A First-Time Buyers Guide to Purchasing

Buying a house is one of the most significant purchases you will make in your lifetime. For first-time buyers, we understand that the process can be overwhelming, and you may not know what to expect.

At Scullion LAW, we have an excellent team dedicated to assisting you at every step of your purchase. We will ensure that the process is made as simple as possible for you.

I have found a property I wish to purchase; what next?

So, after a thorough search of the market and consideration of your finances, you have found a property that you love and would like to purchase—great news!

This is where Scullion LAW comes in. At this stage, we can assist you with:

1. Submitting a ‘formal note of interest
2. Submitting a ‘written offer’

What is a ‘Note of Interest’?

• A ‘note of interest’ is a way of informing the selling agent that you are interested in the property that they are advertising and would be interested in submitting an offer.
• A note of interest is a very helpful way to gain insight into the level of interest in a property before you proceed to submit a formal offer.
• Once we have submitted a note of interest on your behalf, the selling agent will keep us up to date on any developments, and we will be informed should there be a ‘closing date’ set. A ‘closing date’ is the date that the selling agent sets for all interested parties to receive in writing.
• We would always recommend noting interest before submitting a formal offer. Our trusted team can provide helpful guidance on submitting your offer based on the level of interest in a property.

What is a ‘Formal Offer’?

• A ‘formal offer’ is simply another term for putting how much you wish to offer in writing and submitting it to the selling agent. It must be submitted by a solicitor.
• The key components of the formal offer are the amount you wish to offer and any moveable items. This can include items such as furniture, white goods, and any other items you wish to include in your offer.
• As a first-time buyer, we understand that you will likely be obtaining a mortgage to help fund the purchase.
• When submitting your formal offer, it will be subject to you obtaining a mortgage. If you are unable to obtain a mortgage, you can withdraw your offer without legal penalty at any point up until missives are concluded.
• We would recommend having an ‘agreement in principle’ with a lender prior to submitting an offer. This will allow you to gauge how much a lender would loan you for your purchase.

My offer has been accepted! What next?

Congratulations! Your offer has been successful!

Scullion LAW will now carry out all the conveyancing formalities to complete your purchase. This includes the work to transfer the title of the property into your name. It also includes negotiating a date of entry, requesting any local authority consent for alterations, reviewing legal reports on the property, and many other factors. We will keep you fully informed throughout the transaction.

Once all the conveyancing formalities have been completed, Scullion LAW will negotiate and conclude a legally binding contract to purchase on your behalf. These are known as ‘missives’. The written offer is not legally binding until the legal contracts (i.e., missives) have been concluded, and you can withdraw from the transaction without a legal penalty.

Contact our award-winning property law team today!