First Time Buyer

Buying a house for the first time can seem a huge undertaking. At Carousel we are happy to simplify all the different stages of the process and explain them to you.

After searching through all the available properties and viewing the individual homes at your leisure, you will finally choose a property that you wish to purchase.

The first step is to contact the relevant Estate Agent and make an offer – providing that you have an offer of mortgage or an ‘offer in principle’ in place. If you don’t know what an offer of mortgage is, then please visit our Mortgages page.

Offer Accepted

Great news, the Estate Agent has contacted you and your offer has been accepted – what next?

At this point you need to contact your mortgage lender and appoint a legal adviser. Your legal adviser or Solicitor will take care of your Conveyancing.

Conveyancing is a legal process of buying a home, for further information please refer to our Conveyancing page.

Surveys & Reports

Your mortgage provider or lender will insist on a survey. There are various types of survey, please see our Home Surveys page for further detailed information.

Another report that you require is called a Home Energy certificate. This will be provided by the seller. For further information please see our Home Energy page.

During this period there is much communication between the sellers representatives, your legal team and of course the Estate Agent. At Carousel we will keep you regularly informed of how everything is progressing.

Exchanging Contracts

When your legal team and the sellers legal team are agreed you will be asked to sign the contract and exchange with the seller. At this point you will need to pay your deposit your Solicitor will give you advise regarding this. Once you’ve paid your deposit, you are committed to the sale.

Stamp Duty

Depending on the value of the property that you have bought, you may have to pay Stamp Duty.

You have to pay Stamp Duty Land Tax if you buy a property in the UK over a certain price (currently £125,000.00). This is charged on all purchases of houses, flats and other land and buildings. Rates vary depending on the purchase price, for further information visit www.gov.uk/stamp-duty-land-tax-rates.

The lender will then transfer the remaining balance of the money to your solicitor and he will in turn transfer the money to your sellers solicitor.

Collect Your Keys

Congratulations, you have purchased your first property.

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