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Approximately 95% of home movers start their property search online due to its convenience. You can browse the widest number of potential properties available in your chosen location, on your chosen device from the comfort of your armchair. On the Reeds Rains website you can you save your searches and receive email alerts of new properties - so why not register with us today?
This will depend on your individual circumstances. We would recommend that you see a mortgage adviser who can help you work out how much could afford each month for your mortgage and any associated insurance costs. In the meantime, you can get an idea by using our budget planner.
There are a number of costs to consider when buying a property such as mortgage fees, broker fees, surveys, conveyancing, removal charges, etc.
Yes. there is a government backed Help to Buy Equity Loan schemes available in England which offer loans of 20% towards the purchase of a new build home, provided you pay 5% deposit and raise the remaining funds via a mortgage of at least 25% of the value of the property.
Whilst the recent Help to Buy Equity Loan scheme that launched in 2013, came to an end on 28th February 2021, there remains the Help to Buy Equity Loan (2021-2023) scheme which is available for purchases from April 2021, and will run until March 2023. This is only available to first time buyers.
Stamp duty land tax is a tax paid by the buyer on residential properties over £500,000 in England and Northern Ireland [announcement 8th July 2020 stamp duty holiday]. To find out more about the temporary reduced rates and exceptions when you don't have to pay stamp duty, see www.gov.uk for details.
You could look at recently sold, comparable property in the local area to get a feel of what property is generally selling for. Speak with the team in your local Reeds Rains branch for their opinion on your offer, and whether they believe it will be successful. They will have an idea of what the seller of the property will accept.
Exchange of contracts is the point at which you are legally bound to buy the house and nobody can back out of the transaction.
No. You are not legally bound to buy a property in the UK until you exchange contracts, usually at the end of the sale. However, your financial adviser will be able to talk you through when your offer becomes legally binding as there are some exceptions.
There are four different types of survey. A Condition Report is the cheapest, and is a very basic ‘traffic light’ survey suitable for homes in good condition. A HomeBuyer Report is a survey suitable for conventional properties in reasonable condition and will note any structural problems. However, it doesn't look below floorboards or behind walls. The Home Condition Survey provides the same level of in-depth inspection as a building survey. A building survey is the most comprehensive survey and is particularly good for older homes or homes that may need repairs.
The lender you choose may also request you have a survey if they think the property has structural problems.