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:
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.
- Mortage fees
- Valuation fee – £300-£400
- Mortgage broker fee £0-300
- Survey fee
- Stamp duty – dependent on price
- Legal fees
- The Land Registry £ 40-200
Property Fintechs who spoke on the night and are trying to get you on the property ladder faster
Lucy Mullins from Stepladder spoke about their collaborative deposit solution for first-time homebuyers.
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.
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/ .
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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.