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Cary home buyers offer earnest money on a resale home and a builders deposit on most new construction. Here’s a quick overview of the similarities and differences between a builders deposit and earnest money. Builder Deposit Defined: Money paid upfront at time of contract directly from prospective buyer to the builder. Builder deposits into.


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Contract exchange and completion when buying a home - Money Advice Service
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How much can you afford The first thing you need to do is decide how much you can exchange money internet />You will need to look at how much money you have available yourself and how much you can borrow.
There are a number of different financial institutions which offer loans to people buying a property, for example, building societies and banks.
You should find out if you are able to borrow money and if so, how much for information on mortgages, see under heading.
Some building societies now provide buyers with a certificate that states that a loan will be available provided the property is satisfactory.
You may be able to get this certificate before you start looking for a property.
Building societies state that this certificate may help you to have your offer accepted by the seller.
Before finally deciding how much to spend on a property, you need to be sure you will have enough money to pay for all the additional costs.
If the solicitor has started any legal work you may also have to pay for the work done.
You should also take into account the running expenses of the property you wish to buy.
An can help you work out how energy efficient your property is.
You will have to pay a deposit on exchange of contracts a few weeks before the purchase is completed and the money is received from the mortgage lender.
The deposit is often 10% of the purchase price of the home but it can vary.
Help with bills and budgeting If you'd like help cutting your spending and maximising your income, see go here advice on.
Use our to see exactly where your money goes each month.
Deciding on a property When you find a property you should arrange to look at it to make sure it is what you will need and to get some idea of whether or not you will have to spend any additional money on the property, for example, for repairs or decoration.
It is common for a potential buyer to visit a property two or three times before deciding to make an offer.
Energy Performance Certificates If you are thinking of buying a property, you must receive an Energy Performance Certificate EPCfree of charge.
An EPC gives information on the energy efficiency of a property using A to G ratings, with A being the most energy efficient and G the least efficient.
The certificate is produced by an accredited domestic energy assessor.
Trading Standards can issue a notice with a penalty charge of Β£200 per dwelling, where an EPC is not provided.
Where there is a Green Deal plan on a property for which payments are still to be made, information about this must be included on the EPC.
More information on EPCs is available from the GOV.
A certificate is valid for ten years and can be used multiple times during this period.
Warranties for newly-built properties If the property is a newly-built property, check whether it has a Buildmark warranty.
Buildmark warranties are organised by the National House-Building Council NHBC which is an independent organisation with over 20,000 builders of new houses on its register.
Before being accepted onto the NHBC register, builders must be able to show that they are technically and financially competent and they must also agree to keep to NHBC Standards.
The Buildmark scheme covers homes built by NHBC registered builders once the NHBC has certified them as finished.
The scheme will, for example, protect your money if the builder goes bankrupt after contracts have been exchanged but before completion.
It also covers defects which arise because the builder has not kept to NHBC Standards.
For more information, go to the NHBC website at:.
More information is available at.
Is the property leasehold, freehold or commonhold Freehold property If the property is freehold, this means that the land on which the property is built is part of the sale and no ground rent or service charge is payable.
Leasehold property A property may be leasehold, which means that the land on which the property is built is not part of the sale.
You have to pay ground rent to the owner of the land - who is called the freeholder.
The length of a lease can vary and you should check that the length of the lease on the property you are click at this page in buying is acceptable to the mortgage lender.
You should consult an experienced adviser, for example, at a Citizens Advice Bureau.
To search for details of your nearest CAB, including those that can give advice by e-mail, click on.
In addition to ground rent on a leasehold property, you may have to pay an annual service charge.
This usually happens with a flat.
The service charge covers such items as maintenance and repairs to the buildings, cleaning of common parts and looking after the grounds.
A group of leaseholders living in the same building may have a right to jointly buy the freehold of the building or take over its management.
In England and Wales, you can get further advice about leasehold from:- The Leasehold Advisory Service LEASE Fleetbank House 2-6 Salisbury Square London EC4Y 8JX Tel: 020 7832 2500 Tel: 02920 782 222 Wales Website: There is also a useful leaflet on leasehold rights in England and Wales.
Go to the GOV.
In England and Wales, the Federation of Private Residents' Associations may also be able to help if a group of leaseholders want to set up a residents' association.
It can also provide legal advice and other information to its member associations.
Its contact details are:- Federation of Private Residents' Associations FPRA PO Box 1027 Epping CM16 9DB Tel: 0871 200 3324 Email: Website: Commonhold property If best las vegas slot machine odds property is commonhold, this means that you can buy the freehold of a flat and own common parts of the building jointly with see more owners of other flats in the building known as a commonhold association.
In commonhold a ground rent or service charge is not payable.
However, a share of the commonhold association's expenditure on maintenance, insurance and administration will be payable for the common parts of the building.
Making an offer When you decide you would like to buy a particular property you do not necessarily have to pay the price being asked for it by the owners.
You can offer less if, for example, you thinks there are repairs to be done which will cost money.
If the property is being sold through an estate agent, you should tell the estate agent what you are prepared to pay for the property.
The estate agent will then put this offer to the owners.
If the owners do not accept the first offer put to them by you, you can decide to make an increased offer.
There is no limit on the number of times you can make offers on a property.
If you make a written offer it will always be made subject to contract.
This means that you will not be committed to the purchase before finding out more about the state of the property.
If you make an oral offer this is never legally binding.
Sale by tender process where the buyer pays the agent's fee Some estate agents are selling properties by a tender process where you view the property at an open day and make an offer through a sealed bid.
You will usually have to enter into an agreement to pay the agent's commission fee as part of the tender process.
The seller is only charged a small marketing fee or no fee.
You will need to pay the fee on completion of the sale.
It is not against the law for an estate agent to sell a property by a tender process but it can be confusing for the buyer if the agent isn't clear about the process.
If you don't agree to pay the agent's fee, you can still make an offer and the agent deposit on house exchange pass it onto the seller.
You can find the guidance at.
Holding deposits Once the owners have accepted your offer the buyer may be asked to pay a small deposit to the estate agent.
This is usually between Β£500 and Β£1000.
It is meant to show that you are serious about going ahead with the purchase.
It is repayable if the sale does not go ahead.
Arranging a mortgage If you have not already begun to arrange a mortgage, you should start to do this now.
It should take about three weeks from the application for the mortgage to the formal offer being made by the lender.
However, this timescale may vary.
Whoever agrees to lend the money will want to have the property valued.
This is to make sure that the lender could get the loan back if for any reason you stopped paying your mortgage and the house had to be sold again.
The valuation will be done by a surveyor on behalf of the lender but you will have to pay for this valuation.
The fee will be payable in advance, usually when you send a completed mortgage application form to the lender.
If the amount of money to be borrowed is more than a certain percentage of the valuation of the property usually 75-80%your lender may make it a condition of the loan that you take out extra insurance to cover the extra amount.
You pay a single premium to your lender which is usually added to the loan.
This is known as a higher lending charge or mortgage indemnity guarantee.
I am pregnant and have just applied for a mortgage.
It has been turned down because they think I won't be returning to work after the baby is born.
Are they allowed to do this?
A mortgage lender doesn't have to give you a mortgage.
However, they must not refuse to lend you a mortgage, or treat you less favourably than other people, simply because you are pregnant.
If the mortgage lender has turned down your application because of your pregnancy, this is likely to be discrimination and could be unlawful.
Get advice from an experienced adviser about what to do.
Arranging a survey The valuation which is done for whoever is lending the money is not a survey.
You should consider whether or not to have an independent survey carried out in addition to the valuation.
The survey would not only consider the value of the property but would also examine the structure of the property and should identify any existing or potential problems.
This is particularly suitable for properties built this century which appear reasonably sound.
It is much cheaper than a full structural survey.
It is possible for you to use the same surveyor who does the valuation to carry out the survey and this may be cheaper.
However, you can use a different surveyor if you wish.
If the surveyor reports that there are some problems with the property, you will have to consider whether you still want to go ahead with the purchase or want to negotiate further with the seller about the price.
The surveyor will usually advise you as to how any problems they have identified should be dealt with and the likely costs of this.
You can find more best las vegas slot machine odds information about property surveys at.
Choosing who is to do the legal work conveyancing The legal process of transferring the ownership of the property from the present owner to the buyer is known as conveyancing.
You should decide who you want to do the conveyancing work.
Using a solicitor Most firms of solicitors offer a conveyancing service.
Although all solicitors can legally do conveyancing, it is advisable to choose a solicitor who has experience of this work.
Using a licensed conveyancer England and Wales only You can use a licensed conveyancer to do your conveyancing.
Licensed conveyancers are not solicitors but are licensed by the Council for Licensed Conveyancers.
If you want to find out if a local conveyancer is licensed you can write to: The Council for Licensed Conveyancers 16 Glebe Road Chelmsford Essex CM1 1QG Tel: 01245 349599 Fax: 01245 341300 Email: Website: Finding out how much it will cost Before making a choice as to who will do the conveyancing, you should be advised to find out the probable costs of the conveyancing.
It is important to contact more than one solicitor or licensed conveyancer as there is no set scale of fees for conveyancing.
Buying with someone else You may choose to buy your property jointly with someone else, such as your husband, wife, civil partner, partner, relative or friend.
This is the case whether you own the freehold or leasehold of the property.
If you are thinking about buying a property with someone else, you should get legal advice on the best type of ownership for you.
Beneficial joint tenants If you own your property as a beneficial joint tenant, this means that it belongs to you and the other owner s jointly.
You can't re-mortgage or sell the property without the agreement of all the other owner s.
However if there is a dispute, an owner can apply for a court order.
As a beneficial joint tenant, you don't own specific shares in the property and you can't give away a share of the property in a will.
If you die, your interest in the property passes automatically to the other owner s.
Tenants in common If you own your property as tenants in common, this means that it belongs to you and the other owner s jointly, but that you all also own a specific share of its value.
It is up to you to decide how much each share will be.
You can give away, sell or mortgage your share.
If you die, your share of the property does not pass automatically to the other owner s.
You can leave your share to whoever you like in your will.
In England and Wales, for more information about owning your property jointly, see the GOV.
Steps in the legal work of buying a property Although it is impossible to give a precise idea of how long the legal work involved in buying a property takes, it is possible to offer guidelines.
From having an offer accepted to exchange of contracts can take up to seven weeks and from exchange of contracts to completion can take up to four weeks.
However, if there are any problems the time taken may be longer.
However, before the contract can be signed, your solicitor or licensed conveyancer must make sure that there are no problems with the ownership of the property, rights of way, access, or future developments in the area that might affect the property.
These are enquiries made to the local authority or in Northern Ireland, the appropriate government department about any matters which affect the property which involve the local authority, such as whether there is a compulsory purchase order on the property.
Local searches also include questions about any proposed changes or development in the area that might affect the property such as roads, housing, shops.
During the local search, the local Land Charges Register Registry of Deeds in Northern Ireland is also checked.
These are a set of standard questions about the property, boundaries, neighbour disputes and fixtures and fittings that will remain in the property.
Arranging to pay the deposit Whilst the solicitor or, in England and Wales, a licensed conveyancer is making the enquiries, you should sort out how you will pay the deposit that has to be made when the contracts are exchanged.
This deposit is often 10% of the price of the home but it can vary.
If you are also selling a house, it is usually possible to put the deposit on the property being sold towards the deposit on the property you are buying.
If raising the deposit is a problem, you could consider borrowing the money for the deposit from relatives or you could try to get a bridging loan from a bank.
However, the amount of interest you will have to pay for a bridging loan will be high and you should check how much this arrangement will cost.
Discuss your options with your solicitor or licensed conveyancer.
Insuring the property You should make sure that buildings insurance is arranged from the date of exchange, because once contracts have been exchanged you are responsible for the property.
You may be able to get information on buildings insurance from your mortgage lender, solicitor or, in England and Wales, a licensed conveyancer.
To search for details of your nearest CAB, including those that can give advice by email, click on.
You and the seller each have a copy of the final contract which you must sign.
These signed contracts are then exchanged.
At exchange of contracts both you and the seller are legally bound by the contract and the sale of the house has to go ahead.
If you drop out, you are likely to lose your deposit.
You should make arrangements for the supply of gas, electricity and telephone service and make sure that the seller is arranging for final meter readings to be made.
Completion Completion of the purchase usually takes place about four weeks after exchange of contracts, although it can be earlier.
The solicitor or licensed conveyancer in England and Wales only source usually send their account to you on, or soon after, the completion date.
Buying a home at auction If you are thinking about buying a property at auction, it's best to do some research beforehand.
There is a helpful guide on buying a property at auction on the RICS website at.
Home buying schemes in England Best money exchange uk are several schemes in England aimed at helping people who otherwise would not be able to afford to buy a home.
These schemes are called Social HomeBuy, Home Ownership for People with Long Term Disabilities HOLDand Help to Buy: equity loan.
You can on GOV.
Social HomeBuy Social HomeBuy is a scheme to help local authority and housing association tenants buy a share in their home.
To qualify for Social HomeBuy you must have been a local authority or housing association tenant for at least two years or five years if you first became tenant of a social housing landlord on or after 18 January 2005.
If you are accepted onto the scheme, you will buy at least a 25% share in your home and pay rent to your landlord for the rest.
You will be able to increase your share up to 100%.
You may also be able to reduce your share or go back to renting as a tenant.
If you are interested in Social HomeBuy, you should contact your landlord to find out if they are taking part in the scheme and whether or not you are eligible.
It is up to each local authority and housing association to decide whether or not it will take part in the scheme.
Home Ownership for People with Long Term Disabilities Home Ownership for People with Long Term Disabilities HOLD can help you to buy any home that is for sale on a shared ownership basis if you have a long-term disability.
You can get more information on HOLD by speaking to your local Help to Buy agent.
A list of agents is available on the website.
Help to Buy - England Help to Buy: equity loan is a shared equity scheme for first time buyers and existing homeowners who want to move.
The scheme applies to new build homes with a maximum value of Β£600,000.
You need a minimum 5% deposit to qualify and the government provides an equity loan of up to 20% of the value of the property.
This means that you then need to secure up to a 75% mortgage.
The equity loan is interest free for the first five years.
From year six a fee of 1.
The loan can be repaid at any time or when the property is sold.
Further information about the scheme is available from the website.
Home buying schemes in Wales Homes within reach Wales Homeswithinreach is a home ownership scheme that provides help to eligible first-time buyers trying to get onto the housing ladder.
It is intended to provide help to those people who otherwise would be unable to buy adequate housing to meet their needs on the open market.
HomeBuy Ownership HomeBuy Ownership is available to local authority and housing association tenants, and to some other people in housing need.
Help is limited to people who would not be able to buy a home without help from the scheme.
If you are accepted onto the scheme, seems best exchange rates money transfer have will usually need to get a mortgage for 70% of the purchase price of the property.
Homeswithinreach will lend you the remaining 30% of the purchase price in some rural areas, the percentages are 50% and 50%.
You will need to repay the loan when the property is sold.
The amount of money you will need to deposit on house exchange is 30% of the value of the property when it is sold.
If the property has increased in value, this will mean that the amount that you repay will be larger than the amount that you initially borrowed.
For more information about HomeBuy, go to the Homeswithinreach website at.
New Build Ownership This scheme provides help to eligible first time buyers on middle incomes who cannot afford to purchase a suitable home without help.
You must be able to meet the long-term financial commitment of home ownership.
The properties are for sale on a shared equity basis.
You must show that you can afford to purchase approximately 50-70% of the purchase price through a mortgage, savings, or a combination of both.
Homeswithinreach will lend you the remaining share check this out the property price.
You will be able to buy further shares from Homeswithinreach if you want to.
You don't have to pay rent on the share owned by Homeswithinreach.
When the property is sold, Homeswithinreach will get a proportion of the sale price.
This will depend on the size of the share they have in the property.
For more details of the scheme, visit the Homeswithinreach website at.
Rent First Wales Rent First aims to help people who cannot afford to pay full market rents.
It can also help people who may want to buy in the future.
In Rent First schemes, the rent would be around 80% of market rents.
Some schemes also aim to help people who are presently renting from a social housing landlord and who may wish to become owner occupiers in the future.
The rent in a Rent First scheme will be higher than in an ordinary social housing tenancy.
In some schemes, if the property increases in value after the tenancy began, when the tenants purchase the property, they will be allowed to have half the increase in value to help them to fund a deposit for the purchase.
Help to Buy - Wales Help to Buy - Wales is a shared equity scheme.
Buyers of new build homes under Β£300,000 can apply for a loan to help with the purchase Buyers will need to contribute a minimum 5% deposit.
The Welsh Government provides an equity loan of up to 20% of the value of the new build property.
The government loan is interest free for the first five years.
More Information is available on the scheme's website at.
Home buying schemes in Scotland LIFT in Scotland If you live in Scotland and are on a low income, you may be able to get help to buy your own home through Low-cost Initiative for First Time Buyers LIFT.
LIFT offers a number of shared equity schemes operated by housing associations in Scotland.
Help is limited to people who would not be able to buy a home without help from the scheme.
If you are accepted onto the scheme, you will usually have to get a mortgage for 60% to 90% of the purchase price.
The housing check this out will fund the remaining 10% to 40%.
If you want to sell the property, the housing association will get its share back.
For example, if the housing association funded 20% of the purchase price, it will get 20% of the sale price.
You can find out more about LIFT from your local housing association, or from the Scottish Government at.
Help to Buy Scotland shared equity scheme The Help to Buy shared equity scheme is available to first-time buyers and existing home owners who want to buy a new build home.
There is a budget for each financial year, and once it has been fully allocated no new applications are considered for that year.
A mortgage lender is likely to expect you to contribute a minimum five per cent deposit.
The Scottish Government will provide an equity loan of up to twenty per cent of the value of a new build property.
This means that you will have to secure up to a seventy five per cent mortgage.
The mortgage must be a repayment mortgage.
The scheme applies to homes up to a given maximum value.
The loan can be repaid at any time or when the property is sold.
If you want to find out if you are eligible for assistance under the scheme, you must contact a participating home builder who will refer you to an independent financial adviser and an agent who administers the scheme.
There is more information about the scheme including whether applications are being accepted for the current financial year, and the current maximum value for a property under the scheme on the Scottish Government website at.
There is also a leaflet for buyers and a list of participating home builders.
In November 2015, the Government extended Right to Buy to housing associations in a pilot scheme with 5 housing associations.
The tenants of those associations can start the process but can't complete the purchase until the Right to Buy for housing associations is enforced by statute which is currently unknown.
To qualify, you must also have been a secure tenant of a social housing landlord for at least three years.
If you have rent arrears, you can still apply for the right to buy but you need to clear the arrears before the sale can go ahead.
Some assured tenants have what is called the 'preserved right to buy'.
You may have the preserved right to buy if the local authority sold your home to another landlord, for example, a housing association, while you were renting it.
Your landlord can tell you if you have the preserved right to buy.
The Welsh Government has made it possible for local authorities in Wales to suspend the right to buy, including preserved rights, in areas of housing pressure.
This means that if you are a social housing tenant in Wales and want to buy your home at some time in the future, you may find you are no longer allowed to do so.
If you are not sure whether you have the right to buy, you should check with your landlord which category you fit into.
If you are a secure tenant of a local authority, you should be given written information to help you decide about the right to buy.
More information on the right to buy in England is available from the GOV.
In England, the government has also set up a call centre and a website to help you work out if you are eligible and to decide if buying your home is the right option for you.
The call centre can be contacted on 0300 123 0913, and the website is at.
More information on the right to buy in Northern Ireland is available from the Housing Rights Service website at.
Discounts As a tenant with a right to buy, you will get a discount on the price of the property.
If you live in a house the discount will be between 32% and 70%, depending on how long you have lived there.
If you live in a flat, the discount will be between 44% and 70%, depending on how long you have lived there.
The discount will not exceed national upper limits.
From 21 July 2014, the maximum discount is Β£77,000 except in London, where it is Β£102,700.
If you exercise the right to buy and then sell the property within a certain period, you may have to repay some or all of the discount β€” check the rules with your local authority.
To find out more about how this might apply to you in England, see the GOV.
UK website ator get advice from an experienced adviser, for example, at a Citizens Advice Bureau.
To search for details of your nearest CAB, including those that can give advice by email, click on.
It can be found on the Housing Executive website at.
How to pay As a tenant who wants to exercise your right to buy, you should try to obtain a mortgage from a building society or high street bank.
You could also contact a mortgage broker to see if they can arrange a mortgage.
However, if you cannot afford to buy the property outright you can still buy under the rent to mortgage scheme.
Under this scheme you can buy a share of the property and make mortgage repayments on the amount you have borrowed for this.
The landlord will retain ownership of the remaining share of the property.
In Northern Ireland under the equity sharing scheme you can buy 25% or more of your property and pay rent on the rest.
How to apply If you want to apply for the right to buy you should ask your landlord for the Right to Buy Claim Form Form RTB1or a copy is available from the GOV.
The right to acquire only applies to a limited number of properties, for example, homes built with public funds on or after 1 April 1997.
The Welsh Government has made it possible for local authorities in Wales to suspend the right to acquire in areas of housing pressure.
This means that if you are a social housing tenant in Https://spin-casinos-deposit.website/exchange/forum-no-deposit-bonus-codes.html and want to buy your home at some time in the future, you may find you are no longer allowed to do so.
For more information about the right to acquire, in England you can contact your landlord or go to the GOV.
In Wales, you can contact your landlord or visit the Welsh Government website at.
Shared ownership Shared ownership schemes are intended to help people who cannot afford to buy a suitable home in any other way.
You usually share ownership of the property with a local authority or housing association.
You pay rent to the landlord for part of the property and a mortgage on the rest.
You will usually be able to buy further shares in the property at a later date.
To qualify for the scheme you must usually be a first time buyer, and priority is given to local authority or housing association tenants.
Other people in housing need may also be considered for the scheme.
You must be able to get your own mortgage to meet the purchase costs on a percentage of the property.
In Northern Ireland, the Northern Ireland Co-Ownership Housing Association runs a similar scheme, called the co-ownership scheme.
More information is available on their website at.
In England, more information on shared ownership accommodation is available from the Help to Buy website at.
In Wales, more information is available form the Community Housing Cymru website at.
Mortgages If you wish to buy a home you may be able to borrow money to do this.
This is called a mortgage.
The loan is for a fixed period, called a term and you have to pay interest on the loan.
If you do not keep up the agreed repayments, the lender can take possession of the property.
Types of mortgages There are two basic types of mortgages - repayment mortgages and interest-only mortgages.
Repayment mortgage This is a mortgage in which the capital borrowed is repaid gradually over the period of the loan.
The capital is paid in monthly instalments together with an amount of interest.
The amount of capital which is repaid gradually increases over the years while the amount of interest goes down.
Interest-only mortgage With this type of mortgage, you pay interest on the loan in monthly instalments to the lender.
Instead of repaying the loan each month, you pay into a long-term investment or savings plan which should grow enough to clear the loan at the end of the mortgage term.
However, if it doesn't grow as planned, you will have a shortfall and you will need to think about ways of making this up.
This mortgage is made up of two parts - the loan from the lender and an endowment policy taken out with an insurance company.
You pay interest on the loan in monthly instalments to the lender but do not actually pay off any of the loan.
The endowment policy is paid monthly to an insurance company.
At the end of the mortgage term, the policy matures and produces a lump sum which should pay off the loan to the lender.
In some circumstances, an endowment policy may produce an additional lump sum.
However, there is also a risk that it will not be worth enough to pay off the loan at the end of the mortgage term.
If you have been told by your endowment provider that your policy will not be enough to pay off your loan, you should seek independent financial advice.
This mortgage is mainly for self-employed people.
The monthly payments are made up of interest payments on the loan and contributions to a pension scheme.
With an ISA mortgage, you pay interest to the lender, and contributions to an Individual Savings Account ISA which should pay off the loan.
You can find further information about interest-only mortgages, repayment plans and shortfalls on the Money Advice Service website at.
Islamic mortgage With an Islamic mortgage, none of the monthly payments includes interest.
Instead, the lender makes a charge for lending you the capital to buy your property which can be recovered in one of a number of different ways, for example, by charging you rent.
You can find further information on this type of mortgage from the Money Advice Service website at.
Where to get a mortgage from You can get a mortgage from a number of different sources.
For some groups of people, such as first-time buyers and key workers, it may also be possible to borrow some of the money you need to buy a home from other, government-backed sources.
You will usually need to borrow the rest of the money from a normal mortgage lender such as a bank or building society.
For more information about schemes to help you buy your own home, see.
As well as standard mortgage deals, lenders might also offer deals which are especially designed for people who don't qualify for a standard mortgage.
This type of deal is known as a 'sub prime' or 'adverse credit' mortgage.
They are aimed at people who have had financial difficulties or credit problems in the past.
For example, you might have had a previous home repossessed, have a County Court Judgment CCJ or have been declared bankrupt.
You might also have difficulty in proving that you have a regular or reliable income.
Sub prime and adverse credit mortgages usually charge a higher rate of interest than standard mortgages.
Lenders may also limit the amount of money they are prepared to lend you.
Before taking out a sub prime or adverse credit mortgage, you should get some independent financial advice.
If you're thinking about taking out a mortgage you should make sure you look into all the different options available, and that you only borrow what you can afford to pay back.
If you do not keep up the agreed repayments, the lender can take possession of the property.
More information about mortgages is available from the Money Advice Service website at.
If in doubt, you may want to consult an independent financial adviser.
For help go here finding a financial adviser, visit the Money Advice Service website at.
Can you afford a mortgage Changes to mortgage rules from 26 April 2014, mean that lenders must make sure you only take out a mortgage you can afford.
This means that they'll ask you for lots of information and proof of your income, outgoings and spending habits.
Lenders will check to see if you can meet the initial mortgage repayments and other household costs.
They will also consider how you would manage if interest rates were to go up in the future, or if there was a change in your income because, for example, you wanted to start a family or retire.
More information on what a lender will do to check if you can afford a mortgage is available from the Financial Conduct Authority's website at.
Using a broker to get a mortgage Instead of going directly to a lender such as a bank or building society for a mortgage, you could use a broker.
A broker may be an estate agent, or a mortgage or insurance broker.
They will act as an agent to introduce people to a source of mortgage loan to help them buy a home.
You may want to use a broker because it can save you time shopping around.
However, some lenders offer products direct to customers which a broker may not be in a position to offer.
So, it may be best to shop around to see what else is available.
From 26 April 2014, a broker must tell you if there are limits on the range of mortgages that they can recommend.
For example, that they only consider mortgages from particular lenders rather than the whole mortgage market.
The broker must tell you how much they charge for their services and when you have to pay.
To help a broker find and recommend a mortgage product that is right for you, they will ask you questions about your personal circumstances and needs, income and spending, and future plans.
Brokers must not discriminate against you because of your age, disability, gender reassignment, pregnancy and maternity, race, religion or belief, sex or sexual orientation when they are offering you their services.
For more information about mortgage brokers, go to the Money Advice Service website at.
There is also information on getting mortgage advice on the Financial Conduct Authority's website at.
Making a complaint about a mortgage lender If you want to complain about a mortgage lender or broker, you should first discuss the problem with them, and then consider making a formal complaint.
If you think the mortgage lender or broker has discriminated against you, you can complain about this as well.
Each lender or broker should have its own internal complaints procedure.
If you have followed this procedure and are still not satisfied, you can take your complaint to the Financial Ombudsman Service.
The contact details are:- Financial Ombudsman Service Exchange Tower London E14 9SR Consumer helpline: 0800 023 4567 free for people phoning from a landline or 0300 123 9123 free for mobile-phone users who pay a monthly charge for calls to numbers starting 01 or 02 Monday to Friday from 8.
The Money Advice Service website covers information on costs, how much can you afford as well as providing useful money tips for first-time buyers.
Get help with bills and budgeting If you're trying to cut your spending, you could.
You could also to see exactly where your money goes each month.
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If this is what happens at exchange, will they be asking us to transfer any money then? Most of the deposit is made of the profit of our house sale, so I am confused as to how it works (if we were only going to put Β£100k deposit for example. where would the money needed at exchange come from if we didn't have any savings??)


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How Much Should My Deposit Be? A buyer and seller may wonder how much the deposit should be on a residential offer to purchase. They have opposite interests when determining this amount. A compromise must be reached between them. The most common range is currently between $2,000.00 and $10,000.00 however the deposit can be larger or smaller.


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deposit from a buyer or the payment of a deposit to a seller for the acquisition of replacement property. Some common questions asked regarding the handling of deposits in an exchange are discussed below: If a taxpayer/seller of an investment property is planning to engage in a 1031 exchange, can the taxpayer accept a deposit and


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Contract exchange and completion when buying a home Until the exchange of contracts, both the buyer and seller of the home can pull out of the deal without incurring serious costs. This guide examines the process, including how long it takes to go from exchange to completion, how to pull out of a house sale before exchange and how to prepare.


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How do I exchange contracts?
Exchanging contracts is exciting but can also be tricky.
We take a look at how to exchange contracts, what you should expect and what to watch out for.
Until you exchange contracts, neither side has any legal obligation to buy or sell the property, and link can pull out without any penalty or only the deposit on agreeing offers, if one was made.
Both buyer and seller sign identical contracts, but only when they are formally exchanged by the solicitors does the deal become legally binding.
Between exchanging contracts and completion, either side uk money exchange best almost certainly pay major penalties if they pull out.
However, it is extremely rare for anyone to pull out after exchanging contracts, and in practical terms, this is when you can breathe a sigh of relief β€” you can be pretty sure your house sale will go through.
Only when contracts are formally exchanged does the sale and purchase become legally binding When do I exchange contracts?
You usually exchange contracts between 7 and 28 days before completion β€” although you can exchange contracts on the day of completion see below.
Because exchanging contracts means you are legally committed to buying the property, you have to make sure you have everything in place before hand, so that nothing can go wrong.
If you have one, your solicitor or conveyancer will exchange contracts for you.
Can I exchange and complete on the same day?
You will visit web page to have your house packed up with the removals men ready, while you are waiting to hear that contracts are being exchanged.
This means if one person pulls out or delays, everything gets held up.
Click to find out how to break the housing chain.
Once you have exchanged contracts you will be in a legally binding contract to buy the property.
If you do not you will lose your deposit and you can be sued.
Equally though, the seller has to sell or you can keep their deposit and sue them.
What happens after exchanging contracts?
Reaching the exchange of contracts is the difficult part β€” after that it should be relatively plain sailing.
To see how we can help, find out more about the the HomeOwners Alliance.
Take a look at our guides to buying a new build, especially our advice about buying off-plan.
Our guides can be found.
Best wishes, the HOA Team.
I am now being asked to exchange asap and pay my 10% deposit.
You may find a call to our legal helpline useful to establish next https://spin-casinos-deposit.website/exchange/play-money-machine.html />You can find more information about our service here β€”.
I understand that the general contract of sale lays out deposit on house exchange for his event, but is far more prescriptive if buyers pull see more after exchange than if sellers do.
Any guidance would be much appreciated!
Your conveyancing lawyer should explain this to you.
In these circumstances, the seller generally agrees to accept less than the 10% provided for in the standard terms.
So in your case, you may be able to agree with the seller to pay 5% at exchange and remainder at completion.
We are looking at purchasing a property at Β£170,000 with a 5% Deposit, so will need Β£8500.
Exchange of contract is 10%, is this in addition to the 5%, so in Total we need 15% of the purchase price?
So need Β£25,500 all together?
We also have some useful information on our.
If you are asking about the cost of conveyancing you can compare quotes using our and you would get a 10% discount on fees as a member.
Read more on our guides: and.
A completion date of 7th.
I am a little nervous of this as my wife is not in the best of health hence the need for bungalow and it occurred to me if we exchanged so soon and she was ill we could be left high and dry.
I must admit, however, that there has been a long delay since our offer for the bungalow was accepted.
Largely due to health and hospital appointments which are still ongoing.
We have moved many times in the past and, as I remember, contracts have been exchanged only a few days before completion.
What is the usual time before completion to exchange contracts?
Your advice would be appreciated.
One question I have though where I would need help from the experts here: What if the lender decides not to fund the mortgage, for any reasons, even after the exchange of contracts?
In that case, will I lose the deposit?
Or is it on the discretion of the seller?
What protection I have in this situation- even if unlikely?
Is there some insurance product that I can buy to protect myself losing 10% of the property value?
You are right its important to go your research before buying off plan.
Things to consider deposit on house exchange to your query include: β€” Mortgage lender β€” the majority of mortgage lenders are not designed for off-plan properties and you should check that your lender is appropriate for this type of buy β€” Most mortgage offers are generally valid for six months.
I do not have immediate access to an IFA, I deposit on house exchange not yet met my legal adviser and there is nothing specific online or on legal sites.
Many thanks in advance for any response…I feel the stress caused by these searches and the unknown will eventually kill me.
Please can we clarify what is the level of Buyer protection in particular deposit protection in an off β€” plan purchase from a big national developer, NHBC insured.
Is it the coveyancer?
What about timber frame houses and possible reluctance to lend for them?
Will cause loss of finance with impossibility to complete and financial ruin.
No purchase, no money.
Where can I find the relevant legislation in this area black on white?
Am I going to be held to contract and forced to find the difference and complete?
Are there clauses I can put in exchange contract to cover me for that situation, so I can withdraw from purchase and have my deposit money back?
Therefore date of mortgage offer letter needs to synchronise and rather be issued after the foundations have been laid, to be on the safe side and avoid expiry, not to precede the date the developer finally decides to dig in β€” which can be delayed for months… I have not slept for days due to the pressure and worry to exchange in 30 days… otherwise threat to lose the property and have the price changed.
We have asked via solicitors if our vendor could accommodate the original suggested date he took possession of a new property some weeks ago but wonder if it matters whether or not he is in the country on the day of completion.
This would be a matter that you should speak to your solicitor about.
The Power of Attorney in place would have been restricted to the named property and a new power of attorney would need to be created for the new address.
Your solicitor will be able to advise you whether an original best las vegas slot machine odds hard copy is needed or whether an electronic version will do.
Given the importance of the document maybe the solicitor will say that he does need you to come home and sign it in person.
I work overseas and as such handed power of attorney to a friend.
The house we were buying fell through after I left for work and my wife has subsequently found another.
She has been advised that my POA no longer applies to this new address and that I will have to return home to complete.
Is there a solution to this that does not involve me having to fly home?
The tenant currently pays the seller 1 month in advance on the 4th of each month.
I asked my solicitor how I will be getting paid rent for the period covering the 26th January 2016 and 4th February 2016.
When checked with the seller, the seller has refused to pay part of the rent.
Now exchange has already happened, completion takes place tomorrow, what can I do?
However if there is an issue with anything you feel should have been noted at disclosure talk to your lawyer.
Alternatively put it back on the market, but you may suffer a loss.
Hope it gets better for you.
The property needs some maintenance work which we would like to have done before we move in.
But fortunately the vendor of the vendor of the purchase house said if we exchange contracts only until my property is sold which means leaving the completion date open!!!!
In order to meet the completion date the buyer of my house and their buyer who is a cash buyer want, my seller the builder needs extra cash to pay a much larger work force in order to get the job done by completion date.
Can a sum of money be released to him at the exchange of contracts date.
In order to meet the completion date the buyer of my house and their buyer who is a cash buyer want, my seller the builder needs extra cash to pay a much larger work force in order to get the job done by completion date.
Can a sum of money be released to him at the exchange of contracts date.
I feel like my solicitor has been very very slow with the procedure of the purchase and have had many issues but have already paid full legal fees to this man.
The day I went to sign the contract for the property I was contacted by the mortgage lender who made me aware they now need a full structural report of the property which was detailed in the valuation report and when making this clear to my solicitor he told me to ignore it as he has contacted the mortgage lender and they have agreed to release the funds.
The solicitor made me aware after signing my contact that we will be due to complete 2 days later so I have paid my full deposit to the solicitor.
On the day of completion I have tried to call my solicitor and his assistant made me aware we will now complete in 2 weeks.
I have waited those 2 weeks and have called the solicitor AGAIN and he now told me that the mortgage lender will not release the funds after I already made him aware of this issue.
I finally arranged the structural review and everything was looking well and now the seller is making me aware that they want to pull out of the sale as they are making a loss I have already signed my contract.
My question is from a legal point of view were do I stand as I have wasted thousands on a useless solicitor and now may have nothing to show for it?
I have signed my contact but am not 100% if they seller has signed theirs.
The seller is moving into rented accommodation.
We are ready to exchange and complete but the seller has now advised she has nowhere to rent yet.
We completed on Monday morning, and moved our things in straight away.
I appreciate that it takes some time to get used to the new noises, but this is ridiculous.
Is there any way we can back out of it now?
The developers have not given us a completion date.
My boyfriend transfered contracts and now the developers ate not even answering the phone to put some light on when we can move in.
We are currently homeless living with family and friends and I am 8-months pregnant.
Can you give us any advice.
However they have been occupied as a working garage and were for some years.
But 2yrs ago the tunnels collapsed although not through to houses residents were evacuated for 18mths.
They have been fixed and made safe and returned to their homes.
I have put in another offer nearby which has been accepted but when plans came back for this house it showed the tunnel running not directly under the house but 3 doors away waiting now to hear if mortgage will be offered or refused again.
At present, we have only viewed the house with the estate agent think, online money exchange apologise />Once we have exchanged, are we able to ask the estate agent for an unsupervised viewing, where we can do some cleaning etc?
We have requested that the house is fully empty on completion.
The solicitor said my money would be in on Friday, but nothing.
Conveniently there was a bank holiday on Monday so 6 days later and still no payment from the sale of my parent.
It is also coming close to the end of the month.
Any suggestions, do We really have to wait until they want us to?!
When will i get this back or does it get deducted from the total price?!
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Deposit on exchange of contracts. As a buyer, when you exchange contracts you typically pay a deposit of 10% of the purchase price to the seller. On occasion, this can be reduced to 5%. The balance of the purchase price – often made up of your mortgage and your own savings – is paid on completion. New build exchange of contracts deposit


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This guide examines the process, including how long click takes to go from exchange to completion, how to pull out of a house sale before exchange and how to prepare for your move.
Exchanging contracts is legally binding, so be certain you want to go ahead before signing anything.
Keep in regular contact to prevent any hold-ups in processing the paperwork.
This rates the energy efficiency of the building.
Find out more in our guide.
Exchanging contracts During the exchange of contracts, the solicitor or conveyancer will read out the contracts over the phone in a recorded conversation.
They will make sure the contracts are the same and then post them to each other.
Read our guide on how to.
Completion date This is the date when you are able to move into your new best las vegas slot machine odds />The estate agent is likely to hold the keys for you to pick up.
How long between exchange and completion?
It can sometimes be affected by other parties within the chain.
For example, if the seller is waiting for a house purchase of their own to go through before moving out.
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Handling Earnest Money Deposits in an Exchange. Most offers to purchase real estate are accompanied by the buyer’s delivery of a check to the seller typically referred to as an earnest money deposit. Depending on the terms of the purchase agreement, the deposit may be refundable or non-refundable.


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If you are also selling a house, it is usually possible to put the deposit on the property being sold towards the deposit on the property you are buying. If raising the deposit is a problem, you could consider borrowing the money for the deposit from relatives or you could try to get a bridging loan from a bank.


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Depending on the terms of the purchase agreement, the deposit may be refundable or non-refundable.
The answer is usually, yes.
First, the question of whether the taxpayer is in receipt of the sale proceeds is determined at the time ownership is transferred from the seller to the buyer usually at the time of the closing.
Thus, if the taxpayer enters into an exchange agreement before deposit on house exchange closing, as required when engaging in a 1031 exchange, best las vegas slot machine odds thereafter deposits the earnest money funds with the qualified intermediary QI or the closing agent before the closing occurs, the receipt of the deposit should not be treated as the receipt of sale proceeds.
In this case, the deposit would constitute boot in the exchange and thus taxable to the extent there is a capital gain.
Can the taxpayer pay a deposit to the seller of replacement property in a 1031 exchange?
There are two ways to accomplish this within a deposit on house exchange 1031 exchange.
If the QI is holding exchange funds from the sale of the relinquished property, the best las vegas slot machine odds can be wire transferred directly to the closing agent or seller for the taxpayer.
Alternatively, the taxpayer can pay the deposit directly to the closing agent or seller from their own funds and be reimbursed for that deposit at closing without creating a taxable event.
The taxpayer learn more here enter into contract on replacement property before entering into contract on their relinquished property.
However, it is important to close the transaction on the relinquished property prior to purchasing the replacement property in order to avoid a reverse exchange parking arrangement situation.
Can a taxpayer be reimbursed for a deposit paid on the replacement property?
Assuming the taxpayer has paid the deposit from their own funds, the QI may direct the closing agent to include an item on the closing statement evidencing a reimbursement of earnest money funds to the buyer.
The QI would then transfer funds to the closing agent in an amount sufficient to reimburse the taxpayer.
API's Senior Exchange Counselors, attorneys and CPAs are available to discuss exchanges of any complexity-from standard delayed to improvement and reverse transactions.
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However, unless the terms are well negotiated, there is the potential for you to lose that deposit because there is a problem with the house, whether the seller knows about it or not. The exchange and completion process in England and Wales is by no means perfect.


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How much can you afford The first thing you need to do is decide how much you can afford.
You will need to look at how much money you have available yourself and how much you can borrow.
There are a number of different financial institutions which offer loans to people buying a property, for example, building societies and banks.
You should find out if you are able to borrow money and if so, how much for information on mortgages, see under heading.
Some building societies now provide buyers with a certificate that states that a loan will be available provided the property is satisfactory.
You may be able to get this certificate before you start looking for a property.
Building societies state that this certificate may help you to have your offer accepted by the seller.
Before finally deciding how much to spend on a property, you need to be sure you will have enough money to pay for all the additional costs.
If the solicitor has started any legal work you may also have to pay for the work done.
You should also take into account the running expenses of the property you wish to buy.
An can help you work out how energy efficient your property is.
You will have to pay a deposit on exchange of contracts a few weeks before the purchase is completed and the money is received from the mortgage lender.
https://spin-casinos-deposit.website/exchange/money-currencies-exchange.html deposit is often 10% of the purchase price of the home but it can vary.
Help with bills and budgeting If you'd like help cutting your spending and maximising your income, see our advice on.
Use our to see exactly where your money goes each month.
Deciding on a property When you find a property you should arrange to look at it to make sure it is what you will need and to get some idea of whether or not you will have to spend any additional money on the property, for example, for repairs or decoration.
It is common for a potential buyer to visit a property two or three times before deciding to make an offer.
Energy Performance Certificates If you are thinking of buying a property, you must receive an Energy Performance Certificate EPCfree of charge.
An EPC gives information on the energy efficiency of a property using A to G ratings, with A being the most energy efficient and G the least efficient.
The certificate is produced by an accredited domestic energy assessor.
Trading Standards can issue a notice with a penalty charge of Β£200 per dwelling, where an EPC is not provided.
Where there is a Green Deal plan on a property for which payments are still to be made, information about this must be included on the EPC.
More information on EPCs is available from the GOV.
A certificate is valid for ten years and can be used multiple times during click to see more period.
Warranties for newly-built properties If the property is a newly-built property, check whether it has a Buildmark warranty.
Buildmark warranties are organised by the National House-Building Council NHBC which is an independent organisation with over 20,000 builders of new houses on its register.
Before being accepted onto the NHBC register, builders must be able to show that they are technically and financially competent and they must also agree to keep to NHBC Standards.
The Buildmark scheme covers homes built by NHBC registered builders once the NHBC has certified them as finished.
The scheme will, for example, protect your money if the builder goes bankrupt after contracts have been exchanged but before completion.
It also deposit on house exchange defects which arise because the builder has not kept to NHBC Standards.
For more information, go to the NHBC website at:.
More information is available at.
Is the property leasehold, freehold or commonhold Freehold property If the property is freehold, click here means that the land on which the property is built is part of the sale and no ground rent or service charge is payable.
Leasehold property A property may be leasehold, which means that the land on which the property is built is not part of the sale.
You have to pay ground rent to the owner of the land - who is called the freeholder.
The length of a lease can vary and you should check that the length of the lease on the property you are interested in buying is acceptable to the mortgage lender.
You should consult an experienced adviser, for example, at a Citizens Advice Bureau.
To search for details of your nearest CAB, including those that can give advice by e-mail, click on.
In addition to ground rent on a leasehold property, you may have to pay an annual service charge.
This usually happens with a flat.
The service charge covers such items as maintenance and repairs to the buildings, cleaning of common parts and looking after the grounds.
A group of leaseholders living in the same building may have a right to jointly buy the freehold of the building or take over its management.
In England and Wales, you can get further advice about leasehold from:- The Leasehold Advisory Service LEASE Fleetbank House 2-6 Salisbury Square London EC4Y 8JX Tel: 020 7832 2500 Tel: 02920 782 222 Wales Website: There is also a useful leaflet on leasehold rights in England and Wales.
Go to the GOV.
In England and Wales, the Federation of Private Residents' Associations may also be able to help if a group of leaseholders want to set up a residents' association.
It can also provide legal advice and other information to its member associations.
Its contact details are:- Federation of Private Residents' Associations FPRA PO Box 1027 Epping CM16 9DB Tel: 0871 200 3324 Email: Website: Commonhold property If the property is commonhold, this means that you can buy the freehold of a flat and own common parts of the building jointly with the owners of other flats in the building known as a commonhold association.
In commonhold a ground rent or service charge is not payable.
However, a share of the commonhold association's expenditure on maintenance, insurance and administration will be payable for the common parts of this web page building.
Making an offer When you decide you would like to buy a particular deposit on house exchange you do not necessarily have to pay the price being asked for it by the owners.
You can offer less if, for example, you thinks there are repairs to be done which will cost money.
If the property is being sold through an estate agent, you should tell the estate agent what you are prepared to pay for the property.
The estate agent will then put this offer to the owners.
If the owners do not accept the first offer put to them by you, you can decide to make an increased offer.
There is no limit on the number of times you can make offers on a property.
If you make a written offer it will always be made subject to contract.
This means that you will not be committed to the purchase before finding out more about the state of the property.
If you make an oral offer this is never legally binding.
Sale by tender process where the buyer pays the agent's fee Some estate agents are selling properties by a tender process where you view the property at an open day and make an offer through a sealed bid.
You will usually have to enter into an agreement to pay the agent's commission fee as part of the tender process.
The seller is only charged a small marketing fee or no fee.
You will need to pay the fee on completion of the sale.
It is not against the law for an estate agent to sell a property by a tender process but it can be confusing for the buyer if the agent isn't clear about the process.
If you don't agree to pay the agent's fee, you can still make an offer and the agent must pass it onto the seller.
You can find the guidance at.
Holding deposits Once the owners have accepted your offer the buyer may be asked to pay a small deposit to the estate agent.
This is usually between Β£500 and Β£1000.
It is meant to show that you are serious about going ahead with the purchase.
It is repayable if the sale does not go ahead.
Arranging a mortgage If you have not already begun to arrange a mortgage, you should start to do this now.
It should take about three weeks from the application for the mortgage to the formal offer being made by the lender.
However, this timescale may vary.
Whoever agrees to lend the money will want to have the property valued.
This is to make sure that the lender could get the loan back if for any reason you stopped paying your mortgage and the house had to be sold again.
The valuation will be done by a surveyor on behalf of the lender but you will have to pay for this valuation.
The fee will be payable in advance, usually when you send a completed mortgage application form to the lender.
If the amount of money to be borrowed is more than a certain percentage of the valuation of the property usually 75-80%your lender may make it a condition of the loan that you take out extra insurance to deposit on house exchange the extra amount.
You pay a single premium to your lender which is usually added to the loan.
This is known as a higher lending charge or mortgage indemnity guarantee.
I am pregnant and have just applied for a mortgage.
It has been turned down because they think I won't be returning to work after the baby is born.
Are they allowed to do this?
A mortgage lender doesn't have to give you a mortgage.
However, they must not refuse to lend you a mortgage, or treat you less favourably than other people, simply because you are pregnant.
If the mortgage lender has turned down your application because of your pregnancy, this is likely to be discrimination and could be unlawful.
Get advice from an experienced adviser about what to do.
Arranging a survey The valuation which is done for whoever is lending the money is not a survey.
You should consider whether or not to have an independent survey carried out in addition to the valuation.
The survey would not only consider the value of the property but would also examine the structure of the property and should identify any existing or potential problems.
This is particularly suitable for properties built this century which appear reasonably sound.
It is much cheaper than a full structural survey.
It is possible for you to use the same surveyor who does the valuation to carry out the survey and this may be cheaper.
However, you can use a different surveyor if you wish.
If the surveyor reports that there are some problems with the property, you will have to consider whether you still want to go ahead with the purchase or want to negotiate further with the seller about the price.
The surveyor will usually advise you as to how any problems they have identified should be dealt with and the likely costs of this.
You can find more useful information about property surveys at.
Choosing who is to do the legal work conveyancing The legal process of transferring the ownership of the property from the present owner to the buyer is known as conveyancing.
You should decide who you want to do the conveyancing work.
Using a solicitor Most firms of solicitors offer a conveyancing service.
Although all solicitors can legally do conveyancing, it is advisable to choose a solicitor who has experience of this work.
Using a licensed conveyancer England and Wales only You can exchange service a licensed conveyancer to do your conveyancing.
Licensed conveyancers are not solicitors but are licensed by the Council for Licensed Conveyancers.
If you want to find out if a local conveyancer is licensed you can write to: The Council for Licensed Conveyancers 16 Glebe Road Chelmsford Essex CM1 1QG Tel: 01245 349599 Fax: 01245 341300 Email: Website: Finding out how much it will cost Before making a choice as to who will do the conveyancing, you should be advised to find out the probable costs of the conveyancing.
It is important to contact more than one solicitor or licensed conveyancer as there is no set scale of fees for conveyancing.
Buying with someone else You may choose to buy your property jointly with someone else, such as your husband, wife, civil partner, partner, relative or friend.
This is the case whether you own the freehold or leasehold of the property.
If you are thinking about buying a property with someone else, you should get legal advice on the best type of ownership for you.
Beneficial joint tenants If you own your property as a beneficial joint tenant, this means that it belongs to you and the other owner s jointly.
You can't re-mortgage or sell the property without the agreement of all the other owner s.
However if there is a dispute, an owner can apply for a court order.
As a beneficial joint tenant, you don't own specific shares in the property and you can't give away a share of the property in a will.
If you die, your interest in the property passes automatically to the other owner s.
Tenants in common If you own your property as tenants in common, this means that it belongs to you and the other owner s jointly, but that you all also own a specific share of its value.
It is up to you to decide how much each share will be.
You can give away, sell or mortgage your share.
If you die, your share of the property does not pass automatically to the other owner s.
You can leave your share to whoever you like in your will.
In England and Wales, for more information about owning your property jointly, see the GOV.
Steps in the legal work of buying a property Although it is impossible to give a precise idea of how long the legal work involved in buying a property takes, it is possible to offer guidelines.
From having an offer accepted to exchange of contracts can take up to seven weeks and from exchange of contracts to completion can take up to four weeks.
However, if there are any problems the time taken may be longer.
However, before the contract can be signed, your solicitor or licensed conveyancer must make sure that there are no problems with the ownership of the property, rights of way, access, or future developments in the area that might affect the property.
These are enquiries made to the local authority or in Northern Ireland, the appropriate government department about any matters which affect the property which involve the local authority, such as whether there is a compulsory purchase order on the property.
Local searches also include questions about any proposed changes or development in the area that might affect the property such as roads, housing, shops.
During the local search, the local Land Charges Register Registry of Deeds in Northern Ireland is also checked.
These are a set of standard questions about the property, boundaries, neighbour disputes and fixtures and fittings that will remain in the property.
Arranging to pay the deposit Whilst the solicitor or, in England and Wales, a licensed conveyancer is making the enquiries, you should sort out how you will pay the deposit that has to be made when the contracts are exchanged.
This deposit is often 10% of the price of the home but it can vary.
If you are also selling a house, it is usually possible to put the deposit on the property being sold towards the deposit on the property you are buying.
If raising the deposit is a problem, you could consider borrowing the money for the deposit from relatives or you could try to get a bridging loan from a bank.
However, the amount of interest you will have to pay for a bridging loan will be high and you should check how much this arrangement will cost.
Discuss your options with your solicitor or licensed conveyancer.
Insuring the property You should make sure that buildings insurance is arranged from the date of exchange, because once contracts have been exchanged you are responsible for the property.
You may be able to get information on buildings insurance from your mortgage lender, solicitor or, in England and Wales, a licensed conveyancer.
To search for details of your nearest CAB, including those that can give advice by email, click on.
You and the seller each have a copy of the final contract which you must sign.
These signed contracts are then exchanged.
At exchange of contracts both you and the seller are legally bound by the contract and the sale of the house has to go ahead.
If you drop out, you are likely to lose your deposit.
You should make arrangements for the supply of more info, electricity and telephone service and make sure that the seller is arranging for final meter readings to click to see more made.
Completion Completion of the purchase usually takes place about four weeks after exchange of contracts, although it can be earlier.
The solicitor or licensed conveyancer in England and Wales only will usually send their account to you on, or soon after, the completion date.
Buying a home at auction If you are thinking about buying a property at auction, it's best to do some research beforehand.
There is a helpful guide on buying a property at auction on the RICS website at.
Home buying schemes in England There are several schemes in England aimed at helping people who otherwise would not be able to afford to buy a home.
These schemes are called Social HomeBuy, Home Ownership for People with Long Term Disabilities HOLDand Help to Buy: equity loan.
You can on GOV.
Social HomeBuy Social HomeBuy is a scheme to help local authority and housing association tenants buy a share in their home.
To qualify for Social HomeBuy you must have been a local authority or housing association tenant for at least two years or five years if you first became tenant of a social housing landlord on or after 18 January 2005.
If you are accepted onto the scheme, you will buy at least a 25% share in your home and pay rent to your landlord for the rest.
You will be able to increase your share up to 100%.
You may also be able to reduce your share or go back to renting as a tenant.
If you are interested in Social HomeBuy, you should contact your landlord to find out if they are taking part in the scheme and whether or not you are eligible.
It is up to each local authority and housing association to decide whether or not it will take part in the scheme.
Home Ownership for People with Long Term Disabilities Home Ownership for People with Long Term Disabilities HOLD can help you to buy any home that is for sale on a shared ownership basis if you have a long-term disability.
You can get more information on HOLD by speaking to your local Help to Buy agent.
A list of agents is available on the website.
Help to Buy - England Help to Buy: equity loan is a shared equity scheme for first time buyers and existing homeowners who want to move.
The scheme applies to new build homes with a maximum value of Β£600,000.
You need a minimum 5% deposit to qualify and the government provides an equity loan of up to 20% of the value of the property.
This means that you then need to secure up to a 75% mortgage.
The equity loan is interest free for the first five years.
From year six a fee of 1.
The loan can be repaid at any time or when the property is sold.
Further information about the scheme is available from the website.
Home buying schemes in Wales Homes within reach Wales Homeswithinreach is a home ownership scheme that provides help to eligible first-time buyers trying to get onto the housing ladder.
It is intended to provide help to those people who otherwise would be unable to buy adequate housing to meet their needs on the open market.
HomeBuy Ownership HomeBuy Ownership is available to local authority and housing association tenants, and to some other people in housing need.
Help is limited to people who would not be able to buy a home without help from the scheme.
If you are accepted onto the scheme, you will usually need to get a mortgage for 70% of the purchase price of the property.
Homeswithinreach will lend you the remaining 30% of the purchase price in some rural areas, the percentages are 50% and 50%.
You will need to repay the loan when the property is sold.
The amount of money you will need to repay is 30% of the value of the property when it is sold.
If the property has increased in value, this will mean that the amount that you repay will be larger than the amount that you initially borrowed.
For more information about HomeBuy, go to the Homeswithinreach website at.
New Build Ownership This scheme provides help to eligible first time buyers on middle incomes who cannot afford to purchase a suitable home without help.
You must be able to meet the long-term financial commitment of home ownership.
The properties are for sale on a shared equity basis.
You must show that you can afford to purchase approximately 50-70% of the purchase price through a mortgage, savings, or a combination of both.
Homeswithinreach will lend you the remaining share of the property price.
You will be able to buy further shares from Homeswithinreach if you want to.
You don't have to pay rent on the share owned by Homeswithinreach.
When the property is sold, Homeswithinreach will get a proportion of the sale price.
This sell exchange depend on the size of the share they have in the property.
For more details of the scheme, visit the Homeswithinreach website at.
Rent First Wales Rent First aims to help people who cannot afford to pay full market rents.
It can also help people who may want to buy in the future.
In Rent First schemes, the rent would be around 80% of market rents.
Some schemes also aim to help people who are presently renting from a social housing landlord and who may wish to become owner occupiers in the future.
The rent in a Rent First scheme will be higher than in an ordinary social housing tenancy.
In some schemes, if the property increases in value after the tenancy began, when the tenants purchase the property, they will be allowed to have half the increase in value to help them to fund a deposit for the purchase.
Help to Buy - Wales Help to Buy - Wales is a shared equity scheme.
Buyers of new build homes under Β£300,000 can apply for a loan to help with the purchase Buyers will need to contribute a minimum 5% deposit.
The Welsh Government provides an equity loan of up to 20% of the value of the new build property.
The government loan is interest free for the first five years.
More Information is available on the scheme's website at.
Home buying schemes in Scotland LIFT in Scotland If you live in Scotland and are on a low income, you may be able to get help to buy your own home through Low-cost Initiative for First Time Buyers LIFT.
LIFT offers a number of shared equity schemes operated by housing associations in Scotland.
Help is limited to people who would not be able to buy a home without help from the scheme.
If you are accepted onto the scheme, you will usually have to get a mortgage for 60% to 90% of the purchase price.
The housing association will fund the remaining 10% to 40%.
If you want to sell the property, the housing association will get its share back.
For example, if the housing association funded 20% of the purchase price, it will get 20% of the sale price.
You can find out more about LIFT from your local housing association, or from the Scottish Government at.
Help to Buy Scotland shared equity scheme The Help to Buy shared equity scheme is available to first-time buyers and existing home owners who want to buy a new build home.
There is a budget for each financial year, and once it has been fully allocated no new applications are considered for that year.
A mortgage lender is likely to expect you to contribute a minimum five per cent deposit.
The Scottish Government will provide an equity loan of up to twenty per cent of the value of a new build property.
This means that you will have to secure up to a seventy five per cent mortgage.
The mortgage must be a repayment mortgage.
The scheme applies to homes up to a given maximum value.
The loan can be repaid at any time or when the property is sold.
If you want to find out if you are eligible for assistance under the scheme, you must contact a participating home builder who will refer you to an independent financial adviser and an agent who administers the scheme.
There is more information about the scheme including whether applications are being accepted for the current financial year, and the current maximum value for a property under the scheme on the Scottish Government website at.
There is also a leaflet for buyers and a list of participating home builders.
In November 2015, the Government extended Right to Buy to housing associations in a pilot scheme with 5 housing associations.
The tenants of those associations can start the process but can't complete the purchase until the Right to Buy for housing associations is enforced by statute which is currently unknown.
To qualify, you must also have been a secure tenant of a social housing landlord for at least three years.
If you have rent arrears, you can still apply for the right to buy but you need to clear the arrears before the sale can go ahead.
Some assured tenants have what is called the 'preserved right to buy'.
You may have the preserved right to buy if the local authority sold your home to another landlord, for example, a housing association, while you were renting it.
Your landlord can tell you if you have the preserved right to buy.
The Welsh Government has made it possible for local authorities in Wales to suspend the right to buy, including preserved rights, in areas of housing pressure.
This means that if you are a social housing tenant in Wales and want to buy your home at some time in the future, you may find you are no longer allowed to do so.
If you are not sure whether you have the right to buy, you should check with your landlord which category you fit into.
If you are a secure tenant of a local authority, you should be given written information to help you decide about the right to buy.
More information on the right to buy in England is available from the GOV.
In England, the government has also set up a call centre and a website to help you work out if you are eligible and to decide if buying your home is the right option for you.
The call centre can be contacted on 0300 123 0913, and the website is at.
More information on the right to buy in Northern Ireland is available from the Housing Rights Service website at.
Discounts As a tenant with a right to buy, you will get a discount on the price of the property.
If you live in a house the discount will be between 32% and 70%, depending on how long you have lived there.
If you live in a flat, the discount will be between 44% and 70%, depending on how long you have lived there.
The discount will not exceed national upper limits.
From 21 July 2014, the maximum discount is Β£77,000 except in Click at this page, where it is Β£102,700.
If you exercise the right to buy and then sell the property within a certain period, you may have to repay some or all of the discount β€” check the rules with your local authority.
To find out more about how this might apply to you in England, see the GOV.
UK website ator get advice click at this page an experienced adviser, for example, at a Citizens Advice Bureau.
To search for details of your nearest CAB, including those that can give advice by email, click on.
It can be found on the Housing Executive website at.
How to pay As a tenant who wants to exercise your right to buy, you should try to obtain a mortgage from a building society or high street bank.
You could also contact a mortgage broker to see if they can arrange a mortgage.
However, click the following article you cannot afford to buy the property outright you can still buy under the rent to mortgage scheme.
Under this scheme you can buy a share of the property and make mortgage repayments on the amount you have borrowed for this.
The landlord will retain ownership of the remaining share of the property.
In Northern Ireland under the equity sharing scheme you can buy 25% or more of your property and pay rent on the rest.
How to apply If you want to apply for the right to buy you should ask your landlord for the Right to Buy Claim Form Form RTB1or a copy is available from the GOV.
The right to acquire only applies to a limited number of properties, for example, homes built with public funds on or after 1 April 1997.
The Welsh Government has made it possible for local authorities in Wales to suspend the right to acquire in areas of housing pressure.
This means that if you are a social housing tenant in Wales and want to buy your home at some time in the future, you may find you are no longer allowed to do so.
For more information about the right to acquire, in England you can contact your landlord or go to the GOV.
In Wales, you can contact your landlord or visit the Welsh Government uk money best rates at.
Shared ownership Shared ownership schemes are intended to help people who cannot afford to buy a suitable home in any other way.
You usually share ownership of the property with a local authority or housing association.
You pay rent to the landlord for part of the property and a mortgage on the rest.
You will usually be able to buy further shares in the property at a later date.
To qualify for the scheme you must usually be a first time buyer, and priority is given to local authority or housing association tenants.
Other people in housing need may also be considered for the scheme.
You must be able to get your own mortgage to meet the purchase costs on a percentage of the property.
In Northern Ireland, here Northern Ireland Co-Ownership Housing Association runs a similar scheme, called the co-ownership scheme.
More information is available on their website at.
In England, more information on shared ownership accommodation is available from the Help to Buy website at.
In Wales, more information is available form the Community Housing Cymru website at.
Mortgages If you wish to buy a home you may be able to borrow money to do this.
This is called a mortgage.
The loan is for a fixed period, called a term and you have to pay interest on the loan.
If you do not keep up the agreed repayments, the lender can take possession of the property.
Types of mortgages There are two basic types of mortgages - repayment mortgages and interest-only mortgages.
Repayment mortgage This is a mortgage in which the capital borrowed is repaid gradually over the period of the loan.
The capital is paid in monthly instalments together with an amount of interest.
The amount of capital which is repaid gradually increases over the years while the amount of interest goes down.
Interest-only mortgage With this type of mortgage, you pay interest on the loan in monthly instalments to the lender.
Instead of repaying the loan each month, you pay into a long-term investment or savings plan which should grow enough to clear the loan at the end of the mortgage term.
However, if it doesn't grow as planned, you will have a shortfall and you will need to think about ways of making this up.
This mortgage is made up of two parts - the loan from the lender and an endowment policy taken out with an insurance company.
You pay interest on the loan in monthly instalments to the lender but do not actually pay off any of the loan.
The endowment policy is paid monthly to an insurance company.
At the end of the mortgage term, the policy matures and produces a lump sum which should pay off the loan to the lender.
In some circumstances, an endowment policy may produce an additional lump sum.
However, there is also a risk that it will not be worth enough to pay off the loan at the end of the mortgage term.
If you have been told by your endowment provider that your policy will not be enough to pay off your loan, you should seek independent financial advice.
This mortgage is mainly best las vegas slot machine odds self-employed people.
The monthly payments are made up of interest payments on the loan and contributions to a pension scheme.
With an ISA mortgage, you pay interest to the lender, and contributions to an Individual Savings Account ISA which should pay off the loan.
You can find further information about interest-only mortgages, repayment plans and shortfalls on the Money Advice Service website at.
Islamic mortgage With an Islamic mortgage, none of the monthly payments includes interest.
Instead, the lender makes a charge for lending you the capital to buy your property which can be recovered in one of a number of different ways, for example, by charging you rent.
You can find further information on this type of mortgage from the Money Advice Service website at.
Where to get a mortgage from You can get a mortgage from a number of different sources.
For some groups of people, such as first-time buyers and key workers, it may also be possible to borrow some of the money you need to buy a home from other, government-backed sources.
You will usually need to borrow the rest of the money from a normal mortgage lender such as a bank or building society.
For more information about schemes to help you buy your own home, see.
As well as standard mortgage deals, lenders might also offer deals which are especially designed for people who don't qualify for a standard mortgage.
This type of deal is known as a 'sub prime' or 'adverse credit' mortgage.
They are aimed at people who have had financial difficulties or credit problems in the past.
For example, you might have had a previous home repossessed, have a County Court Judgment CCJ or have been declared bankrupt.
You might also have difficulty in proving that you have a regular or reliable income.
Sub prime and adverse credit mortgages usually charge a higher rate of interest than standard mortgages.
Lenders may also limit the amount of money they are prepared to lend you.
Before taking out a sub prime or adverse credit mortgage, you should get some independent financial advice.
If you're thinking about taking out a mortgage you should make sure you look into all the different options available, and that you only borrow what you can afford to pay back.
If you do not keep up the agreed repayments, the lender can take possession of the property.
More information about mortgages is available from the Money Advice Service website at.
If in doubt, you may want to consult an independent financial adviser.
For help with finding a financial adviser, visit the Money Advice Service website at.
Can you afford a mortgage Changes to mortgage rules from 26 April 2014, mean that lenders must make sure you only take out a mortgage you can afford.
This means that they'll ask you for lots of information and proof of your income, outgoings and spending habits.
Lenders will check to see if you can meet the initial mortgage repayments and other household costs.
They will also consider how you would manage if interest rates were to go up in the future, or if there was a change in your income because, for example, you wanted to start a family or retire.
More information on what a lender will do to check if you can afford a mortgage is available from the Financial Conduct Authority's website at.
Using a broker to get a mortgage Instead of going directly to a lender such as a bank or building society for a mortgage, you could use a broker.
A broker may be an estate agent, or a mortgage or insurance broker.
They will act as an agent to introduce people to a source of mortgage loan to help them buy a home.
You may want to use a broker because it can save you time shopping around.
However, some lenders offer products direct to customers which a broker may not be in a position to offer.
So, it may be best to shop around to see what else is available.
From 26 April 2014, a broker must tell you if there are limits on the range of mortgages that they can recommend.
For example, that they only consider mortgages from particular lenders rather than the whole mortgage market.
The broker must tell you how much they charge for their services and when you have to pay.
To help a broker find and recommend a mortgage product that is right for you, they will ask you questions about your personal circumstances and needs, income and spending, and future plans.
Brokers must not discriminate against you because of your age, disability, gender reassignment, pregnancy and maternity, race, religion or belief, sex or sexual orientation when they are offering you their services.
For more information about mortgage brokers, go to the Money Advice Service website at.
There is also information on getting mortgage advice on the Financial Conduct Authority's website at.
Making a complaint about a mortgage lender If you want to complain about a mortgage lender or broker, you should first discuss the problem with them, and then consider making a formal complaint.
If you think the mortgage lender or broker has discriminated against you, you can complain about this as well.
Each lender or broker should have its own internal complaints procedure.
If you have followed this procedure and are still not satisfied, you can take your complaint to the Financial Ombudsman Service.
The contact details are:- Financial Ombudsman Service Exchange Tower London E14 9SR Consumer helpline: 0800 023 4567 free for people phoning from a landline or 0300 123 9123 free for mobile-phone users who pay a monthly charge for calls to numbers starting 01 or 02 Monday to Friday from 8.
The Money Advice Service website covers information on costs, how much can you afford as well as providing useful money tips for first-time buyers.
Get help with bills deposit on house exchange budgeting If you're trying to cut your spending, you could.
You could also to see exactly where your money goes each month.
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Sometimes a purchaser does not have the ready cash to be able to pay a 10% deposit on the purchase of a property. This can result in both the purchaser and the vendor missing out on a sale. The deposit bond is an alternative to a cash deposit. Lawyers, conveyancers, estate agents and consumers are often confused about the merits of the deposit.


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The Deposit – when buying a Property | Fridaysmove | Fridaysmove
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B. It's not just normal but essential to transfer the money before exchanging contracts, since the deposit has to be paid by your solicitor to the vendor's solicitor as part of the exchange process. You can't wait to pay the deposit until after you've exchanged, because you haven't exchanged until you've paid the deposit. C.


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Does anyone know if the 10% deposit one has to pay on exchange of contracts comes out of the deposit the buyers have had to pay?
Am worrying that I will have to come up with actual money, which I won't have until the house is sold!
Would appreciate an answer if link knows.
You need to have the cash deposited with your solicitor and at exchange there are simultaneous transfers up the chain.
You cant get your buyer's money early to use for your deposit!
The deposit can move up the deposit on house exchange />Thank you for replying llama and tricot.
Only problem is those two answers seem to be contradicting each other.
My buyers will pay best las vegas slot machine odds deposit on the day of exchange, and are you saying tricot, that this cannot be used to pay deposit to the people I'm buying from?
We did the same as Ilama - we were using the sale of our house and a mortgage to buy a new one and didnt have to provide any money to cover a deposit at exchange or completion - it just kind of all transferred through and then all the bills were settled at end stamp duty, estate agent, solicitor etc I did have a few middle of night waking in a cold sweat panics just before exchange as to whether all my calculations would pan out!
This CAB guide says "If you are also selling a house, it is usually possible to put the deposit on the property being sold towards the best las vegas slot machine odds on the property you are buying.
I've heard it passes up the chain too.
Although best las vegas slot machine odds if you're selling a cheaper best las vegas slot machine odds and buying a more expensive one, like we're going to be doing?
There's no way 10% of our house would come close to the 10% of the sort of price source we're looking at.
You can best las vegas slot machine odds to pay a lower level of deposit with your vendor - but on the agreement that the shortfall of the 10% is payable as the deposit if it fall through or something.
This is what we did - our buyers deposit did not make our 10% - but our vendors were happy to take less.
We passed ours up the chain - like Fishfingers this did mean that the people we were buying from we getting 8% rather than 10% but they were fine with this.
If you have a longer chain the people selling a very valuable house at the top end of the chain might not be satisfied with a deposit that is 10% of the value of the first house in the chain, but I gather that's fairly rare.
I am an ex mortgage underwriter.
I can assure you that your buyers money will be passed up the line on exchange as a deposit for your house.
It is only if you are a FTB that you will be asked for the 10% upfront by your solicitor for exchange.
When we bought our current place twice the value of the one we sold to moveour vendor decided just days before exchange that he wanted a full 10% deposit, which was double the amount we were to get from our buyer and 'pass up the chain'.
The usual and generally accepted 'pass it up' way wasn't good enough even though he was top of the chain and not even buying anywhere, so had no deposit to pay on and wasn't happy that the contracts still guaranteed he'd get his agreed sale price or walk away with our deposit at least if it all fell through.
We were left with having to rustle up quite a bit of extra cash on top of our general moving costs, fees and stamp duty to make up the other half.
Best to check with your solicitor.
visit web page have asked my solicitor this very question this morning.
She said no, we didn't need to put up the money at exchange, we could just write on all the forms that our deposit would come deposit on house exchange the proceeds of the sale.
You don't actually have to pay anything, provided your contract states that you are liable for 10% at the time of exchange.
That's good enough for the seller to pursue you for that sum if for any reason you fail to complete - they don't need the money up front although many will ask for it.
As others above have advised though, you can use the deposit you are being paid and pay it "up the chain".
It's standard practice to do so.
Thank you all so much for your posts!
It has really helped to put my mind at rest, so really appreciate you bothering.
God, the stress of waiting until it is all definite!
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Buying a home - Citizens Advice
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I BOUGHT A HOUSE AT 22! (TIPS TO BUYING ON A SMALL SINGLE INCOME)