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Tips for first-time property buyers - Lester Aldridge Solicitors advise

Tips for First-Time Buyers

Are you a first-time buyer of a property - or a parent, relative or friend looking to help a first-time buyer? 

Ed note: A pertinent subject for this January article by Lester Aldridge: the purchase of your first property is an enormous commitment and can be a big source of stress. Plan ahead by reading these very helpful tips now, and take advantage of a completely free initial consultation with Stephanie or one of her team who can guide you at every step!

The prospect of buying your first property may be daunting - let Lester Aldridge solicitors help you!

young couple with keys to houseAre you a first-time buyer of a property, or a parent, relative or friend looking to help a first-time buyer?

The prospect of a first-time purchase can be a daunting and confusing process - but help is at hand!

At Lester Aldridge, our solicitors assist many first-time buyers with the purchase of their first property. We understand that as first-time buyers, buying a property can be difficult and we are here to guide you through the purchase.

Halifax have indicated that over 400,000 people bought their first home in 2021 and they have also suggested that house prices may only rise by 2% in 2022, which may mean that now is a good time to purchase as a first-time buyer. To explain what a ‘first-time buyer’ is, it is a person or persons who have not owned a home previously. If you are a buyer purchasing with another individual or individuals, if they have previously owned a property then the purchase will not constitute a first-time purchase. In that case you will be unable to benefit from the Stamp Duty Land Tax relief for first-time buyers of which further details have been set out below.

A number of mortgage options

With rising average house prices, first-time buyers may require mortgage finance to help finance their property purchase. As solicitors, we cannot assist with a mortgage application but we do work closely with mortgage brokers and mortgage lenders and can advise and guide you along the way.

With an increasing number of mortgage options available to first-time buyers, such as lower deposit requirements and family and/or friends acting as guarantors, income and/or deposit boosters, first-time buyers do have multiple financing options to assist with their first purchase.

Other Government schemes: Lifetime Individual Savings Accounts, Help to Buy and shared ownership

There are also other Government schemes for first-time buyers which include but are not limited to Lifetime Individual Savings Accounts (otherwise known as ‘LISA’), Help to Buy and shared ownership. Many of you may not have heard of some or all of these arrangements and we can help guide first-time buyers who may be able to utilise the schemes.

Stamp Duty Land Tax relief for first-time buyers

When considering finances, first-time buyers may be able to benefit from the Stamp Duty Land Tax relief for first-time buyers. For first-time buyers paying for their first home for £300,000 or less then they will benefit from the relief and will not have to pay Stamp Duty Land Tax (otherwise known as ‘SDLT’). If the price is over £300,000 but less than £500,000, the first-time buyers will pay just 5% on the figure above £300,000. This can be a considerable saving and at Lester Aldridge, we will discuss the personal circumstances of each buyer with you so that we can ascertain whether you are eligible for first-time buyers relief from SDLT. Please note that this article applies to properties purchased in England. First-time buyers in Wales will not benefit from SDLT first-time buyer relief and there is a different tax rate payable in Wales called Land Transaction Tax (otherwise known as ‘LTT’).

Stephanie Adams, Partner at Lester Aldridge SolicitorsAll property owners should make a will!

Once you have moved into your new home, any individual needs to consider the future and make a will. Wills often form a critical part of inheritance tax (otherwise known as ‘IHT’) and estate planning structures for you and your family. Even if you feel that you do not have a lot of assets, you must remember a property is one of the main assets you will acquire and simple wills can be drafted to keep your assets safe. At Lester Aldridge, we discuss your objectives and family relationships to draft a will bespoke for you.

Please feel free to contact us for a free no-obligation quotation on 01202 702682 or email us onThis email address is being protected from spambots. You need JavaScript enabled to view it..

Stephanie Adams
Partner

Free consultation with an experienced solicitor, on any legal matter 

Lester Aldridge Solicitors are based in London, Southampton and Bournemouth - where the office covering the New Forest is situated conveniently close to the main Bournemouth train station. Their specialist teams in the various fields of law will be happy to advise and assist you, starting with a completely free initial consultation during which you can decide whether you feel able to trust them with your confidential information. Consultations are also available via virtual meetings : advice is available through phone, email, Skype and Zoom.

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