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Borrowers will normally have to build up a reserve through overpayments before being allowed to underpay or skip payments

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The financial aspects of the purchase are often the most complex and it is therefore imperative that you receive specialist advice on the many diverse options available to you

How long they been there and have there been any disputes? Internal Observations Does the property have central heating? If so, check when it was installed and last serviced

Until the arrival of flexible mortgages most, if not all, UK lenders were charging interest on an annual basis which meant that borrowers making over-payments were not getting the benefit straight away because it could be a year before the capital was reduced by the over-payment

The typical cost is £50 to £100 and the search is conducted by a solicitor

Insurance Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt

Offers & Missives When you make an offer for a property you are only offering for the bricks, mortar and ground and the non-moveables

g Loans for holidays may be restricted to a 12 or 24 month term)

Most recent P60 Whilst the banks and building societies will all have different specific requirements these are usually required in all circumstances

TIP: Buyers should make note that they are responsible for the insurance of the property on exchange of contracts, not when you move in

Structural surveys are more appropriate for older homes where there is a greater potential for difficulties to arise

Any changes in the Bank of England base rate will be directly reflected in the monthly mortgage payments

Overtime and commission may be treated similarly

As a consequence it is important that the payments are maintained into the repayment vehicle otherwise it will not be possible to pay off the mortgage at the end of the term

Suitability: A capped rate mortgage is the most suitable option in a number of circumstances the most common being those identified below: Individuals wanting more flexibility in terms of rate decreases than fixed rates but still wishing to limit the amount of their maximum monthly payments

The period an Early Redemption Charge applies can vary

However should rates increase the payments will be ‘capped’ and will not rise over the capped rate

As soon as you have found a property that you wish to make an offer on, your solicitor will note interest for you

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.

At this point you will need to pay your share of the property purchase to your solicitor who will exchange this and the money from the mortgage provider for the Disposition (or Title Deed)

Irrespective of movements in the interest rate your monthly payments will not change

The elements incorporated within the plan include cash, stocks and shares as well as insurance elements

Individuals on tight budgets expecting wage increases over the first few years of the mortgage

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

Much maligned in the press because of the poorer investment growth rates achieved in a low inflationary environment this form of investment is less popular these days

This tends to be around £200 - £250 and becomes payable as soon a the reservation is made

Ask why the current owners are selling the property

Put the owner on the spot and see what reaction you get

You have an offer on your property - The further into the processes of selling your home, the better

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

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

For peace of mind it may be appropriate to obtain a ‘Housebuyers Report’ or a ‘Full Structural Survey’

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