In advance of its First-Time Buyer’s Evening, TSPC is shining a light on the extensive local support and expertise available to those buying their first home.

The free event, which takes place at Malmaison Dundee on Monday 24 February 2025 (6pm-8pm), will offer free, personalised one-to-one sessions with TSPC solicitor estate agents and local mortgage advisors. There will also be an overview of current market conditions across Tayside and a personal insight into a first-time buyer’s journey, from Caitlin Taylor of TSPC.

Angela Wallace, centre and operations manager of TSPC, said: “At TSPC, we understand that the prospect of buying your first home can feel overwhelming so we’re here to remove any barriers and simplify the process with factual, honest advice.

“Our free First-Time Buyer’s event will give anyone interested in buying their first home a chance to talk through their own personal circumstances with local experts. As well as gaining bespoke advice to suit their own circumstances and needs, they can hear, at first-hand, from one of our colleagues who has recently gone through the process herself.

“TSPC markets most properties in the area, giving us access to valuable statistics to assist anyone new to the process. Since most buyers here are local, like us, we’re proud to offer this service.”

One of the firms offering advice at the event is Dundee-based law firm Lindsays, one of TSPC’s member solicitor firms.

Lisa Mannion, senior associate, said: “There’s no doubt it is a good time to be a first-time buyer. There’s a sense of growing confidence in the market, with mortgage rates stabilising and likely to fall further this year.

“We are also seeing several mainstream lenders offering 95% mortgage products again – these had become less common in recent years. These are advantageous for first-time buyers, as it means they only need to have a deposit of 5% of the property value available.

“We are also finding that many offers are being made subject to the sale of a property, as sellers want to secure a new property before putting their current property on the market. For first-time buyers, this presents an opportunity. An offer from a first-time buyer is certainly viewed favourably as it is chain-free.”

She continued: “We are seeing long-term renters taking the leap to homeownership due to a slowdown in the rental market, many of whom are first-time buyers. The rental market has become rather challenging and it is becoming harder to secure a rental property.

“Landlords are being squeezed out of the market as owning a rental has become unaffordable for many due to the rise in interest rates, the increase in the Additional Dwelling Supplement (which is now levied at 8% of the purchase price of a second property) and other legislative changes. Compared to a few years ago, buy-to-let purchases are rare.

“We are acting for more sellers than buyers of rental properties and indeed seeing an increase in first-time buyers entering the market.”

The TSPC event will also dispel some of the myths around first-time buying. For example, despite misconceptions, buying a home with a gifted deposit is possible.

Ms Mannion explained: “Many first-time buyers don’t realise that funding the deposit by way of a sum gifted by a family member is acceptable to lenders.

“Gifted deposits are commonplace these days, and help first-time buyers overcome the challenge of saving a large enough deposit. The lenders have criteria surrounding the gift, and typically it must come from a family member who will have to confirm the sum being gifted is not repayable, and that they will have no legal interest in the property.

“You should also expect that your solicitor will want to verify the source of the funds being gifted with the ‘giftor’.”

She added: “Another misconception is that many first-time buyers are not aware that lenders will only lend on the value of the property. So, any sum paid over the property value will not form part of the mortgage and must come from the buyer’s savings or be by way of a gift.

“This can present an issue for first-time buyers who are looking to offer for those properties for which there is a lot of interest and will likely sell well in excess of valuation – they can often lose out on the more popular properties coming to market.”

First-time buyers will benefit from a relief for Land and Buildings Transaction Tax (first-time buyer relief) and no tax is payable for purchases with a price of up to 175,000. For everyone else, the threshold for Land and Buildings Transaction Tax is £145,000.

Advance sign-up is required for the first-Time Buyer’s event as spaces are limited and will be allocated on a first come first served basis.