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Timescale For Buying A House
April 15, 2015

Timescale For Buying A House

Timescale for buying a house will differ from several weeks to several months. Typically, house hunting is the longest stage, and it will be impossible to put a timeframe on that - after all, a lot will depend on your expectations, budget, and simple luck. Plus, even before you start house hunting, you will have to talk to your bank to determine if you can be approved for the loan, and how much money you can expect to borrow. Unlike house hunting, which is a time indefinite process, this will not take you more than a couple of hours.As soon as you find a house you would like to buy, there are a couple of other stages that determine the timescale for buying a house. The order and timelines are as follows: Week 1: making an offer After you find a house you like, you make an offer to the seller. If he /she accepts, the property in question is considered under survey. No one makes any commitments at this stage – both you and the owner can cancel the deal any time, without any explanations. If you are really interested in the property you should start looking for a solicitor –...

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Work Out The True Cost Of Buying Property
April 15, 2015

Work Out The True Cost Of Buying Property

No doubt, buying property requires some money. Whether it is a huge house, or a tiny apartment – it is still a serious investment and before you can start looking for a new home, you should better work out the true cost of buying. Purchasing property is associated with an entire range of different expenses, which include:Mortgage fees First if all, you will have to find out if you can be pre-approved for the mortgage. Normally, there won't be a problem with that - especially if your income is stable and predictable. The consultation with your bank representative is free, but reserving the mortgage may require a booking fee, varying somewhere between £100 and £250. Also, apart from the first deposit (that should be covered by your current savings), you might have to pay mortgage fees. Some creditors do not charge them, but some of them do. If your property cost exceeds £125 000, your initial mortgage fees can reach up to £2000. Solicitor’s fees Then, there are the solicitor’s fees that vary between £500 and £1500 plus 20% VAT. In most circumstances, you will be asked to pay 10% of the fee upfront. One of your solicitor’s tasks presupposes providing property evaluation...

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Solicitors Fee For Buying A House
April 15, 2015

Solicitors Fee For Buying A House

If you want to buy a house, you will have to hire a solicitor – that is just how it goes. Of course, his/ her services will not be free, so you have to brace yourself for some additional expanses – not only the house value and mortgage fees. Solicitors fee for buying a house can vary, and the entire cost of working with a solicitor will depend on the services you order. Normally, it is important to differentiate between bare solicitors fee for buying a house and additional property valuation reports he/ she might prepare upon your request.Bare solicitor’s fees Bare solicitors fee for buying a house starts at £500 and may reach up to £1500 - depending on your region, solicitors reputation, etc. In addition, 10% of the sum should normally be deposited upfront. Note, that this is the cost of solicitor working on your contract - that's it. If you want to order property survey, the solicitor will charge you extra £250-£300 - simply for working on these reports for you. Valuation surveys The reports in question can be quite expensive, too. The total of cost of most common reports starts at  £1250. Even though it is not necessary to...

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