Help with arranging and managing a TSB mortgage.
Legal fees will be dependent on the convyeancer you instruct. They will charge for their services as well as the searches they carry out on your behalf.
The main searches that your conveyancer will undertake, include:
Land Registry Search
This search confirms the current ownership of the property, and that those selling it are entitled to sell it. Also revealed will be any covenants that are associated with the property.
Local Land Charges Search
This search will reveal as much about the property and its surroundings as possible, such as whether the property is a listed building, if there are tree preservation orders, and whether or not it's located in a conservation or smoke-controlled area. Local plans for the area are also disclosed, together with planning decisions that may affect the property.
This reveals any environmental information relating to the area and property.
Water and Drainage Search
This search is now a requirement with all house purchases, and is provided by the local authority.
Coal Mining Search
If you are buying a property in a coal mining area, or an area that was formerly subject to coal mining, then a Coal Mining Search will have to be obtained from the Coal Authority. This will reveal the affects of mining and subsidence activity on the property, and whether or not any compensation claims have been paid.
Land Charges Registry Search
If the property you are purchasing has not previously been subject to compulsory registration, then your conveyancer will apply to the Land Charges Registry in Plymouth. Details here are contained by the owner's details rather than the property.
Before agreeing to release funds to assist you in the purchase of your property, the mortgage lender will require your conveyancer to undertake a Bankruptcy Search. Discharged bankrupts may be able to obtain mortgage funding, although undischarged bankrupts cannot usually borrow.
Since the 1980s there have been periods of property prices rising, falling and rising again. To an extent, it's all relative. The value of your home goes up and down, but so does the price of the next property you want to buy. It can become a problem though if the value of your home falls to a point where it's worth less than your mortgage - when it wouldn't cover the mortgage if you sold it. This is called negative equity. But even this isn't necessarily a problem - only if you want to sell.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
This will be explained to you in your mortgage interview.
There's the actual rate you pay. This might be a fixed rate or a variable rate, such as a tracker. Then there'll be the rate you switch to after the fixed rate or tracker ends - usually the lender's standard variable mortgage rate - although you should be able to switch to another deal at that time if you want to. And then there's the 'APR'. This stands for Annual Percentage Rate and is intended to show the true overall cost of a loan. It includes the actual rate you pay plus any other costs such as any fees and charges the lender makes to set up the mortgage.
Understand more about choosing your mortgage. Clicking on any of the above links will open another window.
We will want to know about your occupation, income and financial history to establish how much we can lend. We'll make some enquiries of your employer, accountant, landlord etc. We'll also carry out a valuation on the property to make sure it's worth enough for the size of mortgage you want. See our mortgage considerations.
Provided the enquiries and valuation come back okay, you'll be sent a mortgage offer. If you're moving house or remortgaging your conveyancer will also be sent a mortgage deed, this will need signing. Once the conveyancer has sorted all the legal work, they'll arrange for the signed copy to come back to us and arrange the date for the mortgage money to be sent to them to complete the house purchase.
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