In 2025, there have been some key changes to the property market and the whole process of buying a house, many of which affect first time buyers the most.
Conveyancing solicitors in North Wales should recognise that those considering buying a home for the first time need specialist advice to navigate the newer rules.
For example, one of the most significant changes are those associated with stamp duty. From April 2025, first-time buyers have been obliged to pay this tax on properties with a value of £300,000 and above, when previously they had been exempt. Another concern has been the introduction of mortgages that require a lower deposit. Although initially, this can seem like a good deal, the long-term impact is that the interest rates are generally higher on these types of mortgages and the amount borrowed will be much higher.
However, it is worth noting that legal experts specialising in conveyancing in North Wales have also identified that there is positive news too. The conveyancing process is becoming more digitised, with e-signatures and paperwork delivered electronically becoming more acceptable and common. It has also been recognised that specialist solicitors are still needed to buy a house, though recent statistics show that many new buyers underestimate the importance of having this expertise at their disposal.
At Bennett Smith Solicitors, we can provide you with the advice you need to make your first property purchase, so contact us now to book an appointment with our legal advisors.
