A helping hand for First Time Buyers in a challenging market

Released On 12th May 2023

Buying your first home can be both an exciting and daunting process, especially when faced with a challenging residential property market.

Licenced Conveyancer Naomi Knapman offers some expert guidance and tips to help first time buyers take that first step onto the property ladder.

Ensure you have a Mortgage in Principle in place. This will help you set a budget on a property and what your monthly expected costs could be.
Speak to your local Estate Agents. Let them know your budget, and your requirements. This way they will often let you know first when a property is due to come on the market which matches your needs.
First time buyers are an attractive prospect for many sellers as there is no property chain involved. It is also a buyer’s market at the moment so make the most of it!
Once you know your budget, ask Battens for a quote for purchasing the property. We are offering some first time buyers in the Yeovil area a 10% discount on our legal fees, please follow the link for full terms and conditions.https://www.battens.co.uk/term...
In addition to legal fees there may be other fees that you must pay when buying a home such as Stamp Duty Land Tax (SDLT) and Land Registry Fees. First time buyers are exempt from paying SDLT up to the value of £425,000.00, so this is something else to bear in mind when purchasing your first home. It is always a good idea to have a full, clear picture of the expected outlay when purchasing a property.
Do your research on the many schemes available to help first time buyers make their money go further. For example, Shared Ownership and Lifetime ISAs could be available. Some lenders are now offering 100% mortgages for those in rented accommodation who struggle to save for a deposit. More information can be found on these on the government website www.ownyourhome.gov.uk and through your Bank or Building Society.

Finally, here is handy checklist to follow when buying your first home:-

Budget and save for a deposit if you do not already have one.
Once you have a deposit speak to a Financial Advisor and obtain a Mortgage in Principle. This will also help you understand your budget when looking at prospective properties.
Speak to your Local Estate Agents and get some viewings booked in.
Once you have found a property, start negotiations.
Once an offer has been accepted, instruct Battens and inform your Mortgage Lender/Financial Advisor.
Finally, let Battens take the reins and be by your side, step by step until the day you get your keys and can call yourself a homeowner.

For more information on buying a property contact Naomi Knapman or email naomi.knapman@battens.co.uk.