Buying your first home may seem daunting at first but with the right help and support you can do it in six easy steps!
Here at VMH, we pride ourselves in helping customers every step of the way, to ensure as little stress as possible.
Here’s how simple the process should be:
- Finding a mortgage advisor
The first step in buying your first house is finding a mortgage advisor who can guide you through the process of applying for a mortgage and find the best deal for you-making the process quick, easy and stress-free.
ESPC has an incredible team of independent mortgage advisers who can really help with providing impartial advice.
You could also speak to your own bank.
- Knowing your budget
There are many costs involved when purchasing a house, the main cost being the mortgage and house itself, obviously.
Other costs you will need to take into account are the deposit for the house, monthly repayments, legal fees and LBTT as well as your monthly household bills such as Council Tax and Utilities bills.
Again, your mortgage adviser will help with this.
The deposit tends to be at least five per cent of the property’s total value. If you are planning in advance the government has recently launched a help-to-buy ISA.
The government has pledged to add 25 per cent of the monthly amount you save, for example for every £200 you place in the ISA they will add £50 to it.
- Picking a mortgage
Your mortgage advisor will ask you several questions about your financial status in order to evaluate and find an appropriate mortgage to suit you.
Perhaps you have a fantastic relationship with your bank and existing customers may be offered a lower mortgage rate. It’s always a good idea to shop around to ensure you get the best deal.
- Finding a house
Arguably the most important aspect of buying a house is finding the perfect one for you.
Assess your situation and your needs. If there are any children, or planning to be soon, a nearby school is essential. Take into consideration local transport and facilities such as supermarkets, hospitals, leisure centres and shopping centres.
Once you’ve decided the key factors for you and have a set plan on what type of house you are looking for, the exciting part starts… it’s time to find your ideal home!
Look online and make contact with a reputable property solicitor that knows the market. VMH, for example, has 30 years’ experience of the Edinburgh property market. From there you can start booking viewings, don’t forget to ask questions and take pictures!
- Making an offer
Once you’ve found the perfect property that ticks all of your boxes, this is where you make an offer.
The offer includes what price you are willing to pay, the date you wish to move in (entry date) and the conditions to this agreement. Your property solicitor will help you arrange these conditions.
You should expect to receive a response from your offer within 24 hours. There may be some negotiations with the seller if they wish to change some of the conditions of your offer and your solicitor will advise you through this.
Once your offer has been accepted you should advise your mortgage advisor or lender so they can issue your loan papers. Your lender will review the property’s home report and, if required, an updated survey report may be requested.
Your solicitor will then start the legal conveyancing process and look to conclude the contract as quickly as possible for you. The normal waiting period from the point your offer is accepted to you moving in is around 6-8 weeks.
- All done… Now you’re a homeowner!
On the agreed entry date your solicitor will receive the mortgage funds from your lender and release these to the seller’s agent.
The property is now legally yours and you can then arrange to collect the keys for your new home and move in!
VMH is one of Edinburgh’s most established property solicitors with 30 years’ experience in the Edinburgh market. We were voted in the top three Edinburgh property solicitors in 2015 by ThreeBestRated.