Category: Purchase
Two-thirds of first-time buyers are purchasing a property jointly
According to mortgage lender Halifax, nearly two-thirds of first-time buyers in 2023 did not buy their property in their sole name. The lender found that 63% of first-time buyer mortgage completions were in joint names. The average deposit put down was £53,414, which accounts for 19% of the purchase price. During a challenging financial year,...
What is the right to manage and how can I get it?
If you own a leasehold flat, you and your fellow leaseholders are likely to have the right to take over the management of the block from the landlord. We look at when this right arises and the potential advantages of exercising it. The Commonhold and Leasehold Reform Act 2002 gives qualifying leaseholders the chance to...
How much are conveyancing costs?
If you are moving house, you need to know how much the full conveyancing costs of buying and selling are likely to be. We look at the expenses that you will incur alongside the basic solicitors’ costs for conveyancing and what these charges are for. The charges for the legal work aspect will depend on...
Can you get rid of a right of way across your land?
If you have a right of way across your land or you are thinking of buying a property with a right of way, you may be wondering if it is possible to eliminate this. We take a look at the legal situation. A right of way is a type of easement or a right held...
Our 5 Top Tips For First Time Buyers
Buying your first home is an exciting time, but it can also be daunting. We outline our five top tips for first time buyers to help you prepare and give you the best chance of securing the home you want. 1. Check your credit score and take steps to improve it if you need to If...
Guide to buying a property as tenants in common
If you are buying a property jointly with someone else, you can either own it as joint tenants or as tenants in common. We look at why buying a property as tenants in common might be the right option and what you need to take into account when making your decision. When you buy a...
What can delay exchange of contracts?
When considering ‘how long does buying a house take’, it’s important to understand that several factors can cause delays, particularly during the exchange of contracts. We take a look at some of the most common causes of delays. When you buy or sell property, the contract only becomes legally binding once it has been exchanged...
What does the latest interest rate hold mean for your mortgage?
When the Bank of England left interest rates unchanged at 5.25% on 1st February 2024, it was the fourth successive hold following fourteen consecutive rate rises. It comes after a fall in inflation during the second half of 2023, with a modest increase to 4% announced in January. The bank is likely to be of...
Spray foam insulation continues to make homes unsellable
Mortgage lenders are continuing to refuse to lend against properties that have a certain type of spray foam insulation in place, leaving homeowners unable to sell. Spray foam insulation became popular as a cheap and easy way to insulate homes. However, the closed cell type of foam insulation traps moisture, preventing air circulation. This causes...
