Financing your deposit with a gift from parents?
When applying for a mortgage, the applicant must tell the lender that all or part of the deposit is financed from parents’ funds. Lenders are less likely to approve a mortgage where the money is a loan rather than a gift.
Most lenders will require a letter from parents confirming the gift and the source of funds, together with evidence of where the money has come from.
There may be Inheritance Tax implications if a parent does not survive for more than 7 years after making the gift.
Using a Help to Buy ISA or Lifetime ISA?
No problem…we are registered with the Help to Buy Scheme to act for you if you are using a Help to Buy ISA.
What is the home moving procedure and how much will it cost?
What searches are carried out when moving home?
Property searches help to protect you from surprises – they provide you with information which may affect your decision to buy the property or the amount you want to pay for the property. If you are buying with a mortgage, your mortgage lender will insist on searches being carried out as a condition of providing the mortgage.
I am a cash buyer. Do I need to have conveyancing searches?
It is not compulsory to have searches if you are a cash buyer but we would always recommend that you have them completed because searches may reveal information that affects your offer or your decision to buy the property.
What is a local search?
This consists of numerous enquiries made to the local authority. It covers items such as planning permissions relating to your property, road proposals, public footpaths and monies owing to the local authority. Often nothing adverse is found but it could reveal information which may affect the market value of your property and any mortgage lender will require a clear search prior to completion.
What is a drainage search?
A search is made of the water authority in order to find out whether the drains and sewerage systems are connected to the property and the main drainage and sewerage system.
What is a mining search?
Where your property is situated within a mining area you and your mortgage lender will need to be sure that there are no past mining activities which could affect the market value of your property. A search is therefore carried out. If a mine shaft is revealed then an interpretive report can be obtained to give details as to whether the mine shaft has been treated.
What is a chancel search?
This is a search which reveals whether the property is affected by chancel repair liability, which is a payment due to the Church of England for the repair of their Churches.
What is a Land Registry search?
This is made to ensure no further mortgages are registered against the property by the current owner.
What is a bankruptcy search?
A search that a mortgage lender requires us to make before completing your mortgage to prove that you are not bankrupt.
What is a company search?
This is a search of the Companies Register when you are purchasing from a limited company, e.g. a builder to ensure that the company exists and is properly trading.
What is a survey and when do I need one?
A structural survey is a good way to avoid any unexpected repair costs further down the line.
It will involve a Chartered Surveyor to attend the property to carry out a physical survey and valuation.
Waldrons Solicitors strongly recommend that each purchaser instructs a Chartered Surveyor to carry out a structural survey and this will help identify any potential risks before they become major problems. It can also provide the details needed to make an informed decision regarding renovation and repair work.
Arranging a structural survey is the responsibility of the purchaser.