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Freehold A freehold gives the buyer complete ownership of the land and buildings on it. Freeholders can therefore do what they like with their property and land, subject to general law (particularly planning control) and to the lawful rights of others. The fact that a property is available as a freehold, usually adds to the value over that of a leasehold.

the mortgage has to be held for a number of years before the lender breaks into profit

You can also seek advice from a voluntary organisation such as The Citizens Advice Bureau

At the end of the fixed rate (or ‘benefit’) period the rate will normally convert to the lenders Standard Variable Rate (SVR)

However, it is often overlooked that you may approach the seller or agent to negotiate a shorter period

For example; It may be that the property is located on the local pub route and returning merry singers (or worse) could end up becoming a nuisance

Particularly furnishings and fittings,

(Gazumping)

Commonly these will be between 3 and 3

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

Remember, it is your responsibility to get the correct sum insured

In the past some lenders have made their insurance compulsory with some very competitive mortgage products although this is less common now

Outline Information is available free of charge, by entering a postcode

Know which location/s you prefer

a) Inform the vendor/agent about the dilemma to see if an agreement can be made regarding a reduction in the sale price

The capped rate has a maximum rate above which your loan will not be charged, however should the lenders variable mortgage rate fall below the level of the cap then you will still benefit from this rate

A previous buyer will only be too happy to get some of the survey costs back

Amendments to the 1988 Housing Act has reduced the fear of landlords that tenants, once admitted to the property, will prove all but impossible to evict

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.

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

Be aware that making an offer may have legal consequences for you

The amount is usually measured in either pounds or months

Variable Rate Mortgage

This may mean that you require a scheme which permits lumps sum payments to reduce the mortgage or may be seeking to combine both your current account and mortgage borrowings in the same financial product

Separate life cover will be needed to repay the mortgage if you die especially if you have any dependants

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

Buyers should also be aware that they are responsible for the insurance of the property after the exchange of contracts

To take advantage of the offer the mortgage applicant will normally need to use a firm of solicitors or licenced conveyancers nominated by the lender

Your monthly repayments consist of repaying the capital amount borrowed together with accrued interest

Not only will an estate agent take you more seriously, but the seller will feel more comfortable and have more confidence that you are not time wasting