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First Homes Scheme

Our New Homes Team have written a handy step-by-step guide to the First Homes Scheme.

Who is eligible?

You can buy a home in England using the First Homes Scheme if:

  • Your household income is £80,000 a year or less (or £90,000 a year or less in London)

  • You are a first time buyer

  • You are purchasing a new build property

What is the process of buying a property using the First Homes Scheme?

  • Find an approved property – only some properties will be eligible for First Homes Scheme so make sure you check this with the developer.

  • Authority to Proceed – Contact the local authority to apply for the scheme. They will then issue an Authority to Proceed to you and to TMT.

  • Apply for your mortgage – You can either apply to these lenders directly or use a mortgage broker to apply for a First Homes Scheme Mortgage offer.

  • Instruct TMT – It is important to choose an experienced conveyancer to assist you with purchasing a property using the First Homes Scheme. You can obtain a no obligation estimate here.

  • Reporting to you –TMT report to you in respect of the First Homes Scheme and arrange for you to sign the relevant First Time Buyers Declaration.

  • Lender consent TMT need to write to your lender to advise them you are purchasing a property under the First Homes Scheme and obtain their consent.

  • Authority to Exchange - TMT will need to apply for ‘Authority to Exchange’ before the contracts can be exchanged. The local authority needs 5 days’ notice. The mortgage offer, valuation report and First Time Buyers Declaration are needed before this can be applied for.

  • Exchange contracts At this stage you will be legally bound to purchase the property. You will have to pay a deposit to TMT .

  • Completion the developer will usually give you 10 days’ notice to be ready to collect your keys. We need to give at least 5 days notice to the local authority and your lender.

Why choose TMT?

TMT acts for clients nationally. We pride ourselves on providing a personal service that is focused on helping our clients achieve their objectives. We have a modern approach to how we deliver our services and fully utilise technology to ensure we can be as efficient as possible. Use our online estimate tool to obtain a no obligation conveyancing estimate.

TMT have all the expertise and know how you expect from a law firm but we pride ourselves on having a more personal approach than traditional law firms.

If you are considering buying a property using the First Homes Scheme, contact our New Homes team on 0330 188 4758 or email us.


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