One thing you are probably not that interested in as a First time buyer is how the legals work. This is potentially one of the biggest mistakes you will ever make, understanding the legals of buying a property is essential.
Without understanding first time buyer legals:-
You could end up buying a property with too short a lease and find it drops in value a few years after buying it.
There is a shared garden or right of way which you thought belonged to your property.
The drive or place the owner parks the car doesn’t come with the property.
What you thought was a second bedroom in a loft conversion is still classed as a loft as it hasn’t been granted permission to be a bedroom.
You buy a property with a partner or friend and end up with a joint tenancy agreement, so if something happens to you they, not your family, end up inheriting your half.
|XXX||In addition you must make sure you take out a will when buying a property. If you want your half to go to someone specific or be held in a trust for friends/family/loved ones, then it is essential to have this outlined in a will. Of course, the likelihood is nothing will happen, but if it does, you don’t want your family and friends to be left with the stress of dealing with your loss as well as watching the house you paid for disappear to someone they don’t know.|
Finally, understanding the legals of buying your first home will help you track how your purchase is doing. Without knowing each of the steps you have to take to own a home, you won't know whether the sale is progressing or not.
|So understanding each step of the buying process – which is effectively the same thing as the legal process – is vital to make sure you have a smooth move and spot early on and if there is a problem you can get it fixed quickly.||XXX|
Read our First Time Buyer Legals Checklist from 1st Property Lawyers to help you keep control of buying your first home and make sure you know what each of the steps are to becoming the owner, rather than being kept in the dark.
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