|
|
|
|
|
|
|
|
About Mortgages |
|
|
|
|
|
|
|
What other costs are involved when
buying a house?
In addition to your
mortgage, you should bear in mind the following one-off
costs at the time or purchase (or remortgage if you are
changing mortgage lenders):
- Legal fees: unless you intend to carry out
your own conveyancing, you will need to pay a solicitor
or other suitably qualified person to complete the legal
work
- Land Registry fee: the Land Registry
registers your ownership of the property
- Searches: your solicitor (or you) will need
to check to see if there are any plans for the
neighbourhood which could affect the value of your
property, such as the building of a new road
- Survey and valuation: the lender will insist
that a survey and valuation is done on the property. You
should think about a more comprehensive survey to check
for structural or other defects
- Stamp duty: all transfers of property of £60,000
or over attract stamp duty. For property transfers
between £60,000 and £249,999 stamp duty is charged at
1% of the property price, for properties between £250,000
and £500,000 then the rate is 3.0%. The rate of Stamp
duty for transfers of property over £500,000 is 4%.
STOP PRESS: In
his Pre-Budget Report of 27 November the Chancellor of the
Exchequer announced his Government's intention to
implement the first phase of the stamp duty exemption
relating to the purchase of property in certain designated
disadvantaged areas of the UK, which will apply where the
consideration, or premium for a lease, does not exceed £150,000.
Relief will be available for all transfers of property in
the designated areas with effect from 30th November 2001.
For details of the designated areas that will receive this
exemption visit the Inland Revenue website
http://www.inlandrevenue.gov.uk/so/disadvantaged.htm
|
Whatever Your Circumstances.....
We Can Help. Apply Today, why delay?
Your home is at risk if you do not keep up repayments on a mortgage or
other loans secured on it. Written quotations available on request
subject to status.
All logos and links are the registered trade marks of their
respected companies.
Mortgage-Plus is a licensed credit broker.
|
|
|
|
|
|
|
 |
|
