First-time buyer houses – where is best to buy?
There are a variety of options for first-time buyers to consider for their first home, from new-build to shared ownership properties. And when it involves snapping up the foremost affordable properties, it’s all about location, location, location.
Cheapest area to shop for in London
According to figures from the Zoopla – the UK’s leading property resource – the highest ten cheapest boroughs to shop for in London are as follows (numbers below represent the typical price for a one-bedroom flat as of February 2019).
Barking and Dagenham (£213,451)
Cheapest area to shop for in the UK
Further figures from Zoopla, reveal the highest ten most affordable places boroughs to buy for the outside of the capital, and that they are as follows (numbers below represent the typical price for a one-bedroom flat as of February 2019).
North Tyneside (£66,573)
East Riding of Yorkshire (£77,084)
First-time buyers – extra costs you’ll got to consider
Image credit: Colin Poole
A house deposit isn’t the sole money you’ll be spending when purchasing your first home. It’s essential to think about the prices below your overall buying budget.
Stamp Duty for first-time buyers
First-time buyers don’t get to pay stamp tax property tax (SDLT) if they buy a property or land in England and Northern Ireland worth up to £300,000. For estates worth up to £500,000, first-time buyers won’t be got to pay SDLT on the primary £300,000 but will be understood to pay 5 percent on the portion from £300,001 to £500,000.
Legal and solicitor fees
A solicitor will assist you in completing the legal a part of your house purchase, and their fee will include paperwork filing, bank transfer fees, and native searches. Remember that there could also be additional charges over and above the solicitor’s initial quote.
As an example, it’s quite common to be charged chancel insurance (around £15). The chancel is a component of the church containing the altar and, therefore, the choir. If your house or flat sits on Ecclesiastical land, this insurance covers you within the unlikely event that the church asks you to form a contribution to chancel repairs.
Your Help to shop for the ISA bonus also will be got to be released by a solicitor during the buying process, which comes with a fee of around £50–£60.
You can find a solicitor through your Law Society’s database, and it’s best to urge a variety of quotes for a cost comparison. you’ll also get to find a solicitor with a specialism within the particular sort of property you’re buying – i.e., shared ownership properties – as they’re going to have the precise experience needed to affect legal hurdles or challenges during this area.
Solicitors’ fees for the acquisition of your home can range from £1,000 to £3,000, counting on the sort of property you buy.