No worries we’re her to explain some of the most important terms you need to know the meaning of when in comes to buying a house for the first time.
So let’s get straight to it:
You’ll probably hear this often, and that’s because it’s an important document! The AIP is a document that sums up how much you can borrow from the bank in accordance to the information that you’ve given them about you. It’s based on factors such as your current income and expendable income.
This is something the lender should do before lending out the property. It’s to make sure that the property is in a fit state to be lived in. As the buyer you will most likely have to pay for this.
This is the cost of setting up the final mortgage amount.
In terms of a mortgage, capital is the amount that needs repaying without the interest.
This is a critical point in your buying process. It is when the agreement becomes legally binding. At this stage the buyer and Seller exchange contracts and at then the buyer would typically pay the 10% deposit. If you pull out, you will not re-gain your deposit.
This is the maximum you can borrow in relation to the properties price. The rest will have to be a deposit. So for example is the LTV is 25% of the property price and the property costs you £20,000, you can only borrow £5,000 and the rest (75%) will have to be paid up-front as a deposit.
This is when the buyer takes it upon themselves to have a check done of the house, they are not compulsory but are a good war of ensuring that you can’t be made to pay for damages and repairs you were not responsible for.
This is when everything becomes a done deal. The keys to the house will be yours and you’re free to move in.
All the legal work carried out by the lawyer or solicitor. The work that conveyance includes registering at the land registry and amending your property deeds.
If you need any advice around buying your property, or conveyancing, don’t hesitate to contact our team on: 0116 2999 199 or email us on: email@example.com