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FAQ’s on Buying a Property

08 May 2019

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We know there are understandably plenty of questions you want answering when buying a new home.  So we’ve answered a few crucial frequently asked questions to get you started, but for any more burning questions, you may have, please contact your local Manning Stainton branch.

1. How much can I borrow?

The amount you can borrow varies from person to person, based on your income and the size of your deposit. It’s a good idea to get an Agreement in Principle (AIP) from the lender, as this will give you an idea of your price range, so you can then start viewing properties that fall within your budget. It can also help speed up the process of finding your dream home.

2. When do I need to pay the deposit?

The minimum deposit required when purchasing a property is 5%, the deposit is paid to the seller’s solicitor upon the exchange of contracts, a few weeks prior to the purchase completion.

3. How much will Stamp Duty cost?

 Stamp Duty is a tax paid by the buyer when purchasing a residential property over £125,000. The percentage amount of Stamp Duty varies depending on the price of the property and can range anywhere from 2% to 12 %. Stamp duty has to be paid within 30 days of the sale completion. 

4. How and when do I get the keys?

Once both parties have signed the contracts, a completion date will be agreed. Once the seller’s solicitor has confirmed the receipt of the funds and the transaction has been completed, the estate agents will be able to confirm when you can collect the keys to your new property.

5. Do I need a survey?

A survey is not a legal requirement, however, it’s highly recommended to avoid any hidden problems which could later be costly, let alone for peace of mind. There are a range of surveys that are recommended, depending on the property and circumstance:

A Homebuyer report- A homebuyer report is an inspection of the property which highlights the condition of the property and reports any defects.

Building Survey- This is a detailed survey that can include tests of drainage and utilities - a useful survey if you’re thinking of building or extending. 

Mortgage valuation- The lender may request a mortgage valuation to be assured the property is comparable to the loan value.

If you have any more questions on buying, selling or letting a property, please contact your local Manning Stainton branch. 

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