Between mortgages, surveys, and legal paperwork, it is easy to feel unsure about where to start.
Our Residential Property Solicitors explain everything you need to know about buying your first home.
Barriers to buying your first home
According to a survey conducted by Lloyd’s Bank involving 2000 prospective buyers, around 87% say they do not “fully understand” the home buying process, and 29% even said they felt “daunted” by the legal process. These findings highlight the “critical knowledge gaps” amongst first-time buyers.
This lack of understanding can often lead to delays, increased stress, or even costly mistakes during what is already a significant financial commitment.
In addition, first-time buyers are already facing obstacles to get onto the property ladder, such as rising property prices, demanding deposit requirements, and stricter mortgage lending criteria.
Whilst these financial hurdles can be difficult to overcome, understanding the legal process for buying your first home does not have to be.
At Myerson, we are here to guide you through the conveyancing process by ensuring that you feel informed, supported, and confident as you take your first step onto the property ladder.
What do you need to consider when buying your first home?
Understanding Your Budget
Before making an offer on your first home, it is essential to have a clear understanding of your budget. This does not just include the purchase price, but also additional costs such as stamp duty land tax, legal fees, and moving expenses.
You may also want to secure a mortgage in principle, which is not a formal or binding agreement but a persuasive document that demonstrates how much you can borrow and shows sellers that you are a serious buyer.
Researching the Area
Beyond the finances, you may also find it beneficial to take the time to research the area you are buying in and consider what is most important to you in a home. Factors to consider include: transport links, local amenities, schools, and crime rates.
Seeking Professional Advice
Finally, do not underestimate the value of professional advice. Conveyancers, mortgage advisers, and estate agents are there to guide you through the process. From making an offer to completing the purchase, seeking help when needed will make the journey smoother and help you to feel more confident in your decision.
How can we help?
We have a small, close-knit team of qualified solicitors and pride ourselves on being approachable and responsive. This means that you will always have someone to turn to if questions or concerns arise, even if the solicitor allocated to your case is away on annual leave.
The Residential Property team here are excited by the prospect of helping more first-time buyers. Whether that be from decoding legal jargon to guiding you through each transactional step of the journey, we will ensure that you understand the legal process behind buying your first home.
Contact Our Residential Property Solicitors
If you are ready to take your first step onto the property ladder with confidence, contact our Residential Property team today for expert guidance throughout your home-buying journey.
0161 941 4000
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Acacia Spencer
Solicitor Apprentice
Acacia joined Myerson in September 2024 after finishing her A-Level studies at Fallibroome Academy sixth form with straights A’s.
She has recently completed her first legal seat, in which she assisted the Residential Property Team for a year.
Acacia will now move on to assist the Wills, Trusts & Probate Team until September 2027.
Throughout the 6-year apprenticeship programme, Acacia will work with various legal teams before qualifying as a solicitor in 2030.
About Acacia Spencer