17 May 2023

From Dreaming to Closing: A Timeline for Buying Your First Home

From Dreaming to Closing: A Timeline for Buying Your First Home

Buying your first home can feel like a daunting prospect, especially if you’re not sure where to start. From saving a deposit to navigating the property market, there are many steps involved in the home-buying process. In this article, we’ll break down the timeline for buying your first home in Scotland, so you can feel informed and confident every step of the way.

6-12 Months Before Buying

The first step in buying your first home is to start saving for a deposit. In Scotland, the minimum deposit required to purchase a home is 5%, although a higher deposit can improve your mortgage options and interest rates. It’s also a good idea to start visiting the areas you’re thinking of buying in and begin to monitor the property market.

3-6 Months Before Buying

Once you have a better idea of what you can afford, it’s time to get a mortgage in principle. This involved providing your lender with financial information such as your income, assets, and debts. With a mortgage in principle, you’ll have a better idea of what you can afford and can start looking for homes within your budget. It’s also a good idea to choose a solicitor who can help you with the legal aspects of the home-buying process.

1-3 Months Before Buying

Now it’s time to start looking at homes! Work with an estate agent who can guide you through the process and help you find homes that meet your needs and budget. Once you find a home you like, make an offer, and negotiate the terms of the sale with the seller. If your offer is accepted, you’ll enter into a purchase agreement.

At this stage, it’s important to work with your solicitor who will help you with the legal aspects of the home-buying process. Your solicitor will review the purchase agreement, conduct searches on the property, and handle the transfer of funds and ownership. It’s important to choose a solicitor who is experienced in residential conveyancing, understands the local market and has a good reputation.

Closing the Deal

Closing day is the final step in buying your first home. You’ll need to review and sign a lot of paperwork, including the mortgage agreement and other legal documents. This is where having a good relationship with your solicitor is important as they will be on hand to guide you every step of the way.

Once all the paperwork is signed, the funds are transferred, and the deed is recorded, you’ll receive the keys to your new home!

Buying your first home is a significant milestone, and it’s important to take the time to do it right.

Whether you’re just starting to save for a deposit or are ready to make an offer on a property, our comprehensive timeline has you covered every step of the way. Don’t let the homebuying process overwhelm you – we’re here to help take you through the process with confidence and ease.

Contact your nearest branch to learn more and start your journey towards buying your home. 

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