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First time buyers often describe the process of purchasing their first home as overwhelming, but here at Stephensons we have a wealth of experience within our residential conveyancing team in London to ensure your process runs as smoothly as possible. Property in London is the most expensive in the UK, so ensuring you have thorough and location-specific legal advice is vital.
Government home ownership schemes for London
There are countless options to help first time buyers in London get on the property ladder. For example, schemes such as Help to Buy, The starter home initiative and recent changes to stamp duty are all aspects that first time buyers must be made aware of. Furthermore, Stephensons offer first time buyers a 10% discount on legal fees.
There is an additional government-run home ownership scheme exclusively for first time buyers in London called ‘First Steps'. First Steps is a housing programme aimed at helping first time buyers in London to purchase a home at a price affordable to them, based on their household income. The idea of the scheme is that first time buyers can part-buy a property, mainly new-builds. Houses in the First Steps scheme aren’t available on the open property market.
There are a number of fears for first time buyers surrounding the topic of hidden fees, and as a result in 2011 the Law Society Conveyancing Quality Scheme was introduced. The CQS identifies good and well-experienced conveyancing solicitors, with members having to undergo compulsory assessments and audits on a yearly basis. Stephensons is accredited with CQS, giving you the confidence and assurance that any conveyancing and property work will be done so at a high standard.
At Stephensons, we are aware that it can be difficult for first time buyers in London, however we are also aware that it is essential for more people to get on the property ladder in order for a healthy economy and property market to be sustained. If you are looking to buy your first home, contact us on 01616 966 229 for a free, no obligation initial chat with one of our legal advisors. We will be able to discuss your personal options, whether it is taking out an equity loan on the Help to Buy scheme, bidding to be part of the starter home initiative or understanding which stamp duty band you fall under. There are numerous factors to take into consideration when purchasing property in London, and our solicitors are able to help you to understand each stage of the process.
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