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Valuations and mortgage reports Note, a valuation is not a survey

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.

Mortgage in principle A mortgage in principle is a conditional offer made by the mortgage lender to confirm that they will in principle give you the loan you have discussed, provided the information you have given is correct

No buyer should rely solely on the information provided by a mortgage valuation especially when purchasing a large or old property

This is usually linked to the amount of cashback provided

The Act contains strict regulations about how money is lent and covers unsecured loans up to £25,000

Advantages: With the built in life assurance and in most cases critical illness insurance the overall cost is usually lower

The amount will vary from lender to lender and on the size of the 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

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

More information about endowments (which in the 1980’s and 1990’s were extremely popular), ISAs and Pension plans are below

The standard period is 14-28 days after exchange

A booking fee is paid to reserve funds on a mortgage product that has limited funds available e

Negotiation with a lender is possible

There is no reason why completion may not take place at the same time as exchange providing all the necessary conditions have been fulfilled

Other Benefits A whole range of other benefits can be applied to mortgages including the significant benefits of no Mortgage Indemnity Charge and no Early Redemption Charge

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

Its purpose is to verify and record legal ownership of the property and to record any securities (mortgages) or conditions adversely affecting the property

The elements incorporated within the plan include cash, stocks and shares as well as insurance elements

The plan provider will then add bonuses to the individual plans at the year-end depending on the performance of the investments within the fund

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

Disadvantages: Generally you will be unable to obtain fixed, discounted, capped or cashback rates on flexible mortgages

Borrowers will be required to remain on the lenders variable rate of interest for a pre-determined period of time

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

Contents insurance can provide cover for all your household contents - furniture, carpets, curtain, pictures TV, hi-fi, personal possessions etc

Ability to benefit from rate cuts as they occur

The offer will have numerous conditions which are designed to ensure that you encounter no problems when you move into the property

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

You can also obtain wider protection to include damage or theft of shrubs, trees, flower beds, garden ornaments, gates and fences

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

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

Buildings survey Also known as a structural survey

This may be due to a number of factors, but mainly occurs due to the condition of the property

The lender will offer a range of insurance, the problem being that you may be forced by lender to buy uncompetitive insurance to help recover the costs of a heavily discounted mortgage