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Mortgage Protects Schemes If you lose your sole source of income, the reality is that you will not be able to rely on the State to help with your loan repayments

If so, your solicitor may be able to purchase these from the buyers solicitor which will save you waiting for the searches to be carried out by the local authority and possibly save money in the process

If you are obtaining a mortgage then your solicitor will need to prepare a Standard Security, giving your mortgage provider certain rights over the property

Your local borough council or solicitor will be able to provide you with the exact cost

Bridging Loan A bridging loan is a sum of money borrowed for a limited period of time to enable you to buy a new property before selling your old one. Interest rates charged tend to be higher than normal and a bridging loan shouldn’t be taken out lightly.

As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are

A buyer will also have to instruct a survey to be carried out on the property to establish its true condition

The cover and cost does vary between lenders and you should check what their policy includes, and just as importantly, what it excludes

The differential between base and pay rates remains constant for an agreed period and is normally far smaller than the margin on an ordinary variable rate

SVR - Standard Variable Rate Standard Variable Rate (SVR) - All lenders have their own Standard Variable Rate, which is largely determined by the base interest rate set by the Bank of England. The Standard Variable Rate of interest may increase or decrease from time to time.

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

After completion, the buyer must pay stamp duty (if applicable) and must be registered as new owner with the Land Registry together with the details of any mortgage lender

For borrowers moving house regularly, this can result in little of the capital being paid off

If you have a flexible mortgage, you may be able to vary the amount of the monthly repayment and you may be able to pay in or draw out lump sums

So make sure you get the facts

It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period

Has the owner made any improvements? Do you have the relevant warranties? Does the property require much regular maintenance? Can you do it yourself or afford to get a professional? How much ground rent/service charges do you pay? (Leaseholds) How secure is the property, does it have an alarm? Has it ever been burgled? Ask about the neighbours

Usually this type of flexible mortgage will also calculate interest daily meaning that you will see an immediate impact of any overpayments that you make

There are more properties on the market than there are buyers

Normally a lender will ask you to establish a repayment vehicle for the loan at the outset although this is not always the case

Personal Possessions (including cash) on an all risk basis, in and outside the home

You may not get a straight answer, but at least the owner and agent will be aware that you know the score

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

Switching between provider can only be completed on an annual basis and penalties may be incurred

These may include 100% mortgages or a range of fixed or capped rate mortgages (see Mortgage Guide) unavailable to non-first time buyers

You should never assume that because a lender is prepared to agree a mortgage on the property that the purchase price is reasonable or there is nothing wrong with the property itself

This will depend on future investment performance

Sewers and drainage

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