We know that being a first-time home buyer can be an exciting yet overwhelming experience. Banner Jones has helped thousands with the legal process of buying their first home.
Talk to Banner Jones. We are ready to help you.
We’re here to make conveyancing simple, because buying your first-home is complicated enough.
We know there are so many things you need to consider when choosing a new property. Everything from saving for your 10% deposit, finding the right mortgage provider, choosing a removals company, the list goes on. At Banner Jones, we know what our customers go through and our expert team are available to help in any way we can.
At Banner Jones, we want to make the conveyancing process as easy as possible. For more information speak to our friendly residential conveyancing team, who are specialists in helping first-time buyers getting their foot on the property ladder.
It is highly recommended that you make enquiries with potential mortgage lenders, whether that is a bank or a building society, before considering purchasing your first home. This step will see if you can qualify for a mortgage and more importantly the type of property that you can afford.Having a confirmed mortgage offer in place will allow you to make an offer your first home quickly.
You will need to budget for the following:
Buying your first home in the first instance seems expensive. However, it is a willable asset, and you will own the property.
Search through property sites such as Zoopla and Rightmove. Once you’ve found your desired property, contact the estate agent or property owner and request a viewing.
When you’ve found your chosen property that you are interested in buying, you need to make an offer. It is best to make the offer over the telephone as nothing is in writing at this stage. Once the offer has been agreed and accepted, the estate agent will make the property “sold subject to contract”. This means that the property is going through the legal buying and selling process and neither party have exchanged contracts. Technically this means that the property is still available if the buyer and seller don’t exchange contracts.
Your mortgage lender will conduct a valuation report. This is a reassurance policy for the lender to see whether the property is safe and viable to grant you with the funds to purchase your first home.
A chartered surveyor is like a building inspector. Their job is to assess the property and carry out numerous checks to see if there are any issues with the property. By paying for a surveyor’s report, you can find any underlying issues with the property. The outcome of the surveyor's report can determine how much you pay for the property, especially if there is a lot of additional and unexcepted work required.Although a surveyor’s report is non-essential, it can be a wise decision on your part giving you peace of mind for unaccounted costs.
A mortgage lender will require by law, that you have home insurance on your new property. Although mortgage lenders may offer you their own home insurance, it is recommended that you shop around. You will need a copy of your home insurance quotation when you meet the conveyancing solicitor to discuss the legal process of owning your new home.
Although not a legal requirement, life insurance is certainly worth considering. Depending on your personal circumstances and especially if you have dependents, life insurance can help to pay your mortgage, if you become critically ill or die.
The most common type of parental support is a Gifted Deposit. The smallest standard deposit required to raise a mortgage is 5%, which can be several thousand pounds on even a modestly priced home. For a first-time buyer, starting from scratch and potentially already juggling rent and bills, these large deposits can be very difficult to raise by yourself. By using a Gifted Deposit a family member can provide a percentage of this deposit, or even the full amount, as a gift to you. The majority of mortgage lenders are more than happy for you to use a Gifted Deposit, though you should check with them when making your mortgage application, just to be sure. Once we have begun the legal work, we will simply have to ask the family member to complete a form to confirm they are giving you the money as a gift, and will not have any ownership over the property itself.
A relatively new product offered by some lenders is a Family Mortgage (also known at some lenders as a ‘Springboard’ Mortgage). These allow you to raise a 100% mortgage without any deposit at all. Under a Family Mortgage, a parent or other family member will act as a guarantor of sorts, depositing 10% of the property’s purchase price into a savings account with your mortgage lender. After a period of time (usually three years) this money is then released back to them by the lender.The family member who will be helping you with a family mortgage will usually be required to seek independent legal advice with a solicitor as part of the process, in order to discuss their role and the implications to them.
At Banner Jones, we know that buying your first home is not easy. Our friendly residential property solicitors have helped countless numbers of first-time buyers with their conveyancing needs.
Call for your free no obligation conveyancing quotation today.
Our top tips to consider when buying a new build home.
Andrew, NottinghamshireHouse Conveyance
From start to finish it was a very professional service, delivered with a personal touch. Definitely use again.
Talk to Banner Jones. We are ready to help you.
The current market and national economy is so uncertain that people may choose to wait and indeed remove their risk by pulling out of the transaction. Although there is no reason not to carry on as normal in terms of the legal process we have to consider slower transaction times or hesitant investors or buyers.
You can withdraw from a sale or purchase up until the point contracts have been exchanged. Any deposits paid after exchange of contract will then by non-refundable. After contracts are exchanged you are then responsible for the property you are buying and should arrange suitable insurance from this date.
A local authority search completed for a house purchase is valid for 3 months.
We usually say 8-12 weeks for an average sale or purchase. Queries and concerns can often come out of the local authority searches which need further investigation and sometimes this leads to re-approval from the Mortgage lender. This can add further time into the process.
Unfortunately, in this situation the seller will not be able to give vacant possession, which will lead to completion delays. As a preventative measure, as per question 1, we can offer to exchange contracts and complete on the same day, which ensures that contracts are only exchanged if all parties in the chain are able to move on that day, thus reducing the risk to all parties. This can be more stressful so we ask that clients be sensible and accommodating of the situation.
You can indemnify the work by taking out an insurance policy. This means that you can not be held liable for any future fault on the work that was done. We can arrange this for you
Stamp Duty is a tax levied by HM Government on a transfer of property. For residential single property ownership this tax is calculated at 5% for the portion of the property value between £250,001 and £925,000, 10% for the portion between £925,001 and £1,500,000 and 12% for the portion £1,500,001 and over. Duty may also be chargeable on any rental charge (leases only) - this affects both residential and commercial leases where different thresholds are applied. There are different rates for First time buyers and "second homes/buy to let".
Tenants is Common is where two or more people are entitled to the proceeds of sale in distinct shares - on the death of one, his/her interest will not pass to the survivor(s) but will be part of his/her estate. Joint Tenants are on the other hand 50/50 Co-owners of land - when one of them dies, his/her rights of ownership pass to the survivor(s).
National Trading Standards Estate and Letting Agency Team (NTSELAT) published comprehensive new guidance covering the process to improve material information disclosure in property sales on the 30th November 2023.
Our expert team will handle the legal process as quickly and efficiently as possible.
While buying property at auction can be a thrilling and potentially rewarding experience it is important to be aware of the legal implications, rules and regulations, and possible risks involved in such a purchase.
A quick explanation of property chains, including advice on how to keep yours moving and steps you can take if your chain collapses.
A unique Title Number is allocated by the Land Registry to every property that is registered with them. This identifies the property and its owners and distinguishes it from other properties having similar addresses. Registration of a property with the Land Registry has been compulsory since 1 December 1990 in England and Wales, however, if you purchased your home before this date then it may not be registered.
On Monday September 19th there will be a Bank Holiday across the country to mark the funeral of Queen Elizabeth II. Here’s what you need to know if you were due to complete on the 19th.
Surveyors have updated their guidance on invasive species such as Japanese Knotweed when valuing property, but landowners and homeowners should continue to keep on top of their responsibilities in controlling this and other invasive, non-native plants.
Think the Right to Buy scheme might be a good option for becoming a homeowner? Find out what you need to know about the scheme in our latest guide.
We know that moving house is often a very busy and stressful time. This may leave you more susceptible to falling victim to property fraud. This guide outlines useful advice on what you can do to help protect yourself.
The restrictions on overseas travel has seen a race for UK holiday accommodation. Where property owners look to make money from ‘staycations’ by offering their homes on sharing platforms such as Airbnb, the ease of letting does not take away the responsibility to understand and keep up with relevant rules and regulations.
The conveyancing process can seem overwhelming. At Banner Jones, we believe that our simple and hassle-free approach has helped thousands of people to relocate.
In this article, our residential property expert, Kate Skelton, answers some of the more commonly asked questions about what is and what is not possible during these times; including what to do if you have already exchanged contracts but are unable to move due to the pandemic, and who to speak to if your financial situation changes in the coming months.
Recent government statistics have revealed that the Help to Buy ISA scheme is helping first-time buyers to get on the property ladder three years earlier than they otherwise would. The result has been calculated by looking at the average age of first-time buyers both with and without the ISAs. On average, those who use the ISA to buy their first home are three years younger than those who do not, with the median age of those using the Help to Buy ISA being 27.
It’s a troubling norm of today’s society that most people will have heard a horror story about property fraud from a family member, a colleague from work or simply reading online. Importantly, these stories need to be kept in perspective: remember, the tales of properties being rented and sold without any noteworthy problems are the ones people usually don’t bother sharing! However, it’s also worth taking heed of the negative experiences of others to ensure you do everything you can to avoid falling into similar traps.
Our top tips to consider when buying a new build home.
Recent official figures have revealed that homebuyers are being lent more money by banks than at any time since the global financial crisis a decade ago, with many of the borrowers being young people for whom stepping onto the property ladder is barely affordable. As such, billions of pounds of debt which may prove unsafe is being taken on by them at a time when interest rates are expected to rise.
Is it ever possible to get the keys to a new home without gaining a few grey hairs? Read on to find out how to make it as simple as possible.
There are several reasons why downsizing your home may become a serious consideration for you in the future.
Check out our top tips below to ensure a smooth and easy moving day.
Moving to Chesterfield? Check out our Chesterfield Moving Guide for tips on how to turn your house into a home.
Check out our top tips below to ensure a smooth and easy moving day.
Download our free guide covering everything you need to know about the process of buying or selling a residential property.
Companies are within their rights to monitor the private online activities of their employees when they are in the office.
A woman recently won damages on behalf of her son for injuries sustained at his birth as a result of the alleged negligence of a consultant obstetrician and gynaecologist.
We’ve enlisted the help of some local relationship counsellors in Sheffield to provide you with some survival advice to help get you through a divorce.
Mr & Mrs B, MansfieldGreat service from start to finish. Josh kept us updated throughout the process and was always very prompt with responses. Highly recommended.
Mr & Mrs S, ChesterfieldWe opted to use Banner Jones for assistance with our property purchase. We found the team to be extremely professional and great with communication. All round impressed, would use again for other services. Thank You
Mr B & Ms R, Market WarsopCheryl gave an excellent service. Told us everything in detail. Good work, Cheryl.
Mr & Mrs H, MansfieldHollie was really great! What a great team, thank you very much!
Mrs S,SheffieldI received excellent service for the purchase of my house
Mr & Mrs B, ChesterfieldHouse moves are very stressful. First rate service. I was put at ease with everything and the way our move was handled. I would highly recomend Banner Jones.
Mr W, DerbyshireThanks very much Jenna. I have been very happy with Banner Jones's help in the sale of my home. Please pass on my thanks to Gemma. Best wishes.
Miss D, Clay CrossHolly was extremley helpful and efficient, she was aware that I wanted to purchase my house as soon as possible so that I could have refurbishments done. She activiely pushed the process forward as quickly as she could. I appreciated the extra time she took answering my questions and concerns. I wouldnt have understood the process without her advice and guidance.
Mr & Mrs C, HockleyHolly
Many thanks for all your help in making the sale /purchase of the above properties such a thoroughly smooth, stress free journey.
We can highly recommend your company .
Mrs D, Dronfield WoodhouseRichard Joy provided excellent and a prompt service
