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Legal Fees It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction

A buildings policy covers against storm damage, fire, flooding etc and relates to the fabric of the house or flat etc

The proportion of UK housing stock taken by rentals stood at a low of 7% in 1989, but has grown to 11% in the ten years since

With discount mortgages borrowers need to watch out for ‘payment shock’

RICS The Royal Institution of Chartered Surveyors (RICS) is an independent, not-for-profit organisation, which is required to act in the public interest. Originally formed in 1868, RICS is a professional body that represents, regulates and promotes chartered surveyors and technical surveyors. RICS has over 110,000 members in 120 countries and is the leading professional body addressing all aspects of property, land, construction and their associated environmental issues. more info: http://www.rics.org.uk

Individuals looking to repay their mortgages quicker than their basic income would indicate as, possibly the result of expected bonus payments and or share options

This is not the same as the main deposit and is returnable if you pull out before exchange of contracts

They are also generally linked to variable rates and so reductions in your mortgage payments in the early years may not be possible with this type of product

For example; It may be that the property is located on the local pub route and returning merry singers (or worse) could end up becoming a nuisance

First and most important: If you have a property to sell, obligation a free appraisal from more than one estate agent

If you do have difficulty making your repayments you should seek advice from your lender immediately

Portable Mortgages Some mortgage products are portable (subject to the lender’s policy), which means if you move home you may be able to transfer your existing mortgage onto the new mortgage for your new home if you stay with the same lender.

So make sure you get the facts

Has it been re-plumbed or rewired? If so, ask to see any certifications or guarantees Look for cracks, uneven floors or doorways and any signs of water damage

The valuation cost is likely to be at least £150 and becomes payable as soon as you wish to proceed with buying a property

It is common practice for lenders to pass this charge on to the borrower

Especially considering that they had gone to the expense of paying for a building survey

- Are school catchment areas, commuting or environment an issue? Contact a solicitor to access their quality of service

We specialise in helping people who find it difficult to obtain a mortgage or loan