Buying a home - FAQs on Buying
What is the difference between freehold and leasehold property?
Which important documents should you check before buying a property?
What are the current stamp duty thresholds? (as at Dec 2009)
What are the costs involved in buying a property?
Can you recommend a good Solicitor?
What is the difference between freehold and leasehold property?
You’ll really need to talk to your solicitor about your chosen property and the rights you’ll have. In simple terms, a freehold property is where you have the total rights to both the property as well as the land it’s built on. Once you’ve bought it, it’s yours to do as you wish, within the limits set out by the planning laws and legislation of course! Having property that is leasehold means that you have the right purely to live in the building as opposed to on the land itself. This means that the lease clause can change at any time. It’s usually relevant when looking at buying a flat.
Which important documents should you check before buying a property?
You can now find out a lot about a property before buying via a HIP (Home Information Pack) and by law, every owner wishing to sell must provide one before putting their property on the market.
What are the current stamp duty thresholds? (as at Dec 2009)
| Purchase price or up to £125,000 | Zero |
| Over £125,000 to £250,000 | 1% |
| Over £250,000 to £500,000 | 3% |
| Over £500,000 | 4% |
What are the costs involved in buying a property?
Here are some costs that might apply. Make sure you find out all the relevant fees that apply to your purchase.
- Mortgage arrangement fee
- Valuation fee
- Mortgage indemnity insurance
- Building & contents insurance
- Solicitors fees
- Local Authority search
- Land registry fees
- Stamp duty
- Removals firm
How much can I borrow?
Due to the current economic climate, we can only give you a guideline. The banks and building societies have tightened their purse strings and have made it a little tougher to secure a mortgage. You can get an idea by using our mortgage calculator. We would strongly advise you sit down with a mortgage broker who will give you a clearer picture on the amount you can borrow. Call a member of staff on 0208 866 3349
Can you recommend a good Solicitor?
Once you’ve found the home you want to buy, you’ll need to give your estate agent the details of your solicitor or conveyancer that will be acting on your behalf. Here are the solicitors we recommend.