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Legal Tips for First-Time Home Buyers

Legal Tips for First-Time Home Buyers

Purchasing your first home is a huge decision and a massive financial investment, so it’s no wonder it can feel a little daunting. With so many different loans and mortgage packages on the market, it can feel almost impossible to know where to start. This is where expert advice comes in handy as a means to save you both time and money as you make these important decisions. Here are the top things which you should seek legal help with when purchasing your first property:

Making an Offer

First of all, a property lawyer can help you to ensure you are making a fair and realistic offer that is neither likely to be rejected nor too high. They can also help you with negotiating the terms, such as what will be included with the property, what the established boundaries of the property are, and establishing whether there are any external issues at play such as problematic neighbours or planned building projects in the area. They can also help to establish whether there are any outstanding finances on the property, so that the current owner can provide their plans for paying these off.

Selecting a Mortgage Provider

As already touched upon, the sheer volume of mortgage providers on the market is dazzling, which makes it difficult to establish which one will be most suitable in your particular circumstances. Firms such as Andrew Lee & Co solicitors can help you sift through all of these options and pinpoint the service that is best for you. Selecting the right provider can save you huge amounts of money over the years, so it really pays to get it right.

Surveying

When purchasing a house, you will also need to carry out a survey of the building before you sign any contracts. This will assess for any hidden problems or issues that may lead to financial drains in the future – common hidden problems are rising damp or roof damage. Once any issues have been established, you can make an informed decision on whether you wish to go ahead with the purchase. Any damages may also become part of the bargaining process. A lawyer will be able to help you with setting up a survey and following through with any negative findings.

Finalising Contracts

Your final contract is hugely important in protecting your rights and confirming the sale price of the property in question. It will include all of the details you have negotiated in the terms of sale as well as securing your rights to the property. On top of this, it can be used to hold the seller accountable in case of any unforeseen problems directly following the sale, which can be invaluable to you as a buyer. It is essential that you get an experienced property lawyer to lay out your final contract to ensure that all of your rights are protected in law. On top of this, they will also be able to liaise with the seller’s lawyer in order to organise contract exchanges and the handing over of the keys to the property.

Buying a new home may feel scary, but with the right legal help on hand you can be sure that you are getting a fair deal.

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