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Ross Coates Solicitors are happy to 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
Guide to re-mortgaging
(Solicitors for Ipswich, Suffolk and East Anglia)
STEP 1: Request the deeds and information
Your solicitor will write to your lender and ask for a mortgage redemption statement and the title deeds. At your lender's request, a Local Authority Search may be applied for.
STEP 2: Receive mortgage offer
Once your new mortgage application has been finalised a mortgage offer will be issued. By this time the title deeds and searches should have been received.
STEP 3: Sign the mortgage deed
A completion date is set for the earliest convenient date and the mortgage deed sent to you to sign. Your lender is asked for an updated mortgage redemption statement.
STEP 4: Completion day
As soon as the money is received from your new lender they will send the amount outstanding to your existing lender and pay off the mortgage. Any balance due to you is also sent to you on the same day.
STEP 5: After completion
As soon as the Land Registry has updated their records, your title information document will be forwarded to the new lenders.
Points to remember
AUCTIONS
A property auction can be hazardous for the inexperienced buyer. As soon as the auctioneer accepts your offer, you are bound to complete, generally within 28 days. You will have to pay a 10% deposit at the auction, which you will lose if you withdraw.
So before you bid make sure that:
- All the legal formalities including searches have been dealt with
- Your mortgage has been arranged
- You have the results of any private survey
- The deposit is ready
BUYING JOINTLY
If you are buying your home together with another person, it may be a good idea to be joint owners.
The are two different sorts of joint ownership - Joint tenancy or tenancy in common
With a joint tenancy, when one of the owners dies, his or her share automatically passes to the survivor. Joint tenancies are normally used by husbands and wives. However, on the death of a tenant in common, his or her share in the property will not go automatically to the other joint owner. Instead, it passes under the deceased person's will or, if there is no will, under the rules of intestacy. Tenancies in common are often suitable where, say, a brother and sister buy a property or where two people buy in unequal shares or where there are several purchasers or where they are business purchasers.
Tax and your home
STAMP DUTY
When you buy your home, you have to pay stamp duty if the price of the property is
more than the statutory amount, currently £125,000. If this threshold is exceeded,
stamp duty on a sliding scale is paid on the total purchase price. The rates are:-
1% up to £250,000
3% above £250,000
4% above £500,000
CAPITAL GAINS TAX
Capital gains tax may be payable when you dispose of an asset for more than its cost price. Fortunately, a person's main residence is normally exempt from this tax. However, if you have more than one property or you run a business from home or let part of your property, a capital gains tax liability may arise.
INHERITANCE TAX
Inheritance tax is payable on virtually all assets including a home. It is payable on death or at a reduced rate for gifts made within 7 years of death.
Please contact our private client and tax department for more information.
ACTION CHECKLIST
There are a great many things that need to be done before you can move into your new home. The following is a checklist of some of the main points:
- Make your offer “subject to contract”
- Give your solicitor's details to the seller and the estate agents, and inform your solicitor of your plans
- Apply for a mortgage
- Instruct a private surveyor if needed
- Make arrangements for the deposit
- Agree on a completion date (usually 7-
14 days after the exchange of contracts) - Check insurance arrangements