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Ross Coates Solicitors serve clients nationally and throughout East Anglia, and in the following locations:
Solicitors for Aldeburgh, Solicitors for Attleborough, Solicitors for Aylsham, Solicitors for Baldock, Solicitors for Burwell, Solicitors for Bury St Edmunds, Solicitors for Cambridge, Solicitors for Cromer, Solicitors for Diss, Solicitors for Downham Market, Solicitors for Ely, Solicitors for Eye, Solicitors for Fakenham, Solicitors for Framlingham, Solicitors for Great Yarmouth, Solicitors for Halesworth, Solicitors for Harleston, Solicitors for Holt, Solicitors for Ipswich, Solicitors for King's Lynn, Solicitors for Lowestoft, Solicitors for Mildenhall, Solicitors for Newmarket, Solicitors for North Walsham, Solicitors for Norwich, Solicitors for Royston, Solicitors for Saxmundham, Solicitors for Sheringham, Solicitors for Thetford, Solicitors for Tiptree, Solicitors for Wells, Solicitors for Wisbech, Solicitors for Woodbridge, Solicitors for Wymondham
Our Expertise
Conveyancing made easy
(Solicitors for Ipswich, Suffolk and East Anglia)
Our conveyancing solicitors in Ipswich, Suffolk will provide you with all the conveyancing advice and information that you might require.
Conveyancing Advice and Information
Deciding on your new home
Before you start looking, you will need to know roughly how much you can afford to spend on a new home. The main determinants are likely to be:
Your available savings
They will need to be in an easily accessible form so that you can meet any deposits and charges as they arise. Because of current Money Laundering Regulation we will require written confirmation of the origins of this money.
Mortgage
Lenders will usually lend up to about 95% of their valuation of a property, depending on its age and condition, although some will advance more. Your income is also important. Normally loans are available for up to 3 and a half times the main earner™s income, however these guidelines can be exceeded. You should have in mind what you can afford. Remember the statutory warning “Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it”.
The cost of moving
See the checklist at the end of the booklet. The value of your existing home If you have a home to sell, it is important to take into account such items as the cost of selling your property when calculating how much you can afford on a new home. It may also be advisable to be reasonably conservative in your expectations of how much you can afford on a new home. It may also be advisable to be reasonably conservative in your expectations of the price your existing property might fetch. When you have found a home that you want to buy and you negotiate the price, your offer should always include the words “subject to contract”. This means that you can withdraw from the purchase at any time until the contracts are exchanged.
You should also check which fixtures and fittings are included in the purchase price at the time you make the offer. It is usually a good idea to make a list so that they can be included in the contract.
After the offer is accepted
If your offer is accepted, give the estate agent your solicitor's name and address so that the legal part of the transaction can start quickly.
Complete your mortgage application as fast as possible. Arrange to have the deposit available for the time when contracts are exchanged. Usually, it is 10% of the purchase price.
Mortgages -
A wide range of institutions now offer mortgage facilities including building societies, banks, insurance companies and home loan companies. The choice can be bewildering so ask your financial adviser for the best choice for you.
REPAYMENT MORTGAGE
The majority of home loans are still made on repayment of capital and interest basis. Each month you make regular payments of both capital and interest to the lender. During the early years of the mortgage, you will normally pay off relatively little of the capital because the repayments largely consist of interest. In the second half of the loan repayment period, the capital element is generally larger.
It is normally a good idea to cover the amount of the mortgage with a life assurance policy so that the loan is paid off if you die.
INTEREST ONLY MORTGAGE
These are more common for Buy To Let clients, but as the name suggests they are mortgages where monthly instalments only cover interest. The principal loan remains the same.
It follows that it is wise to have a means to repay the loan itself upon expiry of the term of the loan.