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Checklist Of What You Need To Know When Buying A House In UK

Here are some key take aways from last week’s She’s on the Money, event Home and Aloan where we looked at the process of buying a home including mortgages, stamp duty, credit score freehold vs leasehold, investing and more:

 We will be adding to this as the week goes on:

Term breakdown

Freehold: You own the property and the land it stands on. Houses are generally freeholds

Leasehold: You own the property but rent the land it is on from a Freeholder (sometimes called a landlord) for a number of years. The leases are usually long term – often 99 years or 125 years but can be as  high as 999 years – but also can be short, such as 40 years. Flats are generally leasehold

Share of Freehold: A ‘share of freehold’ is sold with the leasehold flat – the leasehold interest is retained and is still the most valuable part but you also aquire a separate shared title or ownership in the freehold. Flats are generally Share of Freeholds.

Fees Invovled

  1. Mortage fees
  2. Valuation fee – £300-£400
  3. Mortgage broker fee £0-300
  4. Survey fee
  5. Stamp duty – dependent on price
  6. Legal fees
  7. The Land Registry £ 40-200

Property Fintechs who spoke on the night and are trying to get you on the property ladder faster

StepLadder

Lucy Mullins from Stepladder  spoke about their collaborative deposit solution for first-time homebuyers.

Proportunity

Vadim Toader from Proportunity’s company is pushing the edge on real estate data-driven investment insights. It is applying cutting edge machine learning technology to identify real-estate trends and future high-growth areas.

Huuti

Osei from Huuti spoke about  their app for first time buyers to get Mortgage ready!

Home buying step process

If you own an additional property or properties anywhere in the world, you have to pay the additional home rate.

Checking your credit score 

You can check out your credit score free of charge at https://www.experian.co.uk/ .

Check out one of our next events on pensions, relationships and side hustles. 

She’s on the money empowers women to take control of their finances. Shesonthemoney offers courses, workshops and events on educating women in England on investing, pensions, real estate, learning how to budget and other personal finance topics.

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