Zoopla to compare property prices.
- Negotiate smartly: Make offers subject to survey results, and be prepared to renegotiate if issues arise.
Understanding the purchase process
Once you find a property, instruct a solicitor to ensure the legal title is clear and all necessary paperwork is in place. At Tees, our experienced solicitors conduct searches, investigate titles, and guide you through every step.
Your lender will conduct a valuation to confirm the property’s worth before issuing a formal mortgage offer. While not mandatory, we recommend a survey to uncover potential issues. Investing in a survey can save you money in the long run by identifying necessary repairs.
Why choose Tees?
At Tees, we specialise in helping first-time buyers navigate the complexities of purchasing a home. Our expert legal team provides clear, practical advice tailored to your needs, ensuring your experience is as smooth and stress-free as possible.
Ready to take the next step? Contact Tees today for personalised legal support on your home-buying journey.
