YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Your initial mortgage appointment is without obligation. Embrace Financial Services normally charge a fee for their services; however, it is payable only on the submission of your mortgage application. The fee will depend on your circumstances but the standard fee is £549. Complex cases usually attract a higher fee. Embrace Financial Services will discuss and agree the fee with you prior to submitting any mortgage application.
It is advisable to apply for a Decision in Principle from a mortgage lender and find a solicitor before you make an offer. Your Move have carefully selected specialist partners, that can assist with these services. Or, take a look at our guides on the full buying process in England and Wales, or Scotland.
There were recently two Help to Buy Equity Loan schemes available in England but the one launched in 2013 has since closed (on 28 February 2021). There remains, however, the newer Help to Buy Equity Loan (2021-2023) scheme for first time buyers only, which launched in December 2020, for purchases from April 2021, and will run until March 2023.
It is a government backed mortgage scheme which offers the chance to purchase a new home with as little as a 5% deposit.
Every purchase is different, and your position and the seller’s position needs to be taken into consideration before this question can be answered accurately. If the seller has already vacated the property and you have already secured a mortgage, exchange of contracts and completion can happen relatively quickly.
However, if you need a mortgage and the seller is still in the property, the exchange of contracts normally takes between 4 and 6 weeks, the completion takes between 2 and 4 weeks. So in total you should expect up to 10 weeks to complete the purchase. Please note that in Scotland conclusion of missives normally takes between 6 and 8 weeks.
‘Conveyancing’ sounds like boring legal stuff, but it’s everything that needs to happen to make the property officially yours. It can be a confusing process and you need a solicitor to make it happen. Your Move can introduce you to a solicitor and offer a no sale no fee conveyancing service with a guaranteed fixed price to keep everything easy (this excludes disbursements). Contact your local branch to receive an accurate quote for how much this will cost.
If you are buying in England and your property costs more than £125,000 then you will have to pay Stamp Duty Land Tax (SDLT), unless you are a first-time buyer which means you don't have to pay any SDLT on a property up to £300,000. The amount you pay does depend on the value of your property as it is worked out on a percentage of your purchase price.
See our stamp duty guide for more details and for the costs use our stamp duty calculator.
In Scotland it is slightly different, the Land and Buildings Transaction Tax Rate applies. See our Land and Buildings Transaction Tax Rate guide for details and for costs of rates use our LBTT calculator.
Your mortgage lender will arrange a mortgage valuation that you will have to pay for in order to secure a mortgage. A mortgage valuation merely confirms with the lender that the property is worth what you are being loaned and will not give details on the condition of the property.
We recommend that you arrange your own survey whenever you purchase a property. It allows you to see the current condition of the property, reducing the chance of nasty surprises further down the line. There are three main types of surveys with varying costs and your local Your Move branch can introduce you to a local surveyor from our sister company e.surv Chartered Surveyors. Find out more about getting a house survey.
In Scotland there will already be a survey as part of the Home Report which is available to you.
The deposit is paid to the seller’s solicitor, usually upon exchange of contracts. This is not applicable in Scotland.
The mortgage will be requested from the lender by your solicitor. It usually takes around 4-5 working days for the lender to release the money being loaned. Your solicitor will take this time into account when advising you of the earliest possible completion date.
We recommend organising home and contents insurance shortly before you sign the contract. Your Move has an Insurance Services department who offer a range of competitive products from a panel of lenders. To keep things easy we’ll be in contact with you to discuss your needs. Don’t forget, you need all relevant insurance policies to begin from the exchange of contract date.
You should also consider organising mortgage protection so that your family isn’t pressured to meet your mortgage payments in the worst case scenario of illness or death. This should be arranged when you complete you mortgage application.
Your solicitor will perform searches of the Land Registry and Local Authority information. They will be checking for planning history, and any potential developments around roads, drainage and mining near the property.
After the sale is agreed, the seller’s solicitor will draft a contract. Your solicitor will confirm the details of the property and perform searches. At the same time, your mortgage lender will need to conduct a mortgage valuation and send you a mortgage offer. Once all of this is complete, you will be ready to sign. Please note this is different in Scotland, refer to the Scottish buying process.
Until both solicitors receive signed contracts from the seller and the buyer, either party can pull out at any time and for any reason without cost or penalty until the contracts are exchanged. Please note this is different in Scotland, refer to the Scottish buying process.
Once both parties have signed the contracts then your solicitor and the seller’s solicitor will consult both parties and agree a completion date.If you require a mortgage then after the contracts are signed, the mortgage will be requested from the lender by your solicitor. The mortgage lender will let your solicitor know when the funds will be released, then your solicitor and the seller’s solicitor will consult both parties and agree a completion date. Please note this is different in Scotland, refer to the Scottish buying process.
Once the seller's solicitor has confirmed receipt of funds to confirm the transaction has completed, the estate agent will be able to confirm where and when you may collect the keys. Please note this is different in Scotland, refer to the Scottish buying process.
Even after you’ve received the keys to your property, there is still a significant amount of work to be carried out by your solicitor. The title deeds of your property will remain with your solicitor for some months before finally being sent to your Lender for storage. They will hold the deeds until such time as you repay in full the mortgage you have with them.
A list of fixtures and fittings will be agreed between the solicitors prior to the contract being signed. This sets out what they intend to remove and what they are prepared to include in the house price. In some instances they may offer items for sale for the purchaser to consider, and some contents can be offered for inclusion as part of the negotiation of the purchase price.