First time buyer solicitors

How does conveyancing affect first-time buyers?

So, what is conveyancing? Conveyancing is the process of transferring ownership of a property over from one party to another.

You may be buying your first home through a government scheme which helps first-time buyers like you to get onto the property ladder. Our conveyancers understand these schemes and know how to make your experience run as seamlessly as possible, but what kind of schemes are available?

• Shared ownership: This is the process where you buy a share of a property and then pay rent on what’s left. Over time, you can buy more shares in the property with the aim of buying the property outright – this is known as ‘staircasing’. The lease in a shared ownership process can be more complex, which is why it’s essential to have a specialist solicitor.
• First Homes Scheme: If you’re eligible for a First Homes Scheme, you can purchase a property with a minimum of 30% discount on the market value. However, if you decide to sell in the future, a solicitor can assist you in managing the legal side of the process as this can differ from a standard house sale, due to the scheme.
• New build purchases: Purchasing a new build home often comes with a different process to that of a standard purchase. Contract exchanges set by developers have a strict deadline and there are several checks and warranties that’ll need to be reviewed.
• Gifted deposits: If you have a family member who has decided to gift you money towards your deposit, a solicitor will need to manage the legal side of this, documenting it for legal and mortgage lender purposes.

The conveyancing process: how does it work for first-time buyers?

The conveyancing process usually follows the same steps but can vary depending on chains, schemes and the complexity of your case. It’s important to remember that everyone’s journey as they step onto the property ladder is different, and our first-time buyer conveyancers are here to help from start to finish.

Step 1: Once you’ve made your offer and it has been accepted, you’ll have to find a conveyancer. Their job is to carry out ID checks and begin collecting information about the home, as well as ensure the legal necessities are in place – this is essential in ensuring your property transaction goes as smoothly as possible.

Step 2: You should receive a contract pack, sent by your seller’s solicitor. This might look a bit complex, but we’ll help you review it and point out anything that needs to be flagged.

Step 3: At this stage, we’ll conduct checks on the property. These include drainage and environmental checks, as well as local authority checks. This is mandatory to find any issues that may have been missed earlier on in the process. We know what to look for so you can rest assured that we’ll flag anything if necessary.

Step 4: This can be a lengthy part of the process. Sometimes, there may be flags that need to be raised that have arisen from the contract pack or the checks, so this will be done with the seller’s solicitor. We’ll be able to clarify anything for you and answer any questions.

Step 5: This is the exciting part. You’ll set a date for completion, have your deposit transferred and exchange contracts. This part of the process is where it becomes legally binding, so if you pull out at this stage, you’ll most likely face legal consequences.

Step 6: Key collection day is finally here, and the rest of your funds will be transferred to the seller. We’ll then assist you in handling your Stamp Duty Land Tax (SDLT) and registration with HM Land Registry.

Why choose FJG as your first-time buyer conveyancers?

Fisher Jones Greenwood has been providing expertise you can rely on for over four decades, helping first-time buyers like you move into their new homes as smoothly as possible. We understand the process can feel overwhelming, which is why we take on the legal work for you.

We’ll always explain everything in plain English, so you’re up to date every step of the way, and we’ll communicate with you, as well as other relevant parties, ensuring you know what’s happening at every stage of your transaction.

Moving into your first home is an exciting time and one that we’re proud to be a part of – this is why we treat each case differently, as we understand that no two are the same, and you can rest assured that our work will be efficient and transparent.

We have been recommended by The Legal 500 and Chambers & Partners, for our expertise. Whether you’re moving into a home where you’ll watch your family grow, or you’re experiencing living alone for the first time, we’re here to see you through the journey from beginning to end.