FIRST TIME BUYERS GUIDE
Where to start?
Finances & knowing your budget.
Finding out how much you can borrow is one of the first steps as this determines your budget. There are many online calculators that can help you at this initial stage. However, once ready to move forward you can apply for a mortgage in principle through an independent mortgage advisor or bank. A mortgage in principle is an official estimate from a lender of how much you can afford to borrow on a mortgage and depending on the lender, typically stay valid for up to 90 days.
You can offer on a property without a mortgage in principle but having one in place is preferred and can save time in the buying process, both in terms of getting your offer accepted and the mortgage application process. We can assist you in your mortgage search and in our view you should always choose a reputable Independent Financial Advisor (IFA) to conduct your search as such advisors are able to scan the best options for you over the whole marketplace, whereas your bank or high street lender can offer you only the most suitable for you from their list of products, which may not be the best deal available to you.
Searching for property
In Tayside and Angus the market leader for buying and selling local property is TSPC and has been for over 50 years! this is where you will find all the latest properties listed by local solicitor estate agents. We also keep our social media updated regularly so you may even catch some coming soon or sneak peek properties before they hit the market and be one of the first to view the property!
Found a Property you like?
Viewing properties & making an offer
Before viewing a property, it is advised to have a look at the home report. Home reports are produced by a chartered surveyor and are split into 3 parts - a single survey and valuation, property questionnaire and an energy report. Fortunately, properties in Scotland are legally required to have a home report when listed for sale, so you will be able to find out lots about the home before you even step through the door. The home report may also highlight issues before a viewing that you would like to want to clarify with the seller when viewing the property. If you are looking to buy a flat for example, it's important to ask about maintenance fees/shared responsibilities etc. Some blocks will have a factor in place who handles maintenance so it's important to ask how much these costs and what's included in the price.
Want to make an offer?
Give us a call on 01382 539 313 (24hrs) with the details of the seeing agent, property address and offer you would like to make. At this point we will set you up as a client through our online system (so no need to come into the office). Each property and offer are unique and so at this crucial point in the process one of our solicitors will also discuss and advise on the best way forward
Note of Interest
If you're not quite ready to offer, we can note interest on a property for you. It's free to place a note of interest and it lets the seller know you are interested in their property. By noting interest, if the seller is thinking about accepting an offer, changes the price or decides on a closing date, their solicitor should contact us so that you can decide if you want to proceed to a formal offer. Saying that, a note of interest doesn't legally bind any seller to update us/you, it is simply a courtesy mechanism to allow the agent to advie of any changes to the property status.
Closing Dates
Properties that have been extremely popular can get pushed to a closing date- closing dates are when a certain date and time is set and all offers must be submitted by that deadline to be considered. It's easy to get caught up with the competition of a closing date but we can advise you when the time comes using our knowledge of the local property market and it's current trends.
Offer accepted, what now?
Funds in place
At this point it is important to inform your mortgage broker or bank about the property you have had an accepted offer on. This will then kick start the mortgage process
Conveyancing and Missives (the legal bit)
This is where our team do all the work and take over. Missives are the contract between the buyer and seller. Once this is signed, it makes the transaction legally binding. Conveyancing is then the process on where the property is transferred from one owner to the other. This whole process takes approximately 8 weeks.
Getting the Keys
The
date of entry or date of settlement! This date is usually set during the
conveyancing process after an offer has been accepted. Unless the purchaser requires
entry to the property on or by a specific date the entry date is normally
firstly suggested by the seller.
This date then lets us know what day the keys will be released and transaction of funds made. Once transaction is completed, keys can then be collected and you can enjoy your new home.
All of us at Alan E Masterton Solicitors are here to help you as a first time buyer get onto the property ladder, so if you still have any questions or queries please don't hesitate to get in touch with us on:
01382 539 313
Book a free first-time buyers appointment.
Have a few more questions?
Book a free first-time buyers appointment with one of our experienced solicitors where they can answer and advise you on any questions you may have regarding finding the right property and having an offer accepted.
Already found a property you love?
Get in touch or give us a call on 01382 539 313 where we will set you up as a client through our online system and have one of our team of solicitors guide you through the process of making that offer!
NB: Nothing in this leaflet constitutes legal advice, you should always consult a solicitor when considering anything contained within this leaflet.
