First-Time Buyers – What do you need to know? Laura Richardson recognises what first-time buyers need to know to aid them with the completion of the process in practice in her latest article . . .

According to the Chancellor’s November 2017 Budget speech, 95% of first-time buyers who pay Stamp Duty will now pay less thanks to the changes which came into effect on the 22nd November 2017. From this date forward, first-time buyers are now not required to pay Stamp Duty on the first £300,000 of the purchase of a property costing less than £500,000. The Chancellor suggested that this change may enable 80% of first-time buyers to get onto the property ladder. Whilst it may be tempting for potential first-time buyers to begin scanning the property market for prospective new homes, it is important to consider some legal implications of becoming a homeowner. Andrew Douglas Wills and Legal Services have compiled some information for your consideration.

  • Life Assurance. As first-time buyers, you will usually rely on a mortgage to enable you to purchase your first home. It is important to consider how your family would continue to make a payment towards your mortgage should you die, or become seriously ill and unable to work. Life Assurance and Critical Illness Cover can be tailored to your financial needs, and offers protection for your family should you find yourself unable to work, or should you die, by providing them the financial means for them to continue making mortgage payments.
  • Make a Will. Most people’s home is their largest asset. It is important to consider who you would like to inherit your home should the worst happen to you. It is equally as important to ensure that your wishes are recorded within a valid Will.
  • It is a common misconception that if you cohabit with your partner for a period of time that you are considered to be “common-law married”. This is in fact a myth. The law does not recognise this type of arrangement legally. It is, therefore, vital that you understand the implications of owning a house together as first-time buyers, as well as understanding the way in which your share of your home will be passed on should you die.

If you would like any further information regarding the topics discussed within this article, contact Andrew Douglas Wills and Legal Services. We offer a free no-obligation initial consultation to discuss how our services can benefit you and your loved ones. Contact us today, whether in Great Leighs or the surrounding areas of Essex.

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