Increased property prices, legalities and higher interest rates are making it more difficult for first-time home buyers to enter the market, says a legal property expert.
Increased property prices, legalities and higher interest rates are making it more difficult for first-time home buyers to enter the market, says a legal property expert.
Lauren Maltby, partner at Shepstone & Wylie Attorneys, says: "The transfer process has in essence remained the same from a conveyancing perspective, but there are additional requirements of the purchaser in terms of the National Credit Act when obtaining a mortgage loan."
Her advice is to keep the purchase price within a realistic budget and whether to buy in an individual's or corporate's name because this will affect transfer duty and conveyancing costs.