In the past few years, the cost of houses in the UK has risen significantly. Many find it difficult to afford a house on their own. So, they decide to buy with a friend. What are the pros and cons of doing so? Let’s have a look. Pros The foremost reason why some decide to …
The final stage in the homebuying process is the completion day. It is the day when money is fully transferred from buyer to seller, keys are exchanged, and moving begins. The date is decided beforehand by the buyer and the seller. In general, completion day is 1 to 4 weeks after the exchange of contracts. …
8 Things You Can Do to Avoid a Completion Day Nightmare Read More »
When buying a property, getting a property survey done helps you ensure that you are making a good deal. Put simply, a property survey gives you a clear picture of the legal boundaries of your property and whether there are any defects that will require repairs. A property surveyor will Do legal research by checking …
In a recent news release, HM Land Registry said that if an application to register is urgent, you can use the fast-track service and your request will be processed within 10 working days. The fast-track service comes as a relief to many buyers and sellers. Some of them need the transaction to be completed in …
Land Registry encourages the use of its Fast-track Service! Read More »
When you jointly own a property with someone, you cannot sell or mortgage it without the consent of the other party. There are two types of joint property ownership. Joint Tenants Tenants in Common Let’s briefly discuss each type. Joint Tenants If you own a property with someone as ‘Joint Tenants’, the property automatically goes …
Joint Tenants and Tenants in Common – What’s the difference? Read More »
Do you desire to own a home? Most likely you do. But maybe you feel overwhelmed when you think about the expense involved. To help you buy your own home, the government offers equity loan. You can take an equity loan of up to 20% of the property price (In London, it can be up …
When you buy a home or a piece of land in the UK, a percentage of the property price is to be paid as ‘stamp duty’. Generally, no stamp duty is levied on properties that are £125,000 or under. However, in July of last year, Chancellor Rishi Sunak had announced that the stamp duty threshold …
The ‘Right to Build’ scheme was launched by the government in 2016 in an effort to improve the housing market in the UK. The whole idea was to encourage people to build or commission their own homes instead of purchasing already-built homes. Under the ‘Right to Build’ scheme, those who want to build or commission …
What is Right to Build and how will it benefit you? Read More »
‘Right to Buy’ is a scheme for tenants living in the UK. If you are a tenant of a home and you want to purchase it, you get a big discount on the market value of the home. However, the discount is available only if you have been a tenant for at least 3 years. …
A property chain is a link connecting many homebuyers and sellers. How does this link form? Well, suppose you are selling your home and buying a new one. The person selling to you may also be buying a new home from a third person. Similarly, the person buying from you may be selling his current …
What is a Property Chain and What Happens if it Collapses? Read More »