First Time Buyer Solicitor in Reading

Buying your first home is a big step, and it’s normal to have questions about a process you’ve never been through before. Our first time buyer solicitors in Reading explain everything in plain English, without assuming you already know the jargon, so you feel properly supported from your first phone call to picking up the keys.

What counts as a first-time buyer?

For Stamp Duty Land Tax purposes, a first-time buyer is someone who has never owned a residential property anywhere in the world, and who is buying their only or main home. If you are buying with someone else, everyone on the mortgage and title must also be a first-time buyer for the relief to apply.

This catches some people out: if you have previously inherited a share of a property, or owned one abroad, you may not qualify as a first-time buyer even if you have never bought a home in the UK yourself. We can check your specific position before you rely on the relief in your budgeting.

Stamp Duty relief for first-time buyers

First-time buyers pay no Stamp Duty Land Tax on the first £300,000 of a property’s price, and 5% on the portion between £300,000 and £500,000. Above £500,000, first-time buyer relief does not apply at all, and standard rates are charged on the full price instead.

These figures apply from 1 April 2025 and are correct as of writing, but SDLT thresholds do change, so please check the current rates on GOV.UK or ask us for a tailored calculation based on your purchase price. Because the relief disappears entirely above £500,000, rather than simply reducing, it is worth understanding exactly where your purchase falls before you make an offer.

The first-time buyer process step by step

Once you’ve found the right property, the legal process follows a clear sequence.

1. Mortgage in principle: Before you start viewing seriously, a mortgage in principle from your lender or broker gives you, and sellers, confidence about what you can afford.
2. Instructing your solicitor: Once your offer is accepted, we take your instructions straight away and begin identity and source of funds checks and initial searches.
3. Searches, enquiries and mortgage offer: We review the seller’s information, raise any enquiries, and check your mortgage offer’s conditions once it arrives.
4. Exchange and completion: You pay your deposit at exchange, and on completion day we register your Stamp Duty relief, if applicable, and your ownership at HM Land Registry.

Common first-time buyer questions we hear

Common questions we hear from first-time buyers include “what’s the difference between a mortgage deposit and a contract deposit?” and “why do I need a solicitor if my mortgage lender has its own lawyers?” We answer both, and everything else, in plain English rather than assuming you already know the answer.

Mortgage deposit vs contract deposit

Your mortgage deposit is the amount you put towards the purchase price, reducing what you borrow, for example 10% on a 90% mortgage. Your contract deposit, usually 10% of the price under the Standard Conditions of Sale, is paid on exchange of contracts to make the agreement binding. They are not separate pots of money: the contract deposit normally forms part of your overall mortgage deposit.

Using a Lifetime ISA or gifted deposit

If part of your deposit is coming from a Lifetime ISA, a family gift, or both, tell us as early as possible. Lenders and conveyancers both need to see the source of funds clearly evidenced, and a gifted deposit usually needs a short letter from whoever is gifting it confirming it is not a loan.

First time buyer solicitors in Reading and the Thames Valley

We act for first-time buyers across Reading, Berkshire and the wider Thames Valley, as well as clients further afield across England and Wales, from our office at 1 London Street in central Reading. Appointments are available in person, by telephone and by video, whichever suits you best around work and family commitments.

Why choose FSP for first-time buyers

Our residential conveyancing team is accredited under the Law Society’s Conveyancing Quality Scheme (CQS), and the wider firm is top ranked in Chambers and Partners and The Legal 500. That combination of sector accreditation and firm-wide recognition means you get specialist knowledge backed by real depth.

• Led by genuine specialists: Kate Parry-Jones, Partner and Head of Residential Conveyancing, has over 20 years’ experience across residential and commercial property, and acts for clients ranging from first-time buyers to high-net-worth individuals and companies.
• Quality assured: Lexcel accredited by the Law Society for excellence in legal practice management and client care, and regulated by the Solicitors Regulation Authority.
• Clear, upfront pricing: See our conveyancing pricing information and try conveyancing calculator to get a clear indication of costs before you instruct us.
• A full-service firm: Our conveyancing team works closely with our Wills, Tax and Trusts team, our family law team and our Real Estate team, so related matters are handled under one roof.

Ready to take the first step?

A free initial conversation can help you understand the process and likely costs before you commit to anything. Call 0118 951 6200, get in touch via our online enquiry form, or use our conveyancing calculator.