What to know about First-time buyer solicitors
First-time buyer solicitors is a term used to refer to solicitors who specialise in helping first-time buyers through the mortgage process by way of conveyancing.
Conveyancing is a process everyone will need to do when getting a mortgage.
You will usually need to start the conveyancing process after you get a mortgage offer from the mortgage lender.
- Carry out the legal searches on the property
- Claim any government bonus from schemes such as the lifetime ISA and the Help to buy ISA.
- Process your mortgage payment to the seller after receiving the funds from your mortgage lender
- Pay for your stamp duty and get a stamp duty certificate. If you are eligible for a first-time buyer stamp duty relief then your first-time buyer solicitor will process this too.
Your first-time buyer solicitor will be doing environmental searches looking for things such as flood risk, ground stability, landfill sites and other environmental factors near the property.
Your first-time buyer solicitor will be looking at your local area to see anything in your local area that could affect your property and its future value. This good be new roads, new developments etc
Your first-time buyer solicitor will also look at to the water supply where the property is to determine if the property is connected to the main water supply if there any issues with the water supply such as contaminated water, foul water or any other issues such as if the water supply is connected to the public sewer or if the public sewer is within very close distance to the property. This may affect your ability to extend the property.
First-time buyer solicitors will usually charge a fee based on the value of the property but you can expect to pay anything between £300 and £2000.
Your first-time buyer solicitor will also need to pay the fees below from funds you will provide them:
- Land registry
- Survey fees
- Stamp Duty Land Tax
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.