Buying your first home is an intimidating prospect, and it can often seem hard to know where to begin. Thankfully at Drummond Miller, we have many years of experience helping first-time buyers get onto the property ladder. As estate agents and solicitors in Scotland, we support buyers from the early search stage right through to offer, conveyancing and completion. In this blog post, we talk through some of the important steps you go through when buying your first home in Scotland and how the right support can make the process clearer and less stressful.
Working out what you can afford
Before you even think about looking at properties, you need to make sure that you have enough money to cover any costs associated with moving. This gives you a clearer idea of your budget and helps you focus your property search on homes that are realistically within reach. A mortgage calculator can also be a useful starting point for prospective buyers.
Most people are aware they will require a deposit in order to be eligible for a mortgage, however, first-time buyers are often unaware of additional costs, including Land and Building Transaction Tax (applicable if your property is worth over £145,000), solicitor's fees, legal fees, conveyancing fees, and an arrangement fee for your mortgage. On top of this, you also need to factor in contents and buildings insurance, home insurance, council tax, money to furnish the property, paying for utilities, as well as little things such as hiring a van or enlisting a moving company.
Understanding these costs early can help you move forward with more confidence when viewing properties for sale in Scotland. Depending on your circumstances, you may also wish to think about life insurance, Financial Planning and whether you hold savings in a Help to Buy ISA or Lifetime ISAs.
Some first-time buyers may also wish to check whether any Scottish Government support schemes or the First Home Fund are available, depending on current eligibility and availability.
There is a great tool here from Money Helper that can assist you when working out what you can afford to spend. It is also sensible to review your credit score before applying, as this can affect the mortgage products available to you.
Working out what you can borrow
Once you have worked out how much money you can afford to spend, the next stage is to find out what you can borrow in the form of a mortgage.
Getting a mortgage agreement in principle is an important step as it will allow you to work out the value of the property you can afford when combined with your deposit.
A Decision in Principle can also help show sellers that you are in a strong position. Whilst you can go directly to a mortgage lender or apply through online mortgages services, we'd advise you to seek out a Mortgage Advisor. They will be able to help you secure the best rate on your mortgage, as well as ensure your application is processed accurately and efficiently when you find your perfect home. This can also put you in a stronger position when you are ready to act quickly in a competitive Scottish property market.
Choosing a Solicitor
Now that you know how much you have to spend on a property, the next step is to appoint a Solicitor, who will formally note interest or submit written offers on your behalf. Unlike in other parts of the UK, this is a legal requirement in Scotland if you want to bid on a property.
At Drummond Miller, we have a team of experienced conveyancing solicitors, who are well equipped with all aspects of conveyance and property law. With expert knowledge of the Scottish property market, combined with our negotiating skills and dedication, you'll always get the best possible service and results. Because our property and legal teams work closely together, we are able to support buyers through each stage of the journey with continuity and clarity. Our Residential Property team can also guide you through Offer Submission, title deeds, standard security, completion date and registration with the Land Register of Scotland. You can learn more about our property experts in Scotland and how our estate agency and legal teams work together.
Begin searching for a property
Now for the exciting part. Once you have your finances in order and you have chosen a solicitor to act on your behalf, the next stage is to begin looking for your dream home. The property market moves at a quick pace so it is important to always be checking for new properties, and set up alerts to notify you when a property that matches your criteria comes onto the market.
When searching, it helps to look at homes marketed by experienced estate agents in Scotland who understand local areas, pricing and buyer demand. Taking time to visit, compare properties, ask questions and review the Home Report carefully can help you make a more informed decision. The Home Report will usually include an Energy Performance Certificate and survey information, and in some cases you may wish to consider a further Building Survey before proceeding. You can also start your search by browsing homes for sale in Scotland.
All of our properties are listed on Rightmove and ESPC, but you can also view them directly here. Attending a Home Viewing prepared with questions about the property, local area and likely running costs can be very helpful.
If you come across a property that you are interested in, ask your newly appointed Solicitor to note your interest. This will give you the best opportunity to submit an offer should you decide that you would like to try and purchase the property.
Making an offer
Now for the really exciting part. Once you have found a property that you want to purchase, the next step is to ask your Solicitor to submit an offer.
With our extensive experience, our conveyancing solicitors will be able to offer you advice with regards to your offer based on the property's valuation, how much interest has been noted and the market conditions. Where your purchase is being handled with support from both our estate agency and legal teams, you also benefit from a more joined-up service throughout the process.
Offer accepted - what now?
Once your offer has been accepted, your Solicitor would then contact the seller's solicitor and get the ball rolling, carrying out tasks such as requesting a copy of the draft contract, the property's title and other standard forms. At this stage, your solicitor would also deal with the missives, confirm when these are concluded, and advise you on when you would receive the keys on the completion date. Your conveyancer or solicitor would also deal with the legal work through to settlement. If you chose Drummond Miller to be your Solicitor, you can be assured that we would take care of all the legal work, ensuring the process goes as smoothly as possible. For more information on the conveyancing process, click here.
At this point, you would also need to complete your mortgage application, and this is where a mortgage advisor would guide you through all of the paperwork needed. Depending on the purchase, this may include application procedures and confirming any Land and Buildings Transaction Tax due to Revenue Scotland. Buying your first home can feel like a big step, but with experienced estate agents and solicitors working together, the journey becomes much easier to manage. If you would like tailored support, contact our property team
to discuss your next steps.