First-Time Buyers: Easing a Challenging Process?

Buying your first home can be an exciting and rewarding process but it can also be a worrying time. If you have not dealt with the steps involved in acquiring a new property it can be an overwhelming experience. Fortunately, we can help you breakdown that process and highlight how using a personalised conveyancing service can make the experience smoother and less intimidating.

What is conveyancing?

Conveyancing is the legal process of transferring the property ownership. It generally begins once you have had an offer accepted on a property and ends when your eventual legal ownership is registered with the land registry.

If you are obtaining a mortgage the chances, are it is the most significant financial decision you have made in your life. In addition to negotiating with the seller of your property you are also seeking to borrow a large sum of money from a financial institution.

There are broadly two stages we can help you with:

1. Precontract negotiations

We will provide you with a clear idea of the costs involved including things like government taxation and land registry fees.

• Identity and Fund Verification

We will need to collect some information from you including detailed information about your source of funds and will need to verify your identity. During this time, you can get on with arranging any survey and applying for a mortgage.

• Searches and due diligence

We will begin the process of finding out as much information as we can about the property to include information from the local authority and other bodies- these are known as searches. At the same time, we will receive a contract together with title information from the seller’s lawyer and will be checking that everything is in order. If your property is leasehold, we will need to make extensive checks to see how the building is managed and things like fire safety are dealt with at the building. If we find any problems, we will of course let you know and talk you through them so that you can make an informed decision.

• Reporting to you

Once we have all the information together with your mortgage offer, we will send you a detailed report for you to review all those documents. We will simplify the complexities and ensure you understand every detail.

• Exchange of contracts

The final part of this stage will involve you returning signed documents and a deposit (which is normally 10% of the purchase price) to us and we proceed to exchange of contracts. This means the documents you have signed are dated and swapped with those signed by the seller. Your commitment to purchase the property becomes binding at this point.

2. Preparing for completion.

The completion stage involves finalising the purchase and ensuring you can move into your new home smoothly.

• Completion date

The contract will have agreed the date that you are going to move into the property. We will make sure your mortgage company send the funds on time for that and let you have a breakdown of the final monies you need to transfer to us for a smooth completion.

• Completion day

On the day we will make sure that the sellers solicitors pay off any existing mortgages attached to the property and send them the funds. We will provide a clear breakdown of the remaining balance, which you need to transfer to us. This ensures there are no last-minute surprises. On receipt of those the estate agents will hand you the keys and you are officially a homeowner!

After completion

While the process of moving in may feel like the end of your journey, some important steps remain:

• Land Registry registration
  We will submit the required documents to the Land Registry to ensure your legal ownership is registered. Although this process can take several months, you will legally own the property from the day you move in.

Top tips for first-time buyers

To make your first purchase as smooth as possible, consider the following tips:

1. Budget accurately
   Include additional costs such as Stamp Duty, survey fees, and removal expenses in your budget.
2. Obtain a mortgage agreement in principle (AIP)
   Securing an AIP can help demonstrate your financial readiness to estate agents and sellers.
3. Understand the property market
   Research local property prices and trends to ensure you are making a fair offer.
4. Stay organised
   Keep all necessary documents, such as ID, proof of funds, and mortgage paperwork, easily accessible.

Conclusion

At Anthony Gold, we offer a personalised conveyancing service tailored to your needs. Our expertise and attention to detail ensure that the process is as stress-free as possible.

If you are thinking of purchasing a property and would like some further guidance, please do feel free to contact us today at 020 7940 4060 or email us at mail@anthonygold.co.uk.