Buying a house can be a complicated process even for the most seasoned property buyers.
For young people who are looking to take their first steps onto the property ladder, the intricacies of buying their first home can be even more overwhelming. Recent research shows a staggering and sometimes worrying naivety among first-time home buyers. Their lack of understanding about the practicalities and ethics surrounding buying a property could cause them a lot of issues further down the line, which is why experts are encouraging that further advice and education be provided to young, first-time buyers.
What basics should they be aware of, and where have they been going wrong so far?
Stamp duty and mortgages
Shockingly, a small percentage of first-time buyers believe that stamp duty is a process associated with registering a new property with the postal service. In fact, the HOA defines it as a land registry tax ‘levy’ paid to HM Revenue and Customs. Many first-time buyers were also woefully unaware of exactly how much they would be entitled to in terms of a mortgage offer dependent on their salary. These are fundamental aspects of buying a home.
Ethics and exchanges
Many first-time buyers optimistically believe that the seller is bound by the law practice transparency by declaring any issues with the house before a sale goes through. In fact, it is the buyer’s responsibility to arrange a building survey that is designed to assess the structural stability of a property and highlight any fundamental issues inside and outside of the property that may cause costly problems in the future. Similarly, if a sale falls through, the costs incurred will not be refunded, as many first-time buyers believe.
How to help
Online conveyancing such as (https://www.samconveyancing.co.uk/news/conveyancing/online-conveyancing-quotes-the-truth-behind-the-low-fees-280) is a great way to seek advice on all legal aspects that come with buying or selling a house. Because it is online, it is also hugely convenient.
Many mortgage providers are also offering educational events where first-time buyers can learn about all aspects relating to home ownership, not just the legal and administrative side. Budgeting, home insurance and even packing tips are all included in these helpful seminars designed to give first-time buyers the practical and legal advice they need before buying their first property.
