Comments on: More than a question of deposit http://simplepound.meewella.com/more-than-a-question-of-deposit.php A trip down personal finance lane. Thu, 11 Mar 2010 20:30:05 +0000 http://wordpress.org/?v=2.5 By: plonkee http://simplepound.meewella.com/more-than-a-question-of-deposit.php#comment-325 plonkee Fri, 14 Mar 2008 18:28:42 +0000 http://simplepound.meewella.com/more-than-a-question-of-deposit.php#comment-325 That sounds about right. The house I bought was significantly cheaper - below the stamp duty threshold - but I spent about £3.5k in costs plus a deposit. My solicitor cost £600 and the local searches were £220, plus I had a full survey at £950 (possibly overkill, but it helped me sleep at night) and I needed a removals company at £350. I think existing home owners tend to deliberately forget to tell you about the costs when they talk about how owning property is such a great idea. That sounds about right. The house I bought was significantly cheaper - below the stamp duty threshold - but I spent about £3.5k in costs plus a deposit. My solicitor cost £600 and the local searches were £220, plus I had a full survey at £950 (possibly overkill, but it helped me sleep at night) and I needed a removals company at £350.

I think existing home owners tend to deliberately forget to tell you about the costs when they talk about how owning property is such a great idea.

]]> By: Kirsten http://simplepound.meewella.com/more-than-a-question-of-deposit.php#comment-322 Kirsten Thu, 13 Mar 2008 07:15:02 +0000 http://simplepound.meewella.com/more-than-a-question-of-deposit.php#comment-322 Sounds like it paid off to send you to law school! ;-) Thanks for the background information! Sounds like it paid off to send you to law school! ;-) Thanks for the background information!

]]> By: |[P]| http://simplepound.meewella.com/more-than-a-question-of-deposit.php#comment-321 |[P]| Wed, 12 Mar 2008 22:32:19 +0000 http://simplepound.meewella.com/more-than-a-question-of-deposit.php#comment-321 The Land Registry search is actually particularly important because, as well as the title and plan, it also divulges any other rights that exist over the property. This includes mortgages which need to be discharged but also covenants that can limit how you can use or modify the property. You can find out much of this information for free by visiting the Land Registry in person, but official copies cost money. The official search is important because it gives a 30 day priority period in which no changes can be made to the Register. It's obviously crucial that you complete the purchase within this period to ensure you acquire the property in the (legal) state you expect. The Land Registry search is actually particularly important because, as well as the title and plan, it also divulges any other rights that exist over the property. This includes mortgages which need to be discharged but also covenants that can limit how you can use or modify the property.

You can find out much of this information for free by visiting the Land Registry in person, but official copies cost money. The official search is important because it gives a 30 day priority period in which no changes can be made to the Register. It’s obviously crucial that you complete the purchase within this period to ensure you acquire the property in the (legal) state you expect.

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