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First Time Buyer Guide

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The legal process

The legal work to transfer a property is called conveyancing. If you are buying a property with a mortgage you will have to have a solicitor to do this for you.

Online conveyancing services are available but it is usually easier to hire a solicitor directly.

Your solicitor will guide you through the process, speak to the seller’s solicitor, liaise with your mortgage lender and the estate agent – and make sure you understand the details.

1. Starting the legal process

  • It’s up to you to check that you are happy with the contract before you exchange so keep track of what your solicitor is doing.
  • Make sure you understand what charges you will incur.

2. Arranging your mortgage and protection for your new home and family

  • It’s a good idea to research this as early as possible.
  • Obtain an ‘agreement in principal’ which outlines the amount you can borrow.
  • Arrange to insure the building and contents of your home, get a Quote online for this from Lloyds TSB insurance.
  • Make sure you have protection for your mortgage and family in case you were to die, fall seriously ill or are made redundant.

3. Get a survey

  • Check the building is sound. Your mortgage company may do a valuation, which they may charge you for.
  • Unless you are buying a new home, it makes good sense to pay a little extra for a more detailed survey.
  • If you want work done before the sale goes through, or you want to negotiate a reduction in price, ask your solicitor to negotiate this with the seller’s solicitor and estate agent.

4. After acceptance of the offer

  • The seller’s estate agent will write to confirm this.
  • On receipt, give the estate agent your solicitor’s name and contact details (you can find a solicitor in your area through www.lawsociety.org.uk).
  • Give your solicitor details of the property, the estate agent, the price and your mortgage lender.
  • If you don’t already have a solicitor or a mortgage lender engaged, you need to do this now.
  • If you haven’t already, you will need to get a formal mortgage offer sorted out quickly. If you already have an ‘agreement in principle’, getting a formal offer should be straightforward, subject to a satisfactory valuation of the property.
  • Once you have accepted, the property might still be advertised as ‘sold subject to contract’ or ‘under offer’. However, either you or the seller could pull out without penalty.
  • When you exchange contracts, you make a financial and legal commitment.

Next step: Exchanging contracts

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C&G mortgages are provided by Lloyds TSB Bank plc and administered by Cheltenham & Gloucester plc. Lloyds TSB Scotland plc offer their own range of mortgages, find out more.

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