First Time Buyers Guide

First-Time Buyers Guide

Being a first-time home buyer can be an exciting and challenging experience. There are many factors to consider when buying a home for the first time, including a budget, location, and property type. This guide provides you with all you need to know once your offer has been accepted on a property and how Jones Whyte’s skilled conveyancing team can help you.

Congratulations! Your offer has been accepted, now what happens?

Instruct Conveyancing Solicitor

Now is the time for our experienced conveyancing solicitors to take care of all the legal work on your behalf.

Our conveyancing solicitors are legal professionals who specialise in the transfer of ownership of property from one party to another. By instructing a conveyancing solicitor, it means that you are hiring them to handle the legal aspects of buying or selling a property.

Here are some things that you should consider when instructing a conveyancing solicitor:

1. Provide your solicitor with all the necessary documents and information about the property. This may include the title deeds, property details, and any other relevant documents.
2. Clearly communicate your goals and expectations to your solicitor. Jones Whyte ensure that you understand our fees and any other costs associated with the conveyancing process. We pride ourselves on our transparent approach to pricing.
3. Keep in touch with your solicitor throughout the process and ask for updates on the progress of the conveyancing. Make sure that you are aware of any issues or potential problems that may arise.
4. Trust your solicitor’s advice and guidance. Our conveyancing solicitors are legal experts and will be able to navigate the conveyancing process smoothly on your behalf.

Mortgage Application

A mortgage application is a process in which a borrower applies for a loan to purchase a home. The process typically involves the following steps:

1. Pre-qualification: This is the first step in the mortgage process and it involves a lender reviewing a borrower’s financial information to determine how much they may be able to borrow.
2. Mortgage application: Once a borrower has been pre-qualified, they can move on to the mortgage application process. This involves filling out a mortgage application form and providing documentation to the lender such as proof of income, employment, and credit history.
3. Underwriting: After the borrower has submitted their mortgage application and documentation, the lender will review the information to determine if the borrower is a good candidate for a mortgage. This process is called underwriting.
4. Approval: If the lender approves the mortgage application, they will offer the borrower a mortgage loan. The borrower can then review the terms of the loan and decide whether to accept it or not.
5. Closing: If the borrower decides to accept the mortgage loan, they will need to sign a mortgage agreement and pay closing costs. Once this is done, the borrower becomes the owner of the home and is responsible for making monthly mortgage payments to the lender.

It’s important to carefully consider all the terms of a mortgage loan before committing to it, as it is a significant financial obligation that will likely be in place for many years. Borrowers should also shop around and compare offers from multiple lenders to ensure they are getting the best deal possible.

Formal Acceptance of Your Offer

Jones Whyte then receives a formal acceptance of the offer you have made from the buyer’s solicitors. Jones Whyte then reports to you on the terms of the acceptance to advise you and to seek your instruction on how the contractual aspect of the transaction should progress once your mortgage offer has come through and satisfactory responses have been received for our conveyancing enquiries.

We receive from the solicitor acting for the seller(s) the property’s title deeds and relevant searches.
Having reviewed these in conjunction with the terms of the Home Report, we:

• Report to you on their terms, advising of what further items – if any – we need the other side to
  provide
  
  Draft the relevant conveyancing documents and send these to the other side with our observations

Mortgage Acceptance

The mortgage offer comes in from your lender. We report to you on the terms of the mortgage offer and report to your lender on any matters, such as a gifted deposit from a family member, we need them to approve.

Conclusion of Missives

When all observations have been satisfactorily addressed and you have confirmed that your mortgage offer is in order (and, if applicable, your lender has approved any other matters), we exchange further formal letters with the other side resulting in a final outright acceptance from one side which ‘concludes’ the deal resulting in there being a binding contract giving you certainty. At this point, your entry date is fixed and neither side can back out of the deal without penalty.

What Are Missives?

Missives, also known as “offer and acceptance,” are a series of letters or emails exchanged between a buyer and a seller during the process of buying a property in Scotland. The conclusion of missives marks the point at which the buyer and seller have agreed on the terms of the sale and are legally bound to complete the transaction.

The conclusion of missives typically involves the following steps:

1. The buyer makes an offer to purchase the property, outlining the terms of the sale and any conditions that must be met.
2. The seller responds to the offer, either accepting it as is, rejecting it, or making a counteroffer.
3. If the seller makes a counteroffer, the buyer may accept the counteroffer, reject it, or make a new offer. This process may continue until the buyer and seller reach an agreement on the terms of the sale.
4. Once the buyer and seller have agreed on the terms of the sale, they will sign a document known as a “missives of sale,” which confirms the agreement and binds both parties to the transaction.
5. The conclusion of missives marks the end of the negotiation process and the beginning of the formal process of transferring ownership of the property from the seller to the buyer.

Documents Signed & Funds Transferred

Shortly before the entry date, when the deal completes (referred to as ‘settlement’), we provide you with the documents you need to sign in relation to your mortgage and the cash statement to allow you to transfer your deposit, fees, and outlays to us.

Settlement – Keys To Your New Home

Having received the mortgage funds from your lender along with your deposit and other funds from you, and with all paperwork signed and returned to us, we transfer the price and legally complete the purchase. You can now pick up the keys to your new home! Receiving the keys to your new home is an exciting and significant moment, as it marks the end of the home-buying process and the beginning of your new life in your new home.

We deal with the registration of the title deeds and payment of any taxes and other outlays.

Free Conveyancing Quote

Jones Whyte offers a free conveyancing quote service, fill in your details in the form below and one of our conveyancing team will be in touch with your bespoke conveyancing quote.