Tips for First-Time Homebuyers

Buying your first home is one of life’s biggest milestones, and while it’s exciting, it can also feel a little daunting if you’re not sure what to expect. From understanding the conveyancing process to arranging your mortgage and navigating property chains, there’s a lot to take in.

At Dean Wilson LLP, our experienced conveyancing team helps first-time buyers through each stage of the process, ensuring everything runs as smoothly as possible.

Understanding the Conveyancing Process

Conveyancing is the legal transfer of property ownership from the seller to the buyer. Once your offer on a home has been accepted, your solicitor will guide you through the following key steps:

• Initial instructions and ID checks: Your solicitor will confirm the details of your purchase, carry out identity checks and request funds for searches.
• Draft contract and searches: The seller’s solicitor sends a draft contract and the property’s title documents. Your solicitor will review these carefully and raise any necessary enquiries. They’ll also carry out searches with the local authority, water company and environmental agencies to uncover anything that might affect the property.
• Mortgage offer and report: Once your mortgage lender issues a formal offer, your solicitor will review the terms, report back to you and explain any conditions attached.
• Exchange of contracts: When both parties are ready, contracts are signed and exchanged. At this stage, the purchase becomes legally binding, and you’ll agree a completion date.
• Completion: On the agreed date, the purchase money is transferred to the seller’s solicitor. Once received, the keys are released and you can move in. Your solicitor will then register you as the new owner with the Land Registry.

Throughout the process, communication is key. Your solicitor will keep you informed and ensure you understand what each step means before you sign anything.

Financing Your First Home

Most first-time buyers rely on a mortgage to fund their purchase. It’s important to secure a Decision in Principle (DIP) before making an offer, as this shows estate agents and sellers that you’re in a strong position.

You might also be eligible for Government schemes that make getting on the ladder a little easier:

• Lifetime ISA (LISA): You can open a Lifetime ISA if you’re aged 18 to 39, save up to £4,000 per tax year, and receive a 25% government bonus (up to £1,000 each year). To use it towards your first home, the property must cost £450,000 or less, and you must have held the account for at least 12 months.
• Shared Ownership: This scheme allows you to buy a share of a property (usually between 25% and 75%) and pay rent on the remaining share. Over time, you can buy additional shares, known as “staircasing”, until you own the property outright.
• First Homes Scheme: This offers eligible first-time buyers and key workers a discount of at least 30% (and up to 50%) on selected new-build properties. The discount remains with the property when it is resold, so future buyers can also benefit.

A mortgage broker or financial adviser can help you find the right product and ensure you understand the total costs involved, including deposits, valuation fees and insurance.

Stamp Duty Land Tax Relief

If you’re buying your first home, you may be eligible for Stamp Duty Land Tax (SDLT) relief, which can significantly reduce your upfront costs. You can claim this relief if you and anyone else you’re buying with are first-time buyers.

You’ll pay:

• No SDLT on the first £300,000 of the property price
• 5% SDLT on the portion from £300,001 to £500,000
• If the price of the property is over £500,000, you won’t be eligible for the relief and will need to follow the standard SDLT rules.

Your solicitor will calculate the correct amount due and handle payment to HMRC as part of the conveyancing process. For full details, you can visit: SDLT guidance

Family Support and the Bank of Mum and Dad

Many first-time buyers receive financial help from family members, sometimes referred to as the “Bank of Mum and Dad”. This could take the form of a gifted deposit, a loan, or parents acting as guarantors. If you’re receiving help from family, it’s important to:

• Be transparent with your lender: Mortgage providers will ask for proof of where the funds are coming from.
• Clarify if it’s a gift or a loan: Gifts usually require a formal letter confirming there’s no expectation of repayment. Loans may affect how much you can borrow.
• Take advice: Parents acting as guarantors or using their property as security should understand the risks involved.
• Put it in writing: Having clear documentation avoids confusion later and protects everyone involved.

Your solicitor can guide you through how best to document financial support and meet your lender’s requirements.

Understanding Property Chains

As a first-time buyer, you may be moving out of rented accommodation or your family home, which means you won’t have a property to sell. This often makes you a more attractive buyer because you’re not dependent on another sale to move forward.

However, the home you’re purchasing might still be part of a chain. A property chain exists when several linked transactions depend on one another, such as when your seller is also buying another property.

If one part of the chain is delayed, for example, if a buyer’s mortgage offer takes longer than expected, it can slow down the entire process. Your solicitor will keep in touch with the other parties to coordinate dates and help manage expectations, but it’s always wise to stay flexible on timings until contracts are exchanged.

Final Tips for a Smooth Purchase

• Budget carefully: Include all costs such as Stamp Duty (if applicable), legal fees, removal costs and insurance.
• Respond quickly: When your solicitor or lender requests documents or information, prompt responses help avoid delays.
• Stay patient: Even straightforward purchases can take several weeks, so regular communication and realistic expectations make all the difference.
• Ask questions: Your solicitor is there to guide you. No question is too small when it comes to buying your first home.

How Dean Wilson LLP Can Help

Our conveyancing team has helped thousands of first-time buyers move into their new homes with confidence. We combine clear, practical advice with local knowledge and a proactive approach to keep your transaction moving forward.

If you’re taking your first step onto the property ladder and would like to discuss how we can help, please get in touch using the link below.

Get in touch here.