The Conveyancing Process – A quick guide on what it all means for the First Time Buyer
Conveyancing is the legal process involving the transfer of property ownership titles from one person to another.
It can be daunting when buying your first property, but you can make sure you get the right solicitor working with YOU.
Conveyancing consists of managing the legal and administration of your chosen property.
First Time Buyer Solicitors Fees - Compare Save Time & Money
As a first-time buyer it's important to make sure that you have the right legal representation for purchasing your first home. The Conveyancing Network works with solicitors and conveyancers all over the UK, that have years of experience dealing with property transactions. Using our online conveyancing comparison system, you can quickly compare and save on first time buyer solicitors fees. Some of our conveyancing solicitor panel offer exclusive discounts to first time buyers, which can help save money for other important things when buying a property.
Compare Conveyancing Quotes Online for First Time Buyers
Using our conveyancing quote engine below, First Time Buyers can obtain an instant price, direct from a licensed conveyancer or solicitor, to handle their property purchase. Within 3 simple steps, anybody looking to purchase their first home can obtain online conveyancing quotations and instantly compare and save on their first time buyer conveyancing costs. It's important for first time buyers to know their conveyancing fees upfront and to know that they are a fixed price conveyancing quote. This allows allows a first time buyer to actually budget accurately for their first home purchase and not to be stung with additional hidden conveyancing disbursements or fees, later on in the buying process.
New Stamp Duty Rates 2017 for First Time Buyers
On 22nd November 2017, the UK Government announced new rules surrounding Stamp Duty Land Tax (SDLT), that will help thousands of first-time buyers reduce their stamp duty tax bill or in fact pay nothing when purchasing their first property.
So what are the new Stamp Duty Rates introduced for First Time Buyers in England, Wales and Northern Ireland?
The new rates came into effect almost imnmediately from midnight on 23rd November 2017 and are applicable to any first time buyer buying theirfirst property for under £500,000. The new rates are calculated as follows:
- Up to £300,000 Purchase = 0%
- £300,001 - £500,000 Purchase = 5% (on that portion of the purchase price)
As an example ...
Purchasing a property in London as first time buyers for £495,000
£300,000 @0% = 0.00
£195,000 @5% = 9,750.00
TOTAL SDLT PAYABLE = £9,750.00
These new stamp duty rules and rates are applicable to purchases in England, Wales and Northern Ireland. Be sure to use an online stamp duty calculator if you are not sure and to double check your SDLT liability on your first purchase.
When are the New Stamp Duty Rules for First Time Buyers NOT APPLICABLE?
If you are purchasing a property in England, Wales or Northern Ireland, there are a couple of caveats to the UK Government's new Stamp Duty Rates for first time buyers. These are:
- A Purchase over £500,000 - If a first time buyer is to purchase a property OVER £500,000, then the standard SDLT rates would apply to the whole purchase price.
- One first time buyer and one NOT a first time buyer - If any party involed in the purchase of a property is NOT a first time buyer, then again standard SDLT rates will apply to the whole purchase price.
Costs and Average Prices for Conveyancing for First Time Buyers
So what about the Conveyancing Process for First Time Buyers?
The process starts when you have made an offer on a property. The process ends when you complete and the property is registered on HM Land Registry
Managing the Buying Process for a First Time Buyer
The process is managed by one of the following:-
- Property Lawyer
- Licensed Conveyancer
- Conveyancing Solicitor
An Informed Choice for First Time Buyers looking for a Conveyancing Solicitor
The Conveyancing Network panel provides you with an opportunity to make an informed choice on which solicitor will act for you. Importantly you can see a fully transparent quote and can arrange a call back to cover any questions you may have.
The Solicitor acts for YOU and as such its not about simply getting to completion initially but ensuring that the transfer of ownership happen legally and that the property is not located in an area that may have issues such as previous coal mining or plans to build a major road next to it. The value of the property can be significantly affected if it is situated in an area that has such issues.
First Time Buyer Solicitor Quotes - Compare Prices Online direct from UK Conveyancing Solicitors
For first time buyers, our website is a great tool to help compare and save on first time buyer conveyancing costs. We offers fixed fee conveyancing quotes direct from our expert panel of first time buyer solicitors. You can instantly compare prices and quotes from solicitors and property lawyers that have many years working with first time buyers and in the UK property market. All of our panel of conveyancers are fully regulated by their regulatory bodies and can offer legal advice to anybody looking to purchase their first property.
Solicitor prices for first time buyers can often vary somewhat and it is advisable that you look to obtain a fixed price conveyancing quote, that is fully inclusive and fully transparent of all costs involved in buying your new home.
Find a First Time Buyer Conveyancing Solicitor - Compare ALL INCLUSIVE FIXED COST First Time Buyer Solicitor Prices Online Instantly
As a first time buyer it's often very difficult to know where to start when you are looking to find a conveyancing solicitor. There are many conveyancing comparison websites offering quotations, but how do you know that the conveyancing prices shown are everything included? Imagine nearing completion on your first property purchase and then suddenly you are hit with additional hidden fees that you were not aware of from the start? It can impose so much financial worry and stress on a first time buyer and it's really not worth it.
Our first time buyer solicitor prices are fully inclusive and fixed cost. It provides peace of mind for any first time buyer and allows anybody looking to purchase their first home to be able to budget for their move.