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Stage 3 - completion On the completion date, the buyer obtains all rights to the property in return for the actual transfer of the funds covering the purchase price (less any deposit already paid)

The period an Early Redemption Charge applies can vary

FIXED CAPPED DISCOUNT VARIABLE Fixed Rate Mortgage

Most lenders and insurance companies offer a combined Buildings and Contents Policy

So ask and make it a condition of any offer

They should be included in the sale

Are there any guarantees not held with the title deeds? i

This is not an obligation to purchase the property

Just Financial Advice UK Ltd is an independent mortgage advisor and will be able to help discuss the options with you, answer any questions you might have and agree a course of appropriate action

Arrears This describes the amount the borrower is behind in his mortgage repayments schedule

The lack of discipline in the monthly payment means the temptation is there to spend the money on other matters

How long has it been on the market and have there been any price reductions? Ask about the general state of the property

All lenders will have a set formula that they use to calculate the amount they will be willing to lend which is usually expressed as a multiple of your income

Hence in this situation you are likely to stand a greater chance of obtaining a significant price reduction

Written quotations are available on request

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

On this subject see ‘No Redemption’ and ‘No Overhang’ below

The key advantage is that you should be able to track the process of the purchase online

Insurers impose various get out clauses, so as with all insurance cover it is vital to check what is included (and excluded) in the cover

To obtain a mortgage in principle you will need go through the same motions as applying for an actual mortgage

Sealing Fee This is a fee charged by all lenders for discharging a mortgage when it is repaid in full Searches A buyer’s solicitor normally carries out searches. The solicitor will carry out local searches on your behalf to make sure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden or any compulsory purchase orders attached to it. This is usually done by a search of the local land register. Your solicitor sends a standard form to the local authority that will enter details of any local land charges adjacent to the property you are buying. The speed with which the results are returned varies considerably from borough to borough. You can speed up the process by arranging a personal search. You pay a fee, whereby a search agent, appointed by your solicitor, calls at the offices of the local authority and the search is conducted there and then. This is not an official search, so will not protect you to the same degree, but if speed is of the essence, it can save weeks.

STEP 1 - WHICH LOAN? Unsecured personal loans are available for a range of different amounts and repayment terms

Capped Rate Mortgage

You can also obtain wider protection to include damage or theft of shrubs, trees, flower beds, garden ornaments, gates and fences

12 weeks to go Try starting a notebook to record details

This form of insurance is not compulsory

Searches - what they should highlight Your solicitor will carry out local searches to ensure that the property you are planning to buy does not have, for example, a road planned at the bottom of your garden, any compulsory purchase orders attached to it, or any local land charges adjacent to the property you are buying

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself

it may not appear on the mortgage Offer as Mortgage Indemnity Charge or High Percentage Lending Fee

This had much to do with the amount of properties being repossessed at the time

Suitability: An endowment policy is the most suitable option in a number of circumstances the most common being those identified below: You are a higher rate taxpayer and have utilised all your annual ISA allowance

This is referred to as a ‘redemption overhang’