Legal Services

First Time Buyers

Before you start looking for a house, it is essential to have your finances arranged. There are many different kinds of loan available and your Solicitor will provide independent financial advice that will help you to choose the one which is most suitable. Beware of mortgage advisers who may recommend a particular lender or a particular loan repayment method in the hope of receiving a large commission. Your Solicitor will also advise you on the best methods of repaying the loan.

When you have found a suitable property, you will have it surveyed and, if the valuation is acceptable, your Solicitor will submit an offer and try to negotiate a price which is acceptable to you and the seller. If someone else wants to buy the same property, then the sellers will fix a closing date, when both purchasers will put forward their best offer. The seller will almost certainly decide to accept the best offer. If your offer is acceptable to the seller, your Solicitor should be able to complete a binding contract quite quickly. At this stage, you will be bound to go ahead with the purchase, which is why it is necessary to fix up the loan arrangements before you submit an offer.

Your Solicitor now has to check over the title deeds of the property and draw up the new title deed transferring the property into your name, as well as the security deed which you will have to grant to your Bank or Building Society.

The contract will specify the "date of entry" which is the date when the price has to be paid to the seller in exchange for the title deeds and the keys. By this time, your Solicitor will have carried out all the technical conveyancing work and all you will have to do is sign the loan documents, pay the balance of the purchase price to your Solicitor and get ready to move in.

It is important that you contact your Solicitor as soon as you decide you want to purchase a flat or a house. Your Solicitor is the only person who can guide you through all the problems such as arranging mortgages, instructing surveys, submitting offers and settling the purchase. So the best advice is See Your Solicitor First.