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Top tips for first time buyers

8th April 2024

Buying your first home can be overwhelming. At MSB, we’re here to offer practical tips and insights to help first-time buyers navigate the process smoothly. MSB Associate Helen Schofield tells us more about the legalities, credit scores, house prices and more.

What are your top tips for first time buyers?**

What are the challenges that most first-time buyers face?

Not knowing or understanding the process. Speak to your conveyancer if you have any queries and compile a list of questions you have after receiving your report on title. Pick up the phone and speak with your conveyancer if you need support. MSB solicitors send a helpful flowchart to clients to explain the conveyancing process and will shortly be launching an app where clients can check the progress of their transaction and see the outstanding steps to completion.

What is the average cost of a house in the north of England?

Most of the sales in North West over the past year were semi-detached properties which on average sold for £242,816. Terraced properties had an average sold price of £167,578 and detached properties averaged at £425,330.

North West, with an overall average price of £240,206, was similar in terms of sold prices to nearby Yorkshire and the Humber (£236,592), however, was more expensive than North East (£189,838) and cheaper than East Midlands (£262,816). The most expensive area within North West was Cheshire (£306,311) and the cheapest was Lancashire (£200,024).

In the past year house prices in North West were 3% down on the year before and similar to 2021 when they averaged at £236,336. (Taken from Rightmove)

How much deposit do first time buyers need to put down?

This is dependent on the lender. Some will accept 5% but it is most common for 10% deposits to be required.

Has it become harder to buy properties over the past 20 years? If so, why?

There are a lot of additional requirements of lenders now that conveyancers must comply with, and the funding checks we have to carry out have become more in-depth and stricter. This doesn’t necessarily make it more difficult to purchase a property but it can lengthen the process depending on the complexity of a transaction and the nature and source of the deposit funds.

What kind of research do first time buyers need to do?

Should they improve their credit score. If so, how?

MSB offers expertise in various areas including sales, purchases, re-mortgages, new builds, shared ownership, leasehold matters, transfers of equity, co-habitation agreements, wills, and deeds of trust. Contact us today for more information.

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