conveyancing, uk home loan

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Compare mortgage rates to find your ideal mortgage, or see how much you could save by changing lenders and re-mortgaging

If it is clear at this point, then there should be no problems further down the road when it come to draft-contract preparation

So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

If you want to continue, find out if the previous buyer had completed the searches or any survey

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

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

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.

Those with FRICS, ARICS or Tech RICS after their name are members of the Royal Institution of Chartered Surveyor and are subject to the RICS formal complaints procedure if clients are unhappy with the work carried out

The cost is usually dependent upon the type and size of property, but expect to pay between £300 - £800

Advantages: Generally, the rate charged will be lower than the variable rate applicable under a standard mortgage

Lenders have been known to charge a switching fee even if you refused to accept the lenders insurance cover at the time of taking out a mortgage

Stage 2 - Assessment of draft contracts This is the point at where both parties solicitors negotiate the deposit payable on exchange of contracts, the time between exchange and completion and any allowance by the seller to let the buyer have access to the property ahead of time

Disadvantages: As mentioned above, any change in bank rates will be directly reflected in the monthly mortgage repayment so this type of mortgage provides no protection against any upward movement in interest rates (in contrast to fixed rate mortgages for example)

The valuation cost is likely to be at least £150 and becomes payable as soon as you wish to proceed with buying a property

These bonuses termed either annual or reversionary cannot be taken away

Homebuyers survey This is the most popular form of survey and is intended for use on conventional types of property

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 area of self-certification mortgages is a relatively new one which is proving popular due to the changing working environment

12 weeks to go Try starting a notebook to record details

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