How Do I Find Mortgage Advice And Make A Home Loan Application?
There are several different home mortgages available, all at different rates. A mortgage and protection adviser can help you find the right mortgage for you and will assist you through the application process.
We do not charge for our advice. Instead, we simply charge a fee for arranging your mortgage of up to 1.5% of the mortgage amount. A typical fee is £399. We will not charge a fee to existing clients for arranging a residential re-mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
What Does Share Of Freehold Mean?
When you buy a flat, the lease on the property comes with a share of ownership of the building. Leaseholders in a block with several properties often choose to buy the freehold between them and so share of freehold gives them more control over the management of the property.
What Is A Sinking Fund?
When you buy a property that is termed ‘leasehold’, part of the service charge may be paid into a sinking fund. The sinking fund builds up over the years to cover future projects that may be needed to repair or improve the building. The freeholder or the property management company will be responsible for the service charge management and will notify leaseholders if part of the service charge will be paid into a sinking fund.
What Is An Open Day?
An open day is when a property is marketed through viewings and buyers are invited to view the property in one day rather than spread out over a few weeks. As you will only have a short time to view the property, it is very important to do your homework on the property and the area before the viewing. Study the floor plan, walk around the area and consult your mortgage broker beforehand. Use the viewing to ensure the home is to your liking whilst looking for any defects, as usually, there is not time for a second viewing before buyers submit best and final offers.
What Is Ground Rent?
Ground rent is the rent you pay for the land the property is standing on and is normally paid every year or six months, along with the property service charge.
What Should I Check In A Draft Contract Prepared By A Property Solicitor?
The contract is a written and signed agreement between the buyer and seller. The first contract prepared by your property solicitor should have the following details confirmed:
- The price you are paying for your property
- The deposit amount
- The address and description of the property
- What is included in the sale price (e.g. carpets/white goods) of your home
- Covenants i.e. what you are required to do as the property owner
Check that these items are correct and ask your property solicitor if you have any doubts.
Where Can I Find First Time Buyers Advice?
At David Astburys, we make every attempt to make buying your first home as simple as possible. An introduction to the property buying process, including conveyancing and mortgages, can be found in our guide to buying.