Before you make any decisions about buying your property, you should take time to consider whether it is the right choice for you.
Buying your home is probably the biggest financial decision you will ever make. Once you have purchased your property you will become responsible for all the costs in maintaining your home, including routine repairs, major structural repairs and improvements to it.
If you become a leaseholder by buying a flat, you will have to pay service charges each year, and also meet the costs of major repairs and refurbishment.
In addition to maintenance costs, you will have to keep up your payments on your mortgage to avoid your home being repossessed by your lender.
It is worthwhile to check that your budget can meet all the possible costs of home ownership. You should also bear in mind the prospects of your income changing and how that might affect the property's affordability in the future.
We recommend you speak to a financial adviser that is regulated by the Financial Services Authority to seek financial advice.
Right To Buy scheme
It is advisable that you read the pages in this section and the following download if you are a council tenant interested in the Right To Buy scheme:
If you need any more information about the Right to Buy, download the government booklet entitled Your
Right to Buy Your Home. Hard copies are available from the Customer Service Centre, 4 Regent Street, Cambridge or from
your area housing office.
You can also contact The Right to Buy Policy Team, Communities and Local Government, Eland House, Bressenden Place, London SW1E 5DU or visit their website www.communities.gov.uk.
If you need this document translated into a different language, printed in large print or into braile, please ask at any city council reception area.
Other costs involved when buying your home
Legal fees
You should employ a solicitor or a licensed conveyancer to look after the legal side of buying your property. Legal fees vary depending on whom you instruct.
It is always advisable to ask how much they will charge for doing your legal work, and obtain a few quotes, before instructing anybody.
Survey fees
We do not carry out a structural survey of your home and it is your responsibility to have a survey of your home carried out.
Stamp duty
You may have to pay stamp duty, which is a tax that people pay when they buy a house.
Stamp duty is calculated as a percentage on the price you pay for a property that is worth more than £120,000.
You will pay 1% of the purchase price for a sale between £120,000 and £250,000 as stamp duty or 3% if the sale is in excess of £250,000
Valuation fees
A report will be required by the mortgage company to confirm the value of the property and make sure it is suitable security for a mortgage
Land registry fees
When your purchase is completed, you must pay the land registry to register you as the new owner.
Searches
There are various searches that you will need to have carried out on your home.
Your solicitor will inform you which searches will need to be conducted.
