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As a potential buyer, you may have
no property of your own to sell; alternatively you may
have a property to sell in the local area, in which
case put it on the market with Veness. We shall be pleased
to give you a market appraisal, and we operate a strictly
no-sale no-fee policy.
Once you have found a property you
like and can afford (we have an extensive
range of properties to view online via this site),
make an offer. Meanwhile shop around for mortgages,
get a loan agreed in principle, and choose your solicitor.
The following will give you some
idea of the charges you should expect to have to pay:
- Solicitors' fees:
contact local firms for quotes - alternatively contact
the Law Society public enquiries department (telephone:
01527 504448) for the names of firms in the area.
- Valuation fee: this
is carried out on behalf of your lender - fees may
start from £90 but some lenders will refund the money
on completion.
- Survey: Contact the
RICS information centre (telephone: 0207 222 7000)
for the names of chartered surveyors in the area -
alternatively, if you purchase a property through
an agent other than Veness - contact our professional
department straight away for a quote and further
advice on surveys.
- Stamp Duty: This is
a tax imposed by the government payable on a property
purchase in excess of £60,000. At present this is
set at 1% from £60,000 to £250,000; 3% from £250,000
to £500,000, and 4% thereafter.
- Land registry fee:
this is charged on the purchase of a property and
is based on a scale related to the purchase price.
- Local authority searches:
these are carried out by individual local authorities
to establish if there is any reason why you should
not purchase the property, and cost in the region
of £100.
- Other searches: sometimes
other searches are required to check on such issues
as mineral rights in the area - allow at least £60.
- Mortgage
arrangement fee: some mortgage lending sources
may charge an arrangement fee. Why not contact, free
of charge, our independent financial advisor for further
advice.
- Buildings insurance premium:
to be paid in advance from the date of exchange of
contracts. Premiums are set to reflect property values
in the area - your mortgage lender can organise this,
or you can shop around for other quotes.
- Mortgage indemnity policy:
this is a one-off charge, levied by lenders to protect
themselves in the event that they should have to repossess
your property and sell it on the open market at a
loss.
- Bridging loan: occasionally
this is required on the purchase of a new home before
receiving proceeds of sale from the current home -
banks can offer flexible terms and individual circumstances
will be taken into account.
If your purchase is subject
to the sale of your own property, accept a subject to
contract offer on your property (assuming that an acceptable
one is made).
If your offer on the property
you want to buy is accepted, complete the mortgage application
and arrange with the lender to get a valuation and survey/home
buyer's report done. Getting a mortgage agreed can take
two weeks' or more.
Assuming survey and checks by
your solicitor are OK, pay deposit and exchange contracts
for both purchase of new and sale of old property -
ideally both contracts should have the same completion
date.
You should also bear in mind
that the following matters are also likely to require
your attention:
- Obtain quotes from removal/DIY
van hire firms.
- Arrange buildings and contents
insurance for the new property. You may be able to
transfer your existing policies. If not, remember
to claim a refund on old policies after the move.
- Warn car insurer about the
move - you may have to pay a higher premium. Fill
in change of address sections of vehicle registration
form on your driving licence and send to DVLA.
- Contact both current and
future local authority to avoid being asked to pay
double council tax.
- Advise electricity, gas and
water companies. Arrange for meters to be read directly
before and after the move. There is no charge levied
by the electricity, gas, telephone and water companies
for reconnecting services. Telephone companies may
levy a charge. Arrange to switch phone number if required
and billing, giving at least two weeks' warning. Ring
BT free on 150.
- Arrange with the Post Office
for redirection of mail.
- If renting TV or video, check
whether you can take it to your new home; if not,
cancel the contract. Fill in change of address form
on TV licence and take it to a Post Office. Also notify
Post Office if you have any Premium Bonds or National
Savings certificates or are drawing a state pension.
- Advise your bank of the move
as well as your tax office, any lenders, or professional
advisers
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