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Each week one of Morecrofts Solicitors’ property experts will discuss issues facing home owners, landlords and property developers. This week, Peter Pownall, explains why first time buyers are vulnerable despite low rates and affordable housing. With over 40 years experience in both Commercial and Residential conveyancing Peter is a great addition to the already excellent conveyancing team.
We hope you enjoy reading our regular column and if you wish to contact Peter for further information then please call 0151 236 8871 or email him directly on email@example.com.
First-time buyers are vulnerable despite low rates and affordable housing, says Morecrofts Solicitors
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First-time buyers remain vulnerable to repossession and negative equity despite low interest rates and affordable housing schemes, says Morecrofts in Liverpool. Morecrofts says that despite low interest rates and affordable housing schemes aimed at making it easier for the first home owners to get onto the property ladder, they remain vulnerable and need independent advice. Peter Pownall, Licensed Conveyancer at Morecrofts says: “First time buyers are most in need of independent advice. They are a potentially vulnerable to the greatest risk of suffering negative equity. A significant number of repossessions take place against first time buyers who often do not fully anticipate the nature and significance of the responsibilities they taking on. “Many first time buyers need very specialist advice. For example, increasingly they receive financial help to buy from relatives and so there may be third party interests to protect. “Many couples who are first time buyers, especially those who are not married, need to record their respective interests in the property. Failure to do this can result in disputes, and even court proceedings, at a later date. "Having never been through the process they may need a more detailed explanation of the way the transaction works and the nature of the obligations they are assuming.” The warning from Morecrofts comes as affordable housing schemes, such as the Government’s FirstBuy initiative, and shared ownership schemes grow in popularity. Recent figures from Halifax show that such schemes now account for 13 per cent of private and housing association sales. FirstBuy offers an equity loan of up to 20 per cent to first time buyers, while shared ownership schemes allow first time buyers the chance to part buy and part rent the property, increasing their share in the home through rental payments. Morecrofts says that first time buyers should consult their solicitor early on before deciding what their options are or paying any none refundable deposits or reservation fees.
Call Peter Pownall on:
0151 236 8871
or email: email@example.com | www.morecrofts.co.uk Liverpool
No 1 Tithebarn, 1-5 Tithebarn Street, Liverpool L2 2NZ
0151 236 8871
2 Crown Buildings, Liverpool Road, Crosby, Liverpool L23 5SR
0151 924 9234
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0151 428 1911
30 Hamilton Square, Birkenhead Wirral CH41 6AZ
0151 666 2210
Morecrofts LLP offers legal advice on a broad range of services for individuals and businesses LLP No. OC333433