As people increasingly look at ways to reduce their carbon footprint, we examine some of the best ideas for making your home more eco-friendly. The average UK home takes a shocking 50 tonnes of CO2 to build, with an additional 27 tonnes every year to heat...
There is a new scheme being put forward by the Government in order to get people on the first step of the ladder to owning their home. Shared Ownership allows you to buy a percentage of a property and pay rent on the remainder with an option of increasing your share as and when you can afford to.
There are a number of schemes in place with initial shares starting from around 25% with the option of owning the whole of the property. There are also a number of Key Workers Schemes which, if you are interested in them, would be worth contacting your Local Authority for them to advise you of what schemes are currently available in your area.
What is Stamp Duty Land Tax?
Stamp Duty is a Tax that used to apply to all purchasers but from the 1st December 2003 it was replaced with Stamp Duty Land Tax which is a Tax on the purchase price of land and buildings.
Do I have to move on a Friday?
No, you can move any day Monday to Friday you cannot move at the weekend as the office must be open and also the Banking System.
When will I receive the monies from my sale?
The monies are usually transferred by telegraphic transfer on the day of completion and these will be available for you to draw against.
If I lose my buyer can I recover my costs?
Unfortunately not, up until the point of exchange either party can pull out and both parties will be responsible for their own costs incurred.
When do I have to pay a deposit?
The deposit is usually paid by the buyer as part of the exchange process to make the exchange legally binding. If, after exchange, the buyer fails to complete the purchase, the seller keeps the deposit as part of their compensation.
Will I need a survey?
Buying a property is the biggest investment you are likely to make and it is therefore advisable to invest in a survey of the property you intend to buy. There are three types of survey :-
- Home Buyers
- Structural Survey
If you are obtaining a Mortgage your Mortgagee will insist that a valuation is carried out. This is the most basic of surveys and it essentially tells the Mortgagee that the property is worth at least as much as the mortgage that you have requested. It does not cover you or give you any information, its merely for the benefit of your Mortgage Company. You are not recommended to rely on this survey, but you should obtain your own survey which could, in fact, be carried out by the same surveyor.