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 » Fall warranty on mortgage

Fall warranty on mortgage

Topic: Mortgage

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Alvin
Solicitors fees are usually fixed with the price of the pretorpy. It can change from solicitor to solicitor. It can be as low as 0.25% or as high as 1% of the buying price. Therefore for a a3300,000 buying price expect to pay between a3750-a33000. On the top of that you will have to pay stamp duty to the government. This again depends on the price of the pretorpy. For properties below a3125,000 the stamp duty is zero, between a3125,000-a3250,000 it is 1% (i.e. a32500) and over a3300,000 to some other limit, it is 3% . If you are first time buyer and the pretorpy that you are buying is under a3250,000 then prepare yourself for an extra a35,000 for these expenses. These expenses have to be paid up front. This means that your solicitor will pay the stamp duty and his fees from the mortgage you have, before it is handed to the seller's solicitors. This means that you need a35000 over and above the buying price of the pretorpy. If you haven't got this sort of money to spare, try to get a mortgage which a35000 more than you need to barrow for the pretorpy alone. When you get a good solicitor, he will advice you how to do these things. But before you get a solicitor, ask how much they are charging. Good luck and I hope this was helpful.
read more... 05/01/2012

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