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Land Registry Fees Land Registry Fees are based on the purchase price of the property. The fee is effectively an administration charge for registering your ownership of the property and or land.

All lenders will insist on buildings insurance as the very minimum

The seller may or may not be entertaining any new viewings, but if you have viewed the property and decided to make an offer (albeit late in the day) at least the seller will be aware of it

Imagine each room empty

Disadvantages: Generally rates for capped mortgages will be slightly higher than those of the fixed rate mortgages available, although this is largely led by market forces and has not been the case in recent years

The Early Redemption Charge can represent a significant sum although the amount will differ between lenders and between products

A flexible mortgage linked to a current account

The costs will be greater for house purchase than for remortgage

A seller may ask you to negotiate specific issues or accept your offer in full; In which case by Scottish Law you are fully committed to the purchase

This means that the lender can claim part or all of its ‘losses’ incurred repossessing the property from the insurance company providing the MIG cover

This is widely accepted as the most straightforward of the mortgage options

INTEREST RATES ON MORTGAGES When you have chosen the right mortgage for you, whether it be a repayment or an interest only mortgage, you will need to consider the 4 main mortgage rate options available

Providing a combination of the security of knowing the maximum monthly cost for a set period with the opportunity to take advantage of any downward movement in the mortgage rates, this is a popular choice for many borrowers

Interest is far more likely to be calculated on a daily basis

There can be a shortfall in the fund within your investment meaning the cost of your interest only mortgage may increase over the term or alternatively you may be left with an extra sum of money to find at the end of the loan

There is no reason, as far as legal procedures are concerned, why this cannot be quicker

As a result the seller is in a stronger position and is likely to be less receptacle to any or significant price reduction

Capped Rate Mortgage

This possibility alone was enough to dissuade many people from becoming private landlords in the past

This is known as an Adverse Valuation and may occur due to any number of factors, but in most cases it is connected with the condition of the property

For a borrower wanting one home for their finances this is an attractive option

This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available

If you are mortgaging the purchase of your property then the lender will make it a condition that you take out their Mortgage Indemnity Insurance

For example, the variable rate may be 5% with a discount of 1

As a consequence of not being ‘locked-in’, the rate offered on these schemes will usually not be as competitive as for mortgages with redemption penalties, making them most suitable for those who are likely to keep track of current rates and wish to remortgage quickly if they find a better rate, or those who may have to repay their loan in the first few years

Obtains the title deeds, which are normally held by the building society and asks you to fill in a detailed questionnaire

Some inexperienced and less ethical agents are driven by working on commission or sales targets and may be inclined to try scare tactics or apply pressure for you to purchase

Upon making an offer via the agent or directly to the seller, the experienced seller is likely to take into account several factors over and (in many cases) above the offer price itself