Solicitors Who Specialise in Helping Liverpool and Chester First-Time Buyers
Buying a property is a major investment for first-time buyers, whatever their age, and experienced local legal advice can help the buyer complete the conveyancing process as quickly and professionally as possible – and with the minimum of fuss.
Conveyancing refers to the process of transferring the legal ownership of a property from the seller to the buyer. Various legal and administrative matters need to be addressed during the process, and the best path that a first-time buyer can take is to engage a reliable and experienced law firm to handle these often complicated steps and procedures early on, allowing the buyer freedom to focus on other important and stressful matters related to first-home ownership.
How Can a Solicitor Help a First-Time Buyer?
A conveyancing solicitor can advise on all contractual matters related to the purchase of a property, and help see the sale process through to completion. Various local searches on the property, including with the Land Registry, will need to be carried out, and may be a requirement for a first-time buyer’s mortgage to be approved (a survey may also be required for the same purpose).
From the 1st April 2025 there were changes to the rates relating to Stamp Duty Land Tax (SDLT).
Reductions in the scope of first-time buyer’s relief could result in an extra charge of up to £6,250 in Stamp Duty Land Tax (SDLT) for residential properties purchased for more than £300,000. This adjustment aligns with the regulations that were in effect prior to September 23, 2022.
- first time buyer’s relief will only be available where the purchase price of the property does not exceed £500k (down from the current cap of £625k)
- the current £425k nil rate band first-time buyer’s relief threshold will fall back to £300k (with the difference being chargeable to SDLT at 5%).
- In addition, from 1 April 2025, additional SDLT of up to £11.25k will become payable where first-time buyer’s relief can no longer be claimed but could previously (because the purchase price exceeds £500k but not £625k). This is due to the withdrawal of the relief in those circumstances combined with the reduction in the SDLT nil rate banding, as described.
First-Time Buyers – Arranging a Mortgage and Ownership Models
Arranging a mortgage is another prime concern for the majority of first-time buyers, and reliable legal advice can help a first-time buyer choose the right type of mortgage for them, and provide the information necessary for the application to be approved as swiftly and seamlessly as possible. A solicitor will also be able to advise on the different ownership models, including shared ownership, and tenancy arrangements available to first-time buyers, and how the financial side of things can best be organized to protect the various parties. This can also be important when a third-party such as a parent is making a financial contribution to the purchase and wishes to protect their investment.
Advice on Help to Buy Schemes for First-Time Buyers in Chester and Liverpool
The government offers a number of Help to Buy schemes to assist first-time buyers in Liverpool and Chester and the rest of the county with the purchase of their first home. Take a look here for more information
Every Property is Individual – Contact Our Team for an Accurate, Individual Quotation
The entire conveyancing process up to completion will take 8-12 weeks in normal circumstances. Using a local Liverpool based conveyancing solicitor can help speed matters up due to the latter’s knowledge of the local area and experience with similar transactions on behalf of first-time buyers. Our firm offers a transparent fixed fee structure for buying a property in Cheshire and Merseyside at competitive rates, and with no hidden costs.
For further information or advice about Residential Conveyancing please contact Bartletts Solicitors today at our Liverpool or Chester offices or email advice@bartletts.co.uk.
Alternatively, you can Make An Online Enquiry and one of our team will be in touch with you as soon as possible.
