Category: Buyer, First Time Buyer, Guides & Advice, Sale & Purchase
There are many reasons why you may want, or need, to buy a house on your own.
Perhaps you're leaving the family ‘nest' and are lucky enough to be able to afford to buy; have finally saved up enough money to purchase a house after years of renting; or a change of circumstances has meant that you've no choice but to go it alone.
But how possible is it for you to ‘go solo' and buy yourself a home? We take a look at whether you may be able to afford to do so; what financial support might be available to you; and how Homeward Legal can help you on your house buying journey below…
Can I buy a house on my own?
Of course you can!
Buying a home can be daunting, especially if you're on your own. But rest assured, lenders and estate agents are professionals, and should treat you in the same way they would couples or any other people who are buying a house together.
As long as you can afford to buy, beit as a cash buyer or by putting down a deposit and then paying an agreed monthly mortgage, there is nothing to stop you from finding your dream house, buying it (after going through all the necessary processes of course) and making it your home.
Should I buy a house on my own?
Whether you should buy a house on your own is dependent on your personal circumstances and reasons for looking to buy, which you should carefully consider before taking the plunge.
Perhaps have a think about things such as:
- Is it the right thing to do? Would you be better suited to renting, house sharing with friends or even living with family rather than being on your own?
- Can you really afford it? Make sure you factor in the cost of living, commuting and all other expenses involved with owning your own home.
- Is it the right time? It may be better to wait a little while longer, to keep saving for your deposit (and therefore reduce your mortgage payments when you've bought a home)
- Is it the right home for you? Be sure not to just settle for any old house, just because you're eager to have your own place - wait for ‘the one' if you need to.
Can I afford a house on my own?
Again, this is really dependent on your own personal circumstances.
If you're in a highly-paid job, or perhaps have been given a large sum of money, there's every chance you will not only be able to buy a house and pay your mortgage, but also be able to cover the cost of your bills and expenses alone too.
Realistically though, it is likely as someone buying a house on their own, you'll need to carefully consider your options and finances to be sure you can afford it.
If you're one of these people, don't be discouraged - make the right decisions, be realistic about the type of house you could buy, and get the right help and advice, and you may find that dream of having a home of your own can be made reality.
How much are house bills for a single person?
When it comes to household bills, and how much you'll have to pay as someone who has bought and lives in a house on your own, there are positives and negatives to consider.
The positives are that, as there is only you in the house, the amount of electricity, gas and water you use is likely to be lower. Therefore, it is likely that the bills for your energy and amenities will be lower too. It's the same story for food and drink - if you're on your own, you won't need so much food and drink in the house.
Despite this, however, the overall costs of living on your own - as outlined in research by Ocean Finance - can be sizable. While bills for energy, amenities and food may be lower, if you're on your own and not living with someone who'll share the cost, you will be paying every bill by yourself - on top of mortgage payments and council tax.
This means having a house on your own can be expensive, even before factoring in additional bills for life's other necessities and little extras, such as broadband, TV, subscriptions and more.
Would I get council tax single person discount?
If you bought a home on your own and were living alone, as the only adult resident in your household, you would be entitled to receive the UK's council tax single person discount.
For as long as you live on your own in your house, you would receive a 25% discount on your council tax bill - the rate of which is controlled by your local council.
Can I get a single person mortgage?
You absolutely can. In fact, buying a home with a single person mortgage is more common than you probably realise.
As already mentioned, mortgage lenders should treat you in the same way they would any other potential house buyer.
So, as long as you can afford to pay for a mortgage for the property you wish to purchase - and can prove you can afford it - you should find a lender that'll accept you.
How much can a single person borrow for a mortgage?
Whether you can get a mortgage when buying a house on your own, and how much you can borrow as a single person, is dependent on affordability based on your income and outgoings.
Taking your salary into account, some lenders will be willing to lend you a mortgage based on up to 6 times your income, though this is considered rare. It is more likely you'll be considered for 4.5 times your income, or possibly 5 times your income.
When considering how much to lend you, or even whether to offer you a mortgage at all, lenders look at whether your debt-to-income ratio is too high to realistically afford a mortgage on the house you're looking to buy. So perhaps look to bring your outgoings down, or perhaps wait until you've saved more money for your deposit, before applying for a mortgage.
Is a rent to buy house an option for a single person?
In addition to the shared ownership scheme, the rent to buy housing initiative is another great option for those who are looking to find a home on their own.
Rent to buy enables a person to rent selected new build homes from housing associations, at a set rate of 80% of the market rate, and then save the money that would normally be spent on the remaining 20% for a deposit. This deposit could then be used, after an agreed period of typically 5 years or less, to buy the property in full, with the tenant having first refusal on purchasing it.
If the tenant still cannot afford to purchase the property in full at the end of their tenancy, they may also be offered a chance to purchase via the aforementioned shared ownership scheme - providing another useful option to single house buyers.
Do I need a solicitor for my house conveyancing?
When purchasing a new home, whether as a single person buying a house or otherwise, there will be many processes and plenty of paperwork involved in the legalities of the property transaction.
In theory, it is possible to do your own conveyancing, without the expertise and help of a conveyancing solicitor. In reality however, you may find - especially if you're buying a house on your own - it all a bit daunting and not particularly practical, and a better option to invest in hiring a conveyancing solicitor.
What would a conveyancing solicitor do for me?
If you were to choose Homeward Legal for your conveyancing when buying a home on your own, we would instruct a solicitor local to the area in which you're looking to purchase, to take care of you, your transaction and all of the processes involved. This would include:
- Checking the contract: The other party's solicitor will send the contract and supporting documents to your conveyancer. These will then be checked to make sure that everything is satisfactory and that it does not include any unreasonable conditions.
- Checking Land Registry titles: These can be very simple or cover several pages and will be checked to ensure it's for the correct property.
- Clarifying any further information: After receiving the relevant forms, there are likely to be further questions, either about the property itself or the contents of the documents, which may be raised in an email.
- Searches and enquiries: These are carried out to obtain any information that might affect your property, including environmental risks and planning. At this stage, there may be more information needed, such as planning permission details for any extensions.
- Agreeing a completion date: Once everything is in place, a completion date can be arranged. This is the date that the property will officially change hands.
- Facilitating the signing of contracts and arrange to exchange: A deposit will usually be required upon exchange, which will be held by the sellers' solicitors until completion.
How much are conveyancing costs for a single person?
The cost of conveyancing is dependent on the specific details of a property transaction, and the processes and amount of work involved.
Requirements will vary, and so will the cost. Therefore, it is difficult to provide a general idea of the fees a single person will be expected to pay for their conveyancing.
However, to give some idea, we advise that following may be included in the final bill:
- Solicitors' fees
- Surveyors' fees
- Lenders' fees
- Stamp Duty Land Tax (in England) or Land Transaction Tax (in Wales)
- Land Registry Fees
- Local Authority Searches
- Electronic bank transfer fee
- Management pack for leasehold properties
- Estate agent costs
- Removal costs
- VAT at 20%
If you're buying a home on your own, you're likely going to be keeping a keen eye on your finances, so you'll be pleased to know that, when you choose Homeward Legal for your conveyancing, there are never any hidden costs.
How do I get a conveyancing quote from Homeward Legal?
Getting a conveyancing quote from Homeward Legal couldn't be simpler. You can get an online quote from us now or, if you wish to speak with one of our friendly, expert advisors about your specific requirements, give us a call on . Alternatively, request a callback and we'll be in touch.