01242 771 771

01242 771 771

Jargon Free Advice

Important Points and Costs to Consider

Stamp Duty

 

Government tax payable when you complete your purchase. How much you have to pay can depend on factors including; if you are a first time buyer, if you currently own a property already and the value of the land or property you are buying. Your solicitor will be able to advise you of your personal liability.

Valuation or Survey?

If you are arranging a mortgage to purchase your new property the lender will instruct a surveyor to carry out a valuation to confirm the property will be acceptable as suitable security. This valuation is for the lenders benefit only; in some cases the lender will pay for the whole cost of the survey but on some mortgage products this can typically cost between £200 – £350.

When buying a property you can also choose to have a more comprehensive survey completed at your own cost to understand more about the condition of the property you want to buy. Information for these types of surveys can be found here from RICS.

 

Solicitor / Conveyancing

When buying a property you will have to engage the services of a solicitor to handle the transaction on your behalf. The solicitor will act on your behalf to make sure that the process is completed effectively and that all the legal aspects of buying land or property are properly taken care of.

If you do not have a solicitor IMS can offer you a recommendation from our selected panel.

 

Credit Score

A credit score, also known as a credit rating, is a number that reflects the likelihood of you paying credit back. Lenders like banks and credit card companies will look at your credit file when they calculate your credit score, which will show them the level of risk in lending to you. You can obtain a credit report from a number or different sources including Experian and Credit Karma.

IMS - Insurance and Mortgage Services Ltd is authorised and regulated by the Financial Conduct Authority. FCA Registration number 300993

Registered Address Applegarth, The Reddings, Cheltenham, GL51 6RL

Registered in England & Wales No: 4496808

The guidance and advice contained within this website is subject to the regulatory regime and is therefore primarily targeted at consumers based in the UK

Your home may be repossessed if you do not keep up repayments on your mortgage


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