Buying your first home is an exciting milestone, but the process can feel overwhelming at times. Don’t worry—we are here with a simple, practical guide to help first-time buyers like you navigate every step with confidence.
Step-by-Step Guide to Buying Your First Home
- Appoint a Solicitor – In Scotland, it’s a legal requirement to have a solicitor or qualified conveyancer to handle your property purchase. We offer a smooth, straightforward service to make the process as simple as possible.
- Are You a Cash Buyer or Do You Require a Loan? If you’re taking out a loan, you’ll need a Mortgage Agreement in Principle. This is a document from your bank confirming how much they’re likely to lend you for your home purchase and is a crucial first step in understanding your budget. If you’re a cash buyer, you’ll need to comply with strict Anti-Money Laundering (AML) requirements—but that’s a topic for another blog.
- Set a Realistic Budget
Beyond the price of the property, factor in additional costs such as:- Your deposit
- LBTT (tax on property purchases)
- Legal fees
- Moving costs
- Find Your Dream Home
Start exploring property websites. Many platforms allow you to filter for homes suitable for first-time buyers and even send alerts when properties matching your criteria become available. - Book Viewings
Once you’ve found a property you like, book a viewing to see it in person. Some properties offer virtual tours, but it’s always worth visiting the property to make sure it feels right. Review photos, descriptions, and home reports to get a full picture before deciding. - Make an Offer
Before submitting your offer, check the property’s valuation in the home report and research recent sales in the area. We offer advice to ensure your offer is competitive but within your budget. - Offer Accepted
Congratulations—your offer has been accepted! At this stage, we’ll take care of the legal processes to finalise the purchase. If you have a mortgage offer – we will also handle this.
First-Time Buyer Perks: Government Help and Discounts
The Scottish Government provides several schemes to support first-time buyers. Here’s an overview:
- First Home Fund
- Offers up to £25,000 as an equity loan to boost your deposit.
- Available for both new-build and resale homes.
- Independent mortgage advice is recommended before applying.
- LIFT Scheme
- This scheme allows you to purchase 60-90% of a property, with the government covering the rest.
- When you sell, you repay the government’s share based on the current market value.
- Shared Ownership
- Buy a percentage of a property (e.g., 25%, 50%, or 75%) and pay rent on the remaining share. This option can help you get on the property ladder with less upfront cost.
- Lifetime ISA
- Save up to £4,000 a year and receive a 25% government bonus.
- The savings and bonus can be used for your first home or kept for retirement.
- LBTT Relief
- First-time buyers only start paying Land and Buildings Transaction Tax on properties valued over £175,000. This is higher than the £145,000 threshold for other buyers.
What’s Next?
If you’re ready to start your home-buying journey, We are here to support you. From navigating legal requirements to finalising your purchase, we make the process stress-free and efficient.
For more information, email us at info@liuslaw.co.uk – Let us help you turn your dream of homeownership into reality.
Disclaimer
The content of this webpage is for general information purposes only and is not intended to constitute legal advice. It should not be treated as a substitute for tailored, professional advice specific to your circumstances.
Lius Law accepts no responsibility for the content of any third-party websites linked or referred to in this webpage.
Lius Law is authorised and regulated by the Law Society of Scotland and the Law Society of England and Wales.