A Conveyancing Guide from a First Time Buyer Solicitor
In this article our first time buyer solicitors offer some guidance on the process of buying your first property. As a first time buyer it’s important to choose your solicitor carefully, you need a firm that can guide you seamlessly through the process. Stark Uberoi’s team of first time buyer solicitors can help. Get an Instant Conveyancing Quote. Our tool allows you to calculate solicitor fees for conveyancing quickly and easily.
The First Time Buyer Market
The industry group UK Finance estimates that the average age of a first-time buyer is 30 years old. Many of the people currently saving to purchase their first property are within the 22-29 age group. Whatever age you are when you start to consider this exciting journey, Starck Uberoi are here to help. We have prepared this jargon-free guide to conveyancing and mortgages to help you step onto the property ladder with confidence.
What qualifies you as a first-time buyer?
A first-time buyer is a person buying a house or flat who has not previously owned a freehold property or had a leasehold interest in a residential property in the UK or abroad. Vendors understand that as a first-time buyer, you will not own any property you can sell to finance your new purchase, and consequently aim to make purchasing property easier for you. The government will use your national insurance number to know if you are a first-time buyer, as they can see from HMRC (HM Revenue and Customs) whether you have paid stamp duty in the past.
Freehold or Leasehold property?
The freeholder of a property owns the property (and the land it is built on) outright. This means that you as the tenant are responsible for maintaining the property and land – you will need to budget for these costs when preparing to buy your first home. The property will be subject to the terms of the leaseand for the length of your lease agreement with the freeholder.
Gifted deposits
A gifted deposit refers to money that is given to a buyer to help them purchase a property. It is quite common with first time buyers to receive gifted funds from family members such as their parents. However, there are several factors to consider with gifted deposits. Unlike a loan, they are given with the understanding that the money provided does not need to be repaid and the person gifting the money will have no rights or interests in the property that is being purchased. Solicitor firms will have their own requirements on gifted deposits. Commonly they require the following:
- A letter to be signed by the donor that is gifting the money;
- A source of funds checks on the donor;
- ID verification checks against the donor;
- A bankruptcy search against the donor.
Mortgage lenders will need to be reported to on any gifted sum that is contributed towards the purchase of a property, and they will have their own conditions to be satisfied before they are able to release funds for completion.
What is the first step for a first-time buyer?
The first step is obtaining a mortgage, and for this you will need a deposit. A deposit provides your lender with some security that you intend to pay your loan back and can amass the funds to do so. This deposit will be a percentage of your total loan; if you can afford to, it is wise to pay a larger deposit so that you will pay less in interest fees. The current market would suggest that you would usually need a deposit of at least 5% of a property’s value to successfully obtain a mortgage from a lender. If you were to pay a 5% deposit, a mortgage lender would then lend you the remaining 95% of the property’s value for you to buy the property with, which you then return in a monthly repayment plan. Following the COVID-19 pandemic, a lot of lenders have withdrawn their 95% mortgages, meaning you will need to pay a larger deposit – you should seek the advice of a mortgage adviser to explore your options.
Mortgage Lender Panels
Our quality of service is reflected in our admission onto the residential conveyancing panel of all major mortgage lenders. We are indeed on the panel for not only many national lenders, but also some of the smaller lenders and specialist bridging loan lenders as well. Please see our Mortgage Lender Panel blog for further details and a non-exhaustive list of the lenders we are on the panel for.
What will I need to be approved?
Lenders do not approve absolutely everyone for a mortgage; they will have their own requirements from applicants. Some of the things a lender will check before approving your application for a mortgage include:
- Credit score – maintain a good score and ensure you do not miss payments on a loan or credit card.
- Employment – most lenders prefer to see that you have stayed in your existing job for at least three to six months before applying or have a signed employment contract.
- Debts – before you apply for a mortgage try to reduce any debts you have to demonstrate that you can manage your money responsibly.
- Your budget – Try to realistically assess your income & expenditure to make sure you can maintain the monthly mortgage payments.
Mortgage Lender Panels
Trusted Residential Conveyancing
We’re a six-partner practice accredited by the Law Society’s Conveyancing Quality Scheme (CQS) with £3 million professional indemnity insurance. Our quality service is recognised by our admission onto the residential conveyancing panels of major mortgage lenders, including bridging loan specialists.
Shared Ownership
Shared ownership involves buying a share in a property and paying rent on the remaining share which usually remains owned by a Housing Association. Your rent payments are on top of any mortgage payment so it is important to ensure it is affordable before you commit. You are initially able to purchase between 25% and 75% of the property. Shared ownership is particularly pertinent in London due to high property prices. You can read more about Shared Ownership and ways in which you can gradually purchase more of the property in our blog titled Shared Ownership Staircasing Solicitors.
Recent Stamp Duty Changes for First-Time Buyers (2025)
In April 2025, significant changes were made to the Stamp Duty Land Tax (SDLT) rules in England and Northern Ireland. These changes allow first-time buyers to purchase properties up to £300,000 without paying any SDLT.
Here is a breakdown of the new SDLT rates for first-time buyers:
- Properties up to £300,000: First-time buyers in England and Northern Ireland are now eligible for complete SDLT exemption when purchasing properties valued up to £300,000. This means that if you buy a property within this price range, you will not have to pay any stamp duty.
- Properties from£300,001 up to £500,000: For properties priced over £300,000 and up to £500,000, first-time buyers will be subject to a 5% SDLT rate. This 5% tax is applied only to the portion of the property’s value that exceeds the £300,000 threshold. For example, if you purchase a property for £500,000, you will pay SDLT of £3,750 (5% of £75,000, which is the amount over £425,000).
- Properties from £500,001: If the property you are buying as a first-time buyer exceeds the £500,000 mark, you will no longer be eligible for first-time buyer relief. In such cases, you would be subject to the standard SDLT rates applicable to buyers who have previously owned properties.
The easiest way to calculate first time buyer stamp duty liability is via our first time buyer stamp duty calculator.
It is essential to note that even of you are eligible for complete SDLT exemption as a first-time buyer, you are still required to submit an SDLT return to HMRC (HM Revenue and Customs). This return is a necessary administrative procedure, regardless of whether any tax is payable. In conclusion, the recent SDLT changes have provided substantial benefits to first-time buyers in England and Northern Ireland, granting them the opportunity to save on stamp duty costs when purchasing properties up to £425,000. However, for properties above this threshold, the regular SDLT rates will apply. As always, it is advisable to seek professional advice from a first time buyer solicitor to fully understand the implications of these changes and to ensure compliance with the tax regulations.
How Starck Uberoi’s First Time Buyer Solicitors can help
Our Brentford Solicitors, are located on the High Street in a grand three-story building, just a short distance from Brentford County Court. Our Belgravia solicitors are located Just a 5 minute walk from Victoria tube station in Grosvenor Gardens. Our Ealing solicitors are only a short walk from both Ealing Broadway and South Ealing and our Richmond Solicitors have the pleasure of overlooking the picturesque Richmond Green. Finally our Solicitors in Canterbury are located in the within the UNESCO World Heritage Site of Canterbury Cathedral. Our partner, Raminder Uberoi, can also offer a Notary Public Service at any of our London offices.
