Partner, Laura Thurman-Greenslade writes a 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.