First Time Buyers – Guide to Buying Your First Home

For first time buyers, now is a great time to take that first step on to the housing ladder. With zero stamp duty payable on first time property purchases under £250,000 and bargains to be had by sellers keen to move quickly, it is possible to save thousands of pounds on the cost of your move.

Here at Jonathan Waters we have put together a guide for first time buyers on the process of buying your first home. If you would like further information, or want to receive updates on our properties for sale in Ipswich, please contact us.

Your step-by-step guide to buying your first home

Step 1: Find a property you like that’s in the right area and within your price bracket. To help narrow down the search, contact Jonathan Waters Estate Agents in Ipswich and register on their mailing list. This will mean that you receive email updates on a regular basis detailing properties for sale in your price range. The helpful sales team will also contact you if something specific to what you are looking for comes on to the market.

Step 2: Search the mortgage market to find a product to suit your circumstances.

Step 3: Find a solicitor you feel comfortable with, this might be your family solicitor or one recommended by a friend. At Jonathan Waters we have very good working relationships with a number of locally based solicitors and are happy to recommend one to you.

Step 4: The mortgage company carries out its valuation or survey of your chosen property. It is your choice how in-depth that survey is but the mortgage company will advise you, taking into account the age and condition of the property.

Step 5: The solicitors acting for the seller (vendor) will contact your solicitors, sending them a draft contract and the title deeds of the property.

Step 6: Your solicitor will carry out local searches and put any resulting queries to the seller's solicitor.

Step 7: When your solicitor is satisfied that the contract is sound you will be invited in to sign contracts and agree a completion date.

Step 8: Contracts are then exchanged and deposit monies handed over.

NB. It is at this point that the sale becomes legally binding and neither party can withdraw without being subject to large penalties.

Step 9: Now is the time to arrange buildings and contents insurance.

Step 10: On completion and moving in day, your solicitor hands over the remaining money and arranges for the keys to your new home to be made available to you. Then you can get settled in and crack open the champagne!

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