“First Time Buyer”

First Time Buyer Paperwork

There’s a first time for everything and there’s usually a right and wrong way to do it too!  When it comes to the major milestones in life it’s even more important to make sure that you have all the knowledge you need to ensure things go smoothly. Then you can create an experience that you look back on with a contented glow.  As an experienced estate agent I know that First Time Buyers can sometimes find the process stressful.  I see it as part of my job to help make it as trouble free and enjoyable as possible.   My blog today focuses on First Time Buyer Paperwork to ensure the process goes as smoothly as possible.

Buying a property is almost certainly going to be the biggest financial transaction you will have made up to this point in your life.  It’s essential that all the paperwork involved is managed in the correct way.

Signed

There are several important areas of documentation that will need your attention. Your first time buyer mortgage arrangement will be a major one.  You’ll need to be able to show proof of it when you make your offer.  That’s what any estate agent will call ‘offer checking’ or getting ‘proof of funds’.  This will also involve the usual kind of ID checks you would expect.

In 2019 in the UK there were 353,436 first-time buyers, the most in a year since 2007 according to the Yorkshire Building Society. In fact, people entering the property market for the first time accounted for 51% of all homes paid for with a mortgage, which is why it’s so important for you to have your own deal in place and ready to go.

Sealed

Part of my job that I really love is being able to make the ‘I’ve got good news for you’ call. Telling you that your offer has been accepted is the greatest feeling. But that’s when the next lot of paperwork really gets started.

As your mortgage offer is already in place you then need to book in a survey of the property. This will uncover any structural problems and is also something your mortgage provider will most likely require.

After you’ve done this the next thing on your to-do list will be choosing and instructing a solicitor. Friends, family and search engines are all great for recommendations. Once you’ve made a decision they will actually look after a lot of the paperwork for you, such as dealing with the Land Registry, stamp duty and local government searches.

Delivered

The big day will come when your signature is required to exchange contracts and agree on a ‘completion date’.  Completion day is generally the day on which you will make your move – exciting!

Then there’s even more paperwork to look after.  Everything from finalising old rental agreements to booking a removal firm will need your attention.  And that’s before you have to set up new accounts for utilities, internet, council tax, the electoral register and much more at your new address!

For more help, including a detailed checklist of all the paperwork involved in buying your first home read my guide for first time buyers .  You’ll find everything you need to make your move as stress free as possible.

Our experienced, award-winning sales team is available on 01273 735237 or teamsales@callaways.co.uk