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It may also give you a good indication regarding the seriousness of intent to sell

Commonly these will be between 3 and 3

Most lenders have a different name for this charge i

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

arrears, late payment, removing the lenders name from the Title Deeds at the end of the mortgage

The following planner will help focus on what needs be done and when

A survey carried out by the mortgage lender should indicate what sum to insure

It may be the case that taking out a new loan with another lender offering better rates and terms is better than staying with your existing lender even if the redemption fee is wavered

Without an appraisal, it is going to be difficult to plan ahead

Specific questions which may cover issues such as disputes with neighbours, alterations to the property, etc

5%

Have there been any previous offers and what happened to the sale? Having had a previous buyer does not necessarily indicate that there is a problem with the property, but it does require investigation

The amounts can range from a flat fee e

If you are not happy with the answer, investigate further or walk away

If you wish to repay the loan in this time, or you remortgage with another lender, you will have to pay an Early Redemption Charge which can cost £thousands (6 months interest is common) depending on the lender and scheme

Ask the seller or agent when the previous buyer pulled out and if recent, ask your conveyancer whether it is advisable to purchase the previous searches

If asked, the seller will let you know how they would like to proceed

If you have a mortgage, the lender will insist that you take out this type of policy

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

Another handy tip often overlooked or underrated is to check out the school run or office trips that you would normally take

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

The law on moveables is quite complex

You stand to lose more than the property you had your heart set on as you may well have paid for surveys and searches, none of which will be refundable

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

This may have the effect of reducing the length of time it takes to repay your mortgage

Booking fees are often non-refundable, so if the mortgage applicant cancels the mortgage application before completion the fee will not be reimbursed

An estate agent has the duty by law to inform the seller of all offers made on their property, regardless of an offer having already been accepted

This will vary between lenders and products

It occurs when the seller accepts a higher offer from another buyer after already having accepted yours

Letting agents will on average charge 10% of the rental, or 15% if they are responsible for such things as repairs, complaints and other matters

However in the greater scheme of things it may prove worth paying as a more competitive insurance may be had elsewhere

Overpayments and lump sum payments into your mortgage account can be made reducing both the interest and capital amounts repayable

It should be noted that individual savings accounts are relatively new products and as with any piece of new legislation there is always some degree of uncertainty over its long term future

Choosing the correct survey Choosing the correct survey depends on the requirements of the lender and the property itself