Moving in together can be such a joyous experience but, let’s be honest; it can also be extremely scary!
The process before receiving the keys can often be stressful. It’s important to sit down together, communicate and speak openly about what you are looking for in a home.
We are on hand to help
You need to consider and discuss managing your finances together; buying a house together is a joint responsibility and each person should be aware of what payments are expected each month. You should also consider setting up a joint bank account which you each contribute to every month as paying bills through direct debit can make it much easier to keep control of your finances.
It is also wise to have all names listed on any utility bills as some companies are unable to help with any problems unless your name is stated on the account.
Other things to think about when buying your first property together:
- Neighbourhood – Research into the area and look at what amenities you will need close to you.
- Parking – Is parking something you will require?
- Ownership – Consider how you will own the property between you – Sole Ownership? Joint Tenancy? or Tenants in Common?
- Costs – As well as agreeing a mortgage with your lender you will need a deposit and other costs could also include; application fees, arrangement fees, valuation fees, administration fees, mortgage broker fees, stamp duty land tax (if purchasing above the SDLT first-time buyer threshold of £425,000), surveyor fees, legal fees, removal company charges, council tax, household bills and maintenance.
- Time – Take into account the amount of time it takes to move into the right property from starting your search to that first night’s sleep in your new home.
There are so many steps which take place when moving home and we will be on hand to help your purchase run smoothly.
Lamb Brooks act for many First Time Buyers in this exciting stage of their lives and frequently deal with Help to Buy schemes, Help to Buy ISAs, part-buy-part-rent options and other methods used to get onto the housing ladder.
For further information or a legal fee estimation please contact our Property Law Team on 01256 844888 or email enquiries@lambbrooks.com.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.