You can typically borrow a multiple of your household income and this amount will be influenced by your credit score. Adding this sum to your deposit will give you an indication of your budget. You should consider agreeing at exchange that a snagging survey should be carried out once the property has been built and prior to completion. LPE1 form – contains information about a property held by landlords, managing agents and management companies – for example, information on ground rent and service charges. you will already have arranged buildings insurance for your new property at exchange. You should also consider taking out contents insurance to cover your belongings. If you do not know the percentage that you contribute, you can instead choose to enter the amount, in pounds and pence, that you contribute from each payslip.

While many people want to stay in their family home for as long as possible, some may want to consider the potential benefits of moving to a more manageable property in later life. There can be advantages in terms of cheaper energy bills and maintenance costs; and in the case of specialist retirement properties, improved accessibility, care plans and communal spaces. number of bedrooms – consider how many bedrooms you need now and how many you may need in the future. This is not a survey – valuation does not protect you if something goes wrong with the property and may not even include a physical inspection of the property (for this information you will need to have a survey carried out – see the following section). 16. SurveyThe ground rent is a sum you have to pay to your managing agent/landlord if it is a condition of the lease. how long have the owners lived there? If it is a short period of time you may wish to find out why – for example, there may be an issue with noisy neighbours. Most new build homes have a 10-year warranty for major structural problems and a 2-year warranty for general defects, but this may not cover the whole of the property and any attached land. Make sure you are clear about what is and is not included in the warranty before you put down a deposit. If you have a mortgage broker they may complete the application for you. Make sure you select a lender who offers the best deal for you for the property you wish to buy.

insurance company – cancel insurance for your old property. Having building insurance is normally a requirement of having a mortgage, but you should also consider contents insurance to protect your belongings statement from a lender giving an estimate of what you can borrow. It gives you some indication of your budget HM Land Registry – searchable property information (e.g. flood risk) and advice for joint property owners and for boundary questions Make sure you ask the developer for all material facts relating to the property before you commit to buying.

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flat or house – flats are nearly always leasehold, so you will pay a regular service charge and you may have to renew the lease. More information on purchasing a leasehold property can be found in the How to lease guide.