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The hidden costs of homebuying When you’re looking for a new home, there are more costs to consider than just your mortgage. First time homebuyers having secured their deposit soon come across hidden costs and charges that they may have been unaware of. Here we take a look at some of these, helping you prepare for the full cost of a property purchase. One additional cost that cannot be avoided is stamp duty. On properties and land over and above a value of £60,000 you have to pay this tax... Read Full Story

A Biography of Mortgages From the French legal term meaning “dead pledge”, mortgages are now such an integral part of our lives that the word has lost the gravitas implicit in that original meaning. It’s still a heavy commitment though, and for most people it really will mean debt until, if not death, then very close. Home ownership is now so important to people that they are prepared to build their lives around paying off a mortgage. The concept of the mortgage is as ancient as... Read Full Story

In a bid to reduce property fraud, the Land Registry has introduced “Protect your Property”. The idea is that homeowners, particularly those with no mortgage, are at greater risk of property fraud if the Land Registry can’t contact them when someone makes an application (fraudulently) to register a financial charge against the property. It is also particularly relevant to buy-to-let landlords for the same reason. You can contact the Land Registry or download the update form from their... Read Full Story

A new code operated by the National House Building Council (NHBC) and Premier Guarantee applies to all new build buyers’ reservations made on or after 1st April 2010. The aim of the code is to require homebuilders to provide more information to homebuyers, to ensure that they are treated fairly and that they are given enough information to know what to expect. In particular, the builders must provide specific information on delivery dates and the homebuyers’ right to terminate a contract... Read Full Story

The latest indicators are that HIPs are to be abolished by our new Government, echoing what property professionals have been arguing for years – that HIPs do not add anything of assistance to the conveyancing process and in some instances, even slow the process down! EPCs are to remain however; good news for all those who spent thousands of pounds training to become Energy Performance Assessors. Personally, I have found the EPC the most useless part of the HIP pack from a conveyancing point... Read Full Story

A new relief was put in place for first time buyers for completions taking place on or after 25th March 2010, for a period of two years. The term “first time buyer” is defined as follows;- 1. The purchaser (or all purchasers for more than one) have never owned residential property before in the UK (with the exception of a lease with less than 21 years to run) or the equivalent anywhere else in the world. 2. They intend to live in the property, using it as their only or main residence. 3... Read Full Story

This search is compulsory where you are purchasing a property from a company. The search is undertaken in order to check that the company exists, is not subject to insolvency and has not been struck off the Register at Companies House. If you are buying unregistered land from a company, the search is also undertaken to ensure that there are no adverse entries that may affect you as buyer i.e. fixed or floating charges or the appointment of a receiver or liquidator. Read Full Story

Just to remind you that as of 1st January 2010, we revert to the previous Stamp Duty threshold rates. You can find details on the website of HM Revenue & Customs here:- http://www.hmrc.gov.uk/so/rates/rates-mar08-sep08.htm You can also find the HMRC Stamp Duty Land Tax online calculator here;- http://www.hmrc.gov.uk/so/new-sdlt-calculators.htm Read Full Story

Shared Equity Schemes were introduced in 2006, and branded as “Homebuy”. This scheme means that instead of buying part of the home and renting the other part, a Shared Equity home is bought on the open market. The purchase of it is funded via a Shared Equity Mortgage and by an equity loan from a Registered Provider. Generally speaking, you need to meet the following requirements in order to qualify for HomeBuy;- 1. Buyers must be a tenant of a Registered Provider or Local Authority, or on... Read Full Story

Shared ownership property was first introduced in the 1980s, with the aim of assisting people in need of housing to get onto the housing ladder who do not have enough funds to buy a house outright. People also seem to use phrases such as “Part Buy Part Rent property”, “Part Ownership Housing”, “Affordable Housing” etc. to describe this scheme. Essentially, a Registered Provider of Social Housing or “RP” as they are known, grants a lease of a percentage of the equity in a property and rents... Read Full Story