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As soon as you place an offer on a property, your estate agent will ask for your solicitor's details to pass onto the seller's solicitor. It's therefore wise to establish contact with a solicitor before you start looking for a property to avoid having to make this important decision in a rush. The legal process of buying and selling a property is called conveyancing. (Your solicitor must be qualified in conveyancing as it's a specialist area of law.) All solicitors practising law in England and Wales must also be registered with the Law Society. There are separate societies for Northern Ireland and Scotland. A solicitor's job is to take care of all legal aspects of moving house, which include:
Local Land Charges are outstanding charges that local or central government can demand from successive owners or occupiers of property or land, or restrictions on the use of property or land. These include charges for services such as roads, or restrictions like Smoke Control or Tree Preservation Orders.
A tax payable on the purchase price of a property.
Fees for conveyancing work vary, so it's a good idea to obtain at least three quotes from different companies. Make sure that you know what costs the quote includes. You will usually be charged for the solicitor's time, phone calls, letters and faxes and their indemnity fee. They may state that if any unforeseen problems arise these will be dealt with through an extra charge. For a property costing £100,000, you should expect to pay about £550 in solicitor's fees. However, the cost will also depend on whether your property is leasehold or freehold. Leasehold properties will cost more as they involve additional work checking the lease. Most solicitors will ask for payment of land registry and local authority search fees in advance. The balance will be due when you've completed on your home. Don't be tempted to opt for solicitors that are offering a 'cheap deal'. This could mean that they are dealing with many clients, which will more often than not result in a slow service. Once you've chosen a solicitor they will ask to see some form of identification, such as a passport or driving licence, and your mortgage lender's details. Most importantly, you will also need your chequebook.
Affordability is the major consideration when choosing a mortgage.
Typically most high street lenders will lend a single person between 3 and 3.5 times their pre-tax salary.
Other credit commitments, such as to a credit card or personal loan will generally not be taken into account.
Some lenders will also allow you to add a proportion of any regular bonuses you receive to this base figure.
Use the following links to found out more about
home ownership schemes in your area:
direct.gov -
lists contact details for local authorities.
housingcorp.gov-
describes homebuy scheme in more detail.
england.shelter.org -
more information on home ownership schemes.
communities.gov -
information on government housing strategies