If you’re a first time buyer, you’ll understand the level of the financial commitment you’re looking to make. First time buyers need a specialist to help them make the right decisions and ensure that the process of buying is as smooth and stress-free as possible.
In this guide, we’ll discuss what a solicitor can do for you, when you’ll need one, and how to be sure you choose the right specialist to get the best for you financially and personally.
Do you need a solicitor as a first-time buyer?
You don’t legally need a solicitor as a first time buyer, but a lot of lenders do set this as a requirement if you’re getting a mortgage. If not, we’d still recommend that you seek the advice of a solicitor, as they will help to handle the complex legal and financial side of buying a property.
The reason many lenders expect you to have a solicitor as a first time buyer is because they want to ensure that their interests are protected, as well as your own.
Going through this process without a solicitor is possible, but unless you’ve already done it before (which, as a first time buyer, is unlikely), or have legal experience, there is a high chance that you’ll miss some important bits out. This can lead to complexities further down the road which could cost you and a lender more time and money.
When should you instruct a solicitor when buying a house?
When buying a house, you should instruct a solicitor as early as possible to be safe. However, it is possible to seek advice from a solicitor further down the line. For example, you could do so after your offer on a property has been accepted, and they would be able to assist with the process from that point onwards.
Note that unless you instruct the solicitor at the start of your house buying journey, you risk running into legal complications which may be much more difficult to manage and resolve without a specialised solicitor.
Choosing a solicitor as a first time buyer
We understand that you might be anxious when faced with the many processes involved in being a first time buyer: understanding mortgage rates, searching for your first home, applying for a mortgage with a broker, and much more. All of these tasks can be daunting, so you need to choose a solicitor who you know you can trust to keep your best interests at heart and look after your finances professionally.
At Barlow Irvin, we can help with this. Our team are mortgage experts, and we’re happy to help with our database of trustworthy and quality solicitors. Don’t hesitate to contact us for more information.
What does a solicitor do when you’re buying your first home?
When you’re buying your first home, a solicitor will take care of all of the legal proceedings, from initial searches to ensuring an easy completion:
- Checks and searches – The first step for a solicitor is to check that the current owner of the property actually has the legal right to sell, as well as conducting local authority and environmental searches to find potential issues.
- Handling contracts – A solicitor will read over any contracts before you sign them, making sure that they properly represent what you have agreed to, and that there is nothing hidden which could come back to bite you. They’ll also make sure that all legal expectations are met from both sides before any exchange takes place.
- Managing purchase – A solicitor will communicate regularly with all parties involved (buyer, seller, lender, estate agent) to ensure that every transaction is smooth and done correctly. This is very important given the quantities of money which are likely to be transferred. They’ll also be responsible for registering your ownership of the property with the land registry.
- General (legal) advice – The purpose of a good solicitor is to make sure that your life is as easy as possible when making your first house or property purchase, so they’ll be ready to answer any questions you have, whether they’re based on legal aspects or otherwise.
How much does a solicitor cost for first time buyers?
Solicitor costs for first time buyers vary quite a lot depending on things like experience, property value and demand. In general, you can expect to be paying anywhere between £400 – £1500 for standard legal fees – again, this is dependent on the value of your property amongst other factors.
The best way to find out just how much you’d be paying is to get in contact with a trusted solicitor or financial advisor, explain your situation and chat to them about expectations.
- Remember, whilst you might not like the idea of paying a lot of money for a solicitor, you get the peace of mind of knowing that all your legal affairs are in order and there is less chance of anything going wrong during the process. This peace of mind is priceless.
Do you still pay a solicitor if your house purchase falls through?
In most cases, you’ll still need to pay your solicitors fees if your house purchase falls through. Usually, you will owe for the work a solicitor has done up to the point that things break down, so if this is early on in the process, you won’t have to pay too much. However, if the sale falls through in the later stages, you might have to pay almost the full amount.
Some solicitors offer a ‘no sale, no fee’ service which guarantees that you won’t be charged for legal fees in the event of the purchase breaking down, but it’s likely that their standard charge would be a bit higher than a solicitor without this agreement.
Another situation you might find yourself in is that the sale falls through after the exchange of contracts. If this is not your fault, then the other party might be liable for any costs on your behalf. This means that they would have to cover all your legal fees, meaning that you technically would not have to pay a solicitor.
If you’re a first time buyer interested in our database of experienced solicitors and you want to learn more, get in touch today.