First Time Buyers
Buying your first home can often be exciting yet daunting at the same time.
Here at T G Baynes, our expert solicitors have many years’ experience in helping first time buyers to achieve their dream of buying their new home. Ensuring that the process is clear and straightforward at all times, the T G Baynes team will help you at every step of the way – from making an offer on your dream home, through to getting the keys and stepping through the doors for the first time.
What things do I need to think about as a First Time Buyer?
Inevitably when buying a house - whether for the first time or not - there are many things to think about, but it can often be hard to know exactly where to start. Your dedicated T G Baynes solicitor will be able to guide you through the process.
An important thing to think about when purchasing your home is Stamp Duty, which is a tax placed on all land transactions in England. When buying a home, your solicitor will need to complete a Stamp Duty Land Tax return, and enter a specific code onto the form that says you are a first time buyer.
First-time buyers do not pay Stamp Duty on properties worth up to £300,000. If the property is worth between £300,000 and £500,000, you will not need to pay Stamp Duty on the first £300,000, but you will pay the standard 5% on the remaining amount.
Inevitably, there are some terms and conditions to taking advantage of the First Time Buyer Stamp Duty rates, including:
· You are only classed as a First Time Buyer if you have never owned or part-owned a freehold or leasehold property, either in the UK or elsewhere in the world. This includes having inherited property or being a beneficiary of a trust that owns a property.
· If you are buying a home with someone else then you must both be classed First Time Buyers.
· The property you are buying must be used as your only or main residence.
How long will it the conveyancing process take?
Buying a house normally means that there are lots of different parties involved – not only yourself, but other people in the chain, estate agents, other solicitors as well as utilities companies and government departments that hold information about your new home that we will need to access.
This can mean that the process can feel that it’s taking longer than you perhaps thought it might. Although it is difficult to give you an exact timescale, please be assured that your T G Baynes solicitor will keep you updated at all times and that they will be working to ensure you are in your new home as soon as is practically possible.
For an informal chat about how T G Baynes can assist you getting onto the property market, or to make an appointment please call any of our offices on 01322 295555 / 020 8301 7777 / 01689 886000 or email firstname.lastname@example.org