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Check the plumbing and wiring

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

There are two basic types of endowment policy – the with profits version and the unit linked version

Normally a lender will require a non-refundable booking fee in advance to reserve this option

In either case, having prepared the ground an agent will notice that you have put some work into sorting a few thing out, thus take you seriously

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.

conducts a local authority search to highlight planning, financial and other charges affecting the property

Another form of insurance is Mortgage Indemnity Guarantee

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.

Whilst practically the entire range of mortgage schemes are available to you with the exception of rates designed specifically for first time buyers, moving house may provide an excellent opportunity to consider what your future plans may be

The solicitor will ask for your deposit and any outstanding charges to be in their hands normally 5/7 days before the date of entry

Default Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements

If it is going to happen then it is likely to occur between acceptance of your offer and exchange of contracts

In certain instances the valuation figure returned by the surveyor may not equal the purchase price

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

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

Examine these policies carefully

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Unit Linked – Once again investors funds are pooled and then used to purchase units in stock market linked investments

Exposure to interest rate rises

Will your items be adequately insured during the move? Existing loan settlement figures If you already have a mortgage, do not assume that you have less owing than the amount originally borrowed