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Need Advice for First Time Buyer

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  • Need Advice for First Time Buyer

    Hello everyone,
    Me and my wife are thinking of taking our first ever property plunge. We have saved a few pounds and are looking for houses to buy in our area. Can someone please be kind enough to tell us a step by step structure of what are the things that we need to keep in mind or do.

    What are the things to keep in mind when looking for a house, estate agents, arrange a mortgage, ideal deposit, etc etc.

    Many thanks people
    Maki

  • #2
    Re: Need Advice for First Time Buyer

    Well. at risk of advertising my website contains a lot of detail about the legal side e of things and things buyers will need to think about. See Buying a House or Flat - The Process

    Far too much to put in a reply on a forum.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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    • #3
      Re: Need Advice for First Time Buyer

      First and foremost find out how much you can borrow, estate agents and vendors will take you much more seriously if you have agreed this in advance and it also puts you in a better negotiating position on price. Visit a good independent mortgage broker to get this information. They will also be able to tell you the maximum loan to value you can hope to achieve which will tell you the deposit that you need.

      Find a good estate agent in your area of choice, preferably by recommendation, you really don't want one who says "I'll put your low offer forward to the vendor but they will probably reject it" and then doesn't even contact the vendor - there are lots of them out there !!!

      Do not underestimate legal costs, mortgage application costs, moving costs and stamp duty, calculate these before you even start. Legal approx £500, mortgage valuation and set up fees start at £500, if you need a removal van costs vary depending on van size and stamp duty kicks in at 1% of purchase price at £125k

      What area are you looking in, someone on the forum might be able to make some recommendations for a mortgage broker, estate agent etc.

      Good luck
      Adam Long

      www.quickhomeseller.co.uk

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      • #4
        Re: Need Advice for First Time Buyer

        Just a small correction Adam. Stamp duty for first-time buyers is only payable from £250k+ until March 2012

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        • #5
          Re: Need Advice for First Time Buyer

          HSBC have a good guide for FTBs on their website. I'm a new member here though so unable to post a link. just go to their homepage, click mortgages, help & guidance, then there should be a link on that page saying first time buyers guide.

          I found this really useful

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          • #6
            Re: Need Advice for First Time Buyer

            You can contact a Real estate investment expert for you to know all the necessary things to do in buying your first house.

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            • #7
              Re: Need Advice for First Time Buyer

              You can contact a Real estate investment expert for you to know all the necessary things to do in buying your first house.
              Definitely better to go to a real one rather than an imaginary one!

              However, In the UK an investment expert would not advise a FTB but would be interested in advising people who wanted to buy as a business - an "investment".
              RICHARD WEBSTERwww.rwco.co.uk
              As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

              Comment

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