Conveyancing is the process of transferring
the equity ownership of a property sold or bought. The home buyers seem to be
quite straightforward, and thus they are sometimes not aware of the exact
criteria when they buy the home for the first instance.
The first-time homebuyers have certain
criteria, for which they need to qualify in order to not fall into any errors
or litigations. Thus, first time sale-purchase conveyancing is quite difficult
and needs a lot of attention and documentation. And thus, you need to be aware
of the sale-purchase conveyancing process.
Why
does a First-Time Homebuyer matter while Sale& Purchase Conveyancing?
The first-time homebuyer is the person who
is about to purchase the home or a property for the first time. The term
matters because there are certain exclusive rules and laws made by the
government of UK, for the sale &purchase conveyancing process is performed.
The government provides tax breaks and schemes to help the people get on to the
property ladder.
The government allows the first-time
homebuyers to not pay any stamp duty on property purchase. There are certain
schemes that are applicable on the first-time home buyers such as get getting
the loan approval on the purchase price, and it does not let the buyers pay the
interest on the equity loan for next 5 years. The first-time homebuyer also has
access to mortgage with special buyer friendly schemes, reduced interest rate
and few favorable terms conditions.
What
are the factors that does not let you qualify as a first-time homebuyer?
·
If you have inherited
residential property or a share in one property, regardless of the property
location.
·
If the estate that you wish to
buy is outside the country.
·
If you are buying it for the
purpose for buy-to-let landlords, even if it is the first property purchase.
·
Commercial property is not
categorized as home, thus the ownership of the property for the first-time home
buyer is also disqualified
·
If there is any residential
element attached to the property is considered dwelling and, it also
disqualifies you as a first-time home buyer.
·
If you previously owned or
partly-owned any property that you sold, back then. Then, you are not qualified
as well.
If the days has been quite busy for you
while finding the right property for the purchase purpose, then you can sit
back at home and get high quality conveyancing quotes online in UK. The
best conveyancing solicitors that you can hire is from The Phew. The
professional conveyancing solicitors help you get updated with the change in
interest rates and also the legal documentation of the procedures.
