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I’m a first-time buyer – how can you help?
Buying your first home is an exciting yet daunting prospect. At CityRise, we walk you through all the first-time buyer and/or help-to-buy options available to you and will guide you through every step of the process so you are at ease with any decision you make. Just contact us to find out more.
What happens if I have a home to sell?
If you’re selling a house contact us and we’ll talk you through the ways we can help. We can even sell your current property for you.
What is the difference between leasehold and freehold?
Leasehold is land held under a lease for a specified number of years on which a ground rent is paid.
Freehold is the full ownership of both the property and the land on which it stands.
What is a survey?
Before a lender makes a mortgage offer, they will often need to inspect the property to ensure it is built to regulation standards and is worth the price you are buying it for. A small fee will normally be payable for this.
What is stamp duty?
Stamp Duty Land Tax (SDLT) is payable on all homes with a purchase price of over £125,000. The amount you will have to pay will be based upon the selling price of the property you purchase. Currently the scale charges are as follows:
For example, if you buy a property for £275,000 you’ll pay £3,750 of SDLT. This is made up of:
If you are a first-time buyer in England, you don’t pay any Stamp Duty Land Tax up to £300,000 and 5% on the portion from £301,000 to £500,000. A first-time buyer is someone who has never owned freehold or leasehold interest in a dwelling before and is purchasing their only or main residence. Residential property anywhere in the world is counted when determining whether someone is a first-time buyer. Where there are joint purchasers, all purchasers would need to be first time buyers. The charges for first time buyers in England are:
In Scotland, Land and Buildings Transactions Tax (LBTT) was introduced on 1 April 2015 and replaces UK Stamp Duty Land Tax. For residential property transactions, the rate of tax is determined by reference to percentages of the chargeable consideration for the transaction falling within the proposed bands below:
NB – these figures are set by the Government and are subject to change.
Do I need a solicitor?
Yes, you are required to have a solicitor to oversee the purchase of your home by law. At CityRise we have recommended solicitors for each development, who are familiar with the project and well positioned to advise you. Solicitors are an instrumental part of the purchasing process and key to ensuring that exchange deadlines are met on both sides. Our recommended solicitors are completely independent from us and act solely in your interest, however you are free to appoint another UK property solicitor if you would prefer.
What happens once I have reserved my new home?
Once you have reserved your new home, we will be in touch to advise you of the next steps. You will also need to instruct a solicitor to act on your behalf. CityRise can recommend one of our trusted solicitors, all of whom have very competitive rates.
When does the sale of a house become legally binding?
Once you have signed a purchase contract and paid your exchange deposit the sale becomes legally binding. Your solicitor will arrange this for you.