First-time buyers

How do Home Legal Direct help first time buyers?

Home Legal Direct are here to support first time buyers on their first home purchase.

Here’s how:

More information to help you with your first home purchase

What qualifies me as a first-time buyer?

A first-time buyer is a person or persons buying a home for the very first time. There are certain considerations which are:

  • Being a first-time buyer applies to the purchase of a home rather than a commercial property.   This means that if you have owned and not lived in a commercial property you are considered to be a first-time buyer.
  • If you are buying as a couple and one person has owned a home before then you are not considered a first-time buyer.   
  • You are not considered to be a first-time buyer if a property has been bought for you previously.

What is conveyancing?

Understanding how the conveyancing process works is key for first-time buyers. It can be a minefield with different paperwork and timescales and information all needing to come together to make the process run smoothly. We believe knowledge is power!

Read our help guide on the conveyancing process for buyers to give you a sound understanding of the steps involved in the conveyancing process

What government schemes are available for first time buyers?

Getting onto the property ladder can be difficult as a first-time buyer.   There are a number of government schemes that are there to help. Below is a short summary. We invite you to click on the links to find out more:

Shared ownership This gives the opportunity to purchase a percentage of a property rather than purchasing it outright. It works by purchasing between 25% to 75% and then paying a ‘rent’ on the share you don’t own.   It is most commonly available on new build homes.
First Homes scheme The First Homes scheme gives first-time buyers the opportunity to purchase a new build home at a discounted price from the market value of equivalent properties. It applies to new homes built by a developer or a home being purchased that was originally purchased under the scheme.
Help to Buy The Help to Buy scheme was designed to help first-time buyers get on the property ladder. It allowed first-time buyers to purchase a property with a 5% deposit and then take out an interest free loan on a percentage of the purchase price. However the scheme is now closing with applications being   taken up until 31 October 2022.  
Right to Buy The Right to Buy scheme is aimed at council tenants and if eligible, it allows them to buy their council home at a discounted purchase price.  
Rent to Buy The Rent to Buy scheme allows tenants to save for a deposit to purchase the rental property they are living in whilst paying below-market rent. To be eligible you must be a first-time buyer, be in full or part time employment and be able to save for a deposit and pay rent at the same time.

  

How do I get a mortgage as a first-time buyer?

Getting a mortgage as a first time buyer can be a daunting process.   It is advisable to get a mortgage in principal before you start to home search so you know how much you can borrow and so be realistic about the type of property you can afford.   Use our helpful calculator tools to get you started:

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