Buying a new house could be the most significant financial decision in your life time. You’re building a new family or maybe a new life and you’re thinking it’s so complicated. All you need is to organize your thoughts and keep in mind the following things.
Once you've found your dream home and started making plans for a mortgage, you'll need a conveyancer to help you with the legal side. The conveyancer will manage things like dealing with the Land Registry, stamp duty charges, collecting or transferring money during the house sale, providing legal advice and drawing up and assessing contracts. Having a conveyancer is really important if you need things to be done properly and professionally.
2. Hidden costs and disbursements
Disbursements are the amount paid by your lawyer to third parties such as search fees, Land Registry fees and stamp duty. Some firms does not include these fees in their quotes. For example, firm X could seem to be 100 pounds cheaper than firm Y, but what firm X didn’t tell you is that they will charge you 200 pounds disbursements. Don’t forget to check what disbursements apply to your case before deciding which quote is better for you.
3. Recommendations and referrals.
Ask your friends and family, as they will share their experiences and tell you what was better for them. You’re free to choose your lawyer, but just keep in mind that some mortgage providers specify a specific list of lawyers that you should use for the mortgage related property. All you need is to weigh everything up to end up with the best decision.
4. Mortgage Fees
Most of the mortgages require arrangement fees and other charges. However you can get the deal without paying these fees, but that might increase your interest rate. Same as the mortgage upfront fees, you can add them to your loan amount and pay interest rate on them. When you put an offer on a house and it was accepted, the lender will make sure that the property is worth the value of the loan.
5. Stamp Duty
The new stamp duty system which came into effect in December 2014 tiers the rates of stamp duty, like the income tax. So on a property that costs £250,001 to £500,000, you’ll pay 0% on the first £125,000, 2% on the next £125,000, and then 5% on anything over £250,000.
Having a smooth and easy conveyancing process is not impossible if you hired a good lawyer to take care of all the legal work. At wildings solicitors we’ve been working for 30 years with conveyancing cases. Throughout all these years our clients were our number one priority.
If you need further help contact our Property Solicitors today.