Helpful guides
Some questions follow you through several stages of a purchase, while a leasehold flat, new-build home or shared-ownership property can change the route itself. These guides bring the important parts of those subjects together.
The buying process and paperwork
Important differences in the buying process
An agreement in principle is not a mortgage offer, and the
lender's valuation is not a survey carried out for you. This guide explains the terms
which sound similar but give you very different information.
Who is working for whom?
The estate agent represents the seller, while your conveyancer,
surveyor, mortgage adviser and lender each have a different job. Knowing where their
responsibilities begin and end makes it easier to ask the right person for help.
The documents that matter
Mortgage paperwork, searches, seller's forms, surveys and the
report on title all tell you something different. This guide explains what each document
is for, when it appears and which gaps it cannot fill on its own.
The real cost of buying and owning
The cash you need is likely to include property tax, mortgage and
legal fees, a survey and moving costs as well as the deposit. There are also bills and
repairs to allow for once the home is yours.
If the purchase falls through
A purchase can end before contracts are exchanged even after you
have paid for legal work, a mortgage application and a survey. Find out which work can be
stopped, what you may still have to pay and what could be reused for another property.
The property's condition
Reading your survey report
A survey records what could not be inspected as well as the
problems that were found, which can make the report sound more alarming than expected.
Read the ratings alongside the explanation before deciding what needs investigating.
The scary words
Finding words such as damp, movement, asbestos or flood risk in a
report can be frightening. What matters is the evidence behind the term, how serious the
issue may be and whether it changes the cost or practicality of buying the home.
Changing the locks after moving in
Changing the external locks means old or unaccounted-for keys no
longer open your new home. Many doors only need a replacement cylinder, and this guide
shows how to identify and measure the three lock types you are most likely to find.
Particular types of purchase and ownership
Buying a leasehold flat
When you buy a leasehold flat, the lease and the way the building
is managed matter alongside the condition of the flat itself. Check the remaining term,
service charges, planned work, restrictions and building-safety information.
Buying a new-build home
A reservation can ask you to move quickly while the home is still
being built. Make sure the specification, estimated completion, warranty, snagging and
ongoing estate or service charges are clear before you commit.
Shared ownership
Shared ownership combines a mortgage on the share you buy with
rent on the remaining share and usually a service charge. The lease also affects repairs,
alterations, buying a larger share and how you can sell later.
Buying with someone else
Buying together means agreeing how deposits, mortgage payments,
repairs and a future sale should be shared. The ownership choice and any declaration of
trust need to reflect that agreement if your circumstances later change.
Gifted deposits and family help
A lender and conveyancer will want to know where family money came
from and whether it is genuinely a gift. Work out the arrangement before money is moved,
particularly if repayment or a future interest in the home is expected.