How Much Deposit Do We Need?
The minimum you should look to save as first time buyers would be 5% deposit. The amount of deposit you have, will determine how good an interest rate you get on the mortgage, so the bigger the deposit the better! Find out how much you could borrow
What is Stamp Duty Land Tax and When Do I Pay It?
Stamp Duty Land Tax is a tax on land and property transactions. The amount of stamp duty you'll have to pay depends on the value of the property. When you buy a property costing over £125,000 the stamp duty is payable within 30 days of the 'effective date', usually the day of completion. It's your responsibility, but if you use a solicitor when buying the property, they'll usually handle the payment of stamp duty on your behalf.
What Other Fees do I Have to Pay?
Buying a home is a huge financial commitment and it is crucial for consumers to factor in all the additional costs, as well as stamp duty tax there may also be a mortgage arrangement fee, valuation/home survey fee, legal fees and removal costs.
What Is an EPC?
An EPC tells you how energy efficient a building is and its impact on the environment, it will also recommend methods by which you can improve your home's energy efficiency. Properties are rated on a scale of A-G.
My Offer has Been Accepted, What's Next?
You should agree that the property be taken off the market and the Estate Agent will require the details of your mortgage lender and solicitor. Once this is confirmed the 'Notification of Sale' will be sent to all parties to start the buying process.
Why Do I Need a Conveyancer?
Conveyancing is the legal transfer of a property from one person to another. The majority of people choose to use a conveyancing solicitor or a licensed conveyancer to do this and if you are getting a mortgage your lender will insist you have a professional handle the work.
What's the Difference Between a Home Survey and a Valuation?
A valuation will be carried out by your mortgage lender to make sure the property is appropriate for the amount you want to borrow. A home survey points out things you'd want to know about as the new home owner but what the valuation might not reveal.
What Does It Mean if I am in a Chain?
This occurs when a number of property transactions are dependent on others – the transactions are like links in a chain. The chain can break if one buyer is unable to sell their home and therefore a link breaks.
How Long Will it Take to Go Through?
On average it takes about three months to buy a house once you've found the property you want, however, this can vary depending on other factors involved.
If you are a first time buyer and need more information or advice, please contact your local Your Move branch.
For mortgage advice our initial consultation is free, however we do charge a fee for administering your mortgage application. The precise amount will depend upon your circumstances however we estimate that it will be £399
by Your Move Chris Stonock
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE