First Time Buyers

Our services for first time buyers

Initial legal advice

Our solicitors will be able to provide you with initial legal advice so that you are able to make a clear decision on the steps that you would like to take next.

We will carefully assess your circumstances, gauging a detailed appreciation of your needs, allowing us to offer personalised advice, helping you to protect your interests.

Property checks

Our solicitors for first time buyers have the expertise and knowledge to conduct the highest quality property checks on your behalf, ensuring a smooth and legitimate transaction. These checks will always involve extensive searches and investigations to verify the property’s legal status. Our solicitors will be sure to review the title deeds as well as performing local authority searches on your behalf.

We will also make sure to check for any outstanding planning permissions or restrictions. Our team ensure to be as meticulous as possible in order to protect the interests of our first time buyer clients, as well is taking note of any potential pitfalls for the future. This means that you will be fully informed of every single detail regarding the property, so you can make a decision with clarity.

Title checks and searches

Our conveyancers will be able to investigate and verify the legal ownership of the property and ensure that there are no outstanding restrictions or claims. We will also take care of any required local authority searches, environmental searches and water and draining searches that need doing, whilst dealing with any relevant paperwork that needs to be done or reviewed. You can be sure that we will keep you updated throughout the process.

Liaison

Our property solicitors will take care of all communication regarding the other party’s conveyancing solicitors and mortgage lenders, as well as dealing with all the regular authorities on your behalf to facilitate an easy and painless transaction.

Financial transactions

Our property solicitors will handle all financial aspects of the process, working diligently to facilitate a smooth transfer of funds between the parties, as well as handling the payment of required taxes and disbursement of fees.

Consult our First Time Buyer solicitors in Eastbourne and Hastings

For clear, expert advice, please contact a member of our Residential Conveyancing team for a no obligation discussion:

• Call: 01323644222
• Email: enquiries@stephenrimmer.com
• Request a quote
• Or pay us a visit at 28 – 30 Hyde Gardens, Eastbourne, East Sussex, BN21 4PX

Frequently asked questions about being a first time buyer

How much is stamp duty for first time buyers?

For context, stamp duty in the UK is the governmental taxation that you are required to pay when purchasing a home. This tax is referred to differently depending on which country in the UK you’re in, but in England and Northern Ireland, it is set at:

£250,001 – £925,000 = 5%

£925,001 – £1.5million = 10%

Over £1.5million = 12%

If you are a first time buyer, meaning that you have never owned a property before, there are potential relief options for you when buying your first home.

Recently the rules in England and Northern Ireland were changed slightly to allow for increased relief for first time buyers, meaning that there is now no stamp duty if you purchase a property worth £425,000 or under. Additionally, the maximum that amount first-time buyers can buy a house for, and still be eligible for relief, was increased from £500,000 to £625,000.

How much deposit do first time buyers need?

When you are looking to buy a property as a first time buyer, one of the most important things to consider is how much of a deposit you can afford. The deposit is an initial upfront payment towards to overall cost of the home and for most people the remainder is covered by a mortgage.

The various deposit requirements can change in relation to multiple factors, such as your financial situation and the mortgage provider’s policy. However, in general it would be suggested that first-time buyers should aim for a deposit of 5%-10% of the property’s purchase value. It’s worth noting that providing a larger deposit often comes with more beneficial mortgage terms as well as lower interest rates.

As first time buyers, it is important that you assess your financial situation and research the various mortgage options to ensure that you secure the best option for your circumstances.

Our solicitors have years of experience in this area and are always happy to answer any queries you may have about buying your first property.

Do first time buyers need a solicitor?

It is highly recommended that first time buyers engage with a solicitor, due to the complex nature of the process of buying a home. Purchasing a property tends to involve a complicated legal framework, including the drafting, and reviewing of contracts, conducting searches and handling negotiations. All of these aspects can be incredibly challenging, especially for a first time buyer.

A solicitor will be able to help you with every single detail of your property transaction, using their years of experience and in-depth knowledge to give you multiple advantages during the process.

What other benefits are available to first time buyers?

Depending on your circumstances, you may be entitled to benefits apart from relief from stamp duty such as:

1. Help to Buy scheme: A Help to Buy scheme provides first-time buyers with an equity loan which then allows them to purchase a new-build home using a smaller deposit. This scheme offers the buyers extra financial assistance, and often more favourable terms, with the goal of making owning a home more accessible to first time buyers.
2. Lifetime ISA (Individual Savings Account): This is a savings account that is specifically designed for first time buyers. The government provides a bonus of up to a certain amount of the contributions, which can later be used for purchasing a first home.
3. Help and advice: the government provides plenty of advice for first time buyers, as well as useful resources and support via various housing organisations to help first time buyers in making the first steps towards purchasing a home.

Speak to our property solicitors in Eastbourne and Hastings

From our offices in Eastbourne and Hastings, our team provides support and legal guidance to first time buyers all across East Sussex, including in Bexhill-on-Sea, Hailsham, Polegate, Battle, Pevensey and St Leonards-on-Sea.

If you are a first time buyer who is considering purchasing their first home, please contact our expert team by calling 01323644222 or emailing us at enquiries@stephenrimmer.com.