First time buyer jargon buster
First time buyer jargon buster
𝑇ℎ𝑒𝑟𝑒’𝑠 𝑎 𝑓𝑖𝑟𝑠𝑡 𝑡𝑖𝑚𝑒 𝑓𝑜𝑟 𝑒𝑣𝑒𝑟𝑦𝑡ℎ𝑖𝑛𝑔, 𝑎𝑛𝑑 𝑖𝑛 𝑡ℎ𝑖𝑠 3-𝑚𝑖𝑛𝑢𝑡𝑒 𝑒𝑎𝑠𝑦-𝑟𝑒𝑎𝑑, 𝑤𝑒 𝑠ℎ𝑎𝑟𝑒 𝑎𝑑𝑣𝑖𝑐𝑒 𝑜𝑛 𝑚𝑎𝑘𝑖𝑛𝑔 𝑦𝑜𝑢𝑟 𝑝𝑟𝑜𝑝𝑒𝑟𝑡𝑦 𝑏𝑢𝑦𝑖𝑛𝑔 𝑑𝑒𝑏𝑢𝑡 𝑖𝑛 𝐵𝑎𝑟𝑛𝑠𝑙𝑒𝑦 𝑎 𝑠𝑢𝑐𝑐𝑒𝑠𝑠𝑓𝑢𝑙 𝑜𝑛𝑒.
Do you remember when you rode a bike without support for the first time?
Or when you learned to swim?
And who can forget the moment when the driving examiner turns and says ‘congratulations, you’ve passed.’
You also never forget your first love or the first home you buy.
That’s why at NestledIn we do all we can to make it an experience you remember fondly.
Because after all, your home is where some of your most magical memories are made.
But it can be a daunting first step entering the World of estate agent speak.
Fear not friends, as we’ve come up with a jargon buster to take the mystique out of buying your first place.
For the record, we don’t like or use the terms, below.
𝐕𝐞𝐧𝐝𝐨𝐫 – No, it’s not a Harry Potter character. It’s the person selling a place.
The ‘applicant’ – This is you, the fresh-faced person buying the place, NOT a device for applying cream.
𝗦𝗼𝗹𝗲 𝗮𝗴𝗲𝗻𝘁 – This has nothing to do with shoes or fish from Dover. It simply means the only agency selling the place.
𝗖𝗵𝗮𝗶𝗻 𝗳𝗿𝗲𝗲 – In theory (and in practice) any property that is sold without being involved in a chain should be an easier place to buy. This is due to fewer people, mortgage providers, agents, solicitors, and surveyors being involved.
𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗢𝗳𝗳𝗲𝗿 – The confirmation you get from your mortgage provider saying you have the funds approved to buy the property. Having this in place puts you in an excellent position when making an offer.
𝗦𝘂𝗯𝗷𝗲𝗰𝘁 𝘁𝗼 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 – You’ve made an offer, it’s been accepted, but there are still a few contractual hurdles to leap over first.
Conveyancing – The legal stuff that needs doing when you are buying a place. Solicitor jargon is another thing altogether.
𝗦𝘁𝗮𝗺𝗽 𝗗𝘂𝘁𝘆 – The bad news is it’s a Government tax slapped on when you buy a home. The good news is there is relief offered to first-time buyers. Get in touch with us, and we can work out what you could be eligible for.
If you’re buying a property in Scotland, you will pay Land and Buildings Transaction Tax (LBTT) and in Wales Land Transaction Tax (LTT) instead of Stamp Duty.
𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲 – The solicitors are happy. The agents are relieved, but most importantly, you’re delighted and the transfer of contracts means it’s now VERY unlikely the home will not become yours. This is the cue for a sigh of relief and perhaps a cheeky little celebratory drink.
𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗶𝗼𝗻 – This is D-Day when it comes to buying your first home. It simply means all the legalities and finances have been completed successfully. You will know your ‘completion day’ in advance as you’ll need to pack, arrange removals, and get super excited.
The first evening in your new home should be memorable! Pop open the champagne and celebrate your achievement.
We’ve years of giving people in Barnsley straight-talking property advice.
And we have a dedicated advice service for first-time buyers where you can book in a 20-minute chat to go over any questions you have or jargon you need decoding.
Thanks for reading.