Buying Guide

Whether you are buying your first property or are an experienced purchaser, each transaction differs dramatically and therefore the below offers you some general guidance, however, we are always on hand to answer any additional questions for you.

0207 740 2763

MAKING AN OFFER

Once you have found a property that you’d like to buy, you can make an offer, we suggest this is completed in writing (email), giving a brief description about yourself, mortgage details, stating any conditions as well as timescales.  The offer will then be forward to the vendor for consideration. If your offer is acceptable we will ask you to pop along to the office with Photographic ID and proof of address which we will take a copy of. From this point on we will guide you step by step through conveyancing and work with your solicitor for a smooth transaction.

BUDGETING

Your conveyancing bill will be influenced by many factors. Not all solicitors charge the same; Stamp Duty increases substantially at different price breaks; buying leasehold property can add to the cost of conveyancing etc. There is no substitute for asking your conveyancer for a breakdown of your estimated costs, however, the following information will give you an understanding of how, why and where your money will be spent:

SOLICITOR/CONVEYANCING

Not all conveyancers/solicitors charge the same. Neither are their services identical. At the budget end of the spectrum, there are firms whose charges are fixed regardless of the purchase price. Be warned though, cheapest is not always best!

We can point you in the direction of solicitors we have used in the past so please feel free to contact us info@prospectldn.com 

FINANCIAL SERVICES

Mortgages vary from provider to provider and can fluctuate dramatically depending on the financial climate. Please visit our mortgage calculator page to give you a rough guide to associated monthly costs. We would always recommend you speak with an independent mortgage broker and would be happy to recommend one for you. (mortgage calculator)

STAMP DUTY

Please refer to our stamp duty calculator

LOCAL AUTHORITY SEARCH (LAND CHARGES)

Varies according to the local authority. Typically, £100 to £200 for a standard search. If required, your solicitor can ask additional questions- at an extra cost.

LAND REGISTRY

All property transactions in England and Wales are now registered with the Land Registry. The cost of registering your transaction will vary according to the purchase price.

Mortgage Indemnity Guarantee Premium

(Not strictly a conveyancing cost – but may need to be considered)

Some lenders require an insurance policy to cover any amount borrowed in excess of 75% loan to value the amount is either taken as a one-off payment, or sometimes it may be added to the monthly payments. However, increasing numbers of lenders are now not making this charge at all.