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Getting on the property ladder in 2015

Posted on Wednesday, 7th January 2015 by
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At the turn of the year many people decide to make New Year’s resolutions of what they want to achieve that year, whether it’s to loose weight, quit smoking or to achieve a goal.

It might be that your New Year’s resolution is to get on the property ladder in 2015 and with the changes to stamp duty payments this might well make taking this step a little easier on your wallet.

As a first time buyer there are lots of options available to you to help you get on that all important ladder such as:

1)      Help to buy schemes  – either via a new development where part of the deposit is paid under the government scheme or by way of a 5% mortgage on an established dwelling

2)      Shared ownership, where you initially own a percentage of the property and rent the remainder until you can afford to purchase a further share

3)      Right to Buy Schemes, available if you have lived in your council owned home for the qualifying period.

The deposit is normally the hardest hurdle to pass and if one of the above schemes are not available to you,  then some buyers are fortunate enough to have help from their parents or relatives in the form of a gifted deposit. This gift will need to be disclosed to your lender, if applicable as they will also require proof of deposit.  Alternatively, your family member could loan you the funds but again this will need to be agreed by the lender who may or may not have objections to  a third party having an interest in the property.

It can be a little daunting buying your first home, but once you have had your mortgage agreed via the bank or though a broker we will be more than happy to guide you through the process and ensure you are kept in the loop at all times. We will help explain all the stages from the moment your offer is accepted until the day you collect your keys to your new home.

So if you are buying for the first time and are unsure of the stages required to help you fulfill your New Year’s resolution please contact us and ask for a member of the property team.

The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.

Talk to our legal team

The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.

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Rebecca Gunn - Residential Conveyancing
Rebecca Gunn - Residential Conveyancing
Rebecca.Gunn@ehlsolicitors.co.uk 0116 402 6688
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