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Buying a home and getting onto the property ladder is a great way to build wealth, but it’s also one of the most significant financial commitments you’re likely to make. Without professional guidance, it’s easy to make expensive mistakes.
In this article, we’ll cover the legal and mortgage help you’ll need for a successful home purchase.
Legal Guidance and Conveyancing
The legal aspects of buying a home include checking property boundaries, reviewing the contract, and ensuring ownership is transferred correctly. For this, you’ll need qualified real estate lawyers to handle the process for you, from conducting local authority searches to dealing with Land Registry paperwork.
Hiring a lawyer should ensure that any transactions are legally compliant to protect your interests in the event of disputes or complications. Look for lawyers who are regulated by the Solicitors Regulation Authority or the Council for Licensed Conveyancers and specialise in residential property law for the best results.
Financial Advice and Mortgage Brokering
Unless you are fortunate enough to buy your home with cash, securing the right mortgage is essential. A mortgage broker offers guidance on the best loan products for your circumstances. They will assess your income, outgoings, and credit score to determine your borrowing power before matching you with lenders offering competitive rates.
While you can go directly to banks, mortgage brokers frequently have access to exclusive deals unavailable to the public. They can explain complex terms and ensure you avoid hidden fees or poor repayment terms.
Property Surveys and Valuations
It may be tempting to skip your property survey to save money for the deposit, but it can cost you more in the long run. A qualified surveyor can assess the structural condition of the property, flagging up potential issues such as damp or roof damage.
You can obtain various types of surveys, ranging from basic valuations to comprehensive structural surveys. The best choice will depend on the age and condition of the house, as well as the type of property. After a thorough survey, you can use your deeper understanding of the home to negotiate a better price.
Assistance with Government Schemes
If you’re a first-time buyer in the UK, you’ll have access to several government-backed schemes designed to make getting on the property ladder more achievable. Two of the most popular are Shared Ownership and First Homes. They come with specific eligibility criteria, such as income limits and local residency requirements, and may have long-term conditions, including the need for permission to make certain property changes.
Shared Ownership enables homebuyers to purchase a share of a property, typically ranging from 10% to 75%, and pay rent on the remaining amount. It can be a good option if you can’t afford a full mortgage right away but want to begin building equity. First Homes offers newly built properties at a discount of 30–50% below market value to eligible first-time buyers, typically key workers and local residents.
