A Guide to Buying your First Property
Buying your first house is an intimidating prospect, and it can often seem hard to know where to begin. Thankfully at DM Property, we have many years of experience helping first-time buyers get onto the property ladder.
In this blog post, we talk through some of the important steps you go through when buying your first home.
Working out what you can afford
Before you even think about looking at properties, you need to make sure that you have enough money to cover any costs associated with moving.
Most people are aware they will require a deposit in order to be eligible for a mortgage, however, first-time buyers are often unaware of additional costs, including Land & Buildings Transaction Tax (applicable if your property is worth over £145,000), solicitor’s fees, and an arrangement fee for your mortgage. On top of this, you also need to factor in contents and buildings insurance, money to furnish the property, as well as little things such as hiring a van or enlisting a moving company.
There is a great tool here from Money Helper that can assist you when working out what you can afford to spend.
Working out what you can borrow
Once you have worked out how much money you can afford to spend, the next stage is to find out what you can borrow in the form of a mortgage.
Getting a mortgage agreement in principle is an important step as it will allow you to work out the value of the property you can afford when combined with your deposit. Whilst you can go directly to a mortgage lender, we'd advise you to seek out a Mortgage Advisor. They will be able to help you secure the best rate on your mortgage, as well as ensure your application is processed accurately and efficiently when you find your perfect home!
Choosing a Solicitor
Now that you know how much you have to spend on a property, the next step is to appoint a Solicitor, who will formally note interest or submit written offers on your behalf. Unlike in other parts of the UK, this is a legal requirement in Scotland if you want to bid on a property.
At DM Property, we have a team of experienced conveyancing solicitors, who are well equipped with all aspects of conveyance and property law. With expert knowledge of the Scottish property market, combined with our negotiating skills and dedication, you'll always get the best possible service and results.
Begin searching for a property
Now for the exciting part. Once you have your finances in order and you have chosen a solicitor to act on your behalf, the next stage is to begin looking for your dream home. The property market moves at a quick pace so it is important to always be checking for new properties, and set up alerts to notify you when a property that matches your criteria comes onto the market.
All of our properties are listed on Rightmove and ESPC, but you can also view them directly here.
If you come across a property that you are interested in, ask your newly appointed Solicitor to note your interest. This will give you the best opportunity to submit an offer should you decide that you would like to try and purchase the property.
Making an offer
Now for the really exciting part! Once you have found a property that you want to purchase, the next step is to ask your Solicitor to submit an offer.
With our extensive experience, our conveyancing solicitors will be able to offer you advice with regards to your offer based on the property's valuation, how much interest has been noted and the market conditions.
Offer accepted - what now?
Once your offer has been accepted, your Solicitor would then contact the seller’s solicitor and get the ball rolling, carrying out tasks such as requesting a copy of the draft contract, the property’s title and other standard forms. If you chose DM Property to be your Solicitor, you can be assured that we would take care of all the legal work, ensuring the process goes as smoothly as possible. For more information on the conveyancing process, click here.
At this point, you would also need to complete your mortgage application, and this is where a mortgage advisor would guide you through all of the paperwork needed.
