Frequently Asked Questions by Home Buyers

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What can I afford to buy?

In most cases you can work out how much you can afford to buy by adding the total of the deposit that you saved (or can save) and the amount you can borrow on mortgage. This tends to be three to four times the principal income plus one times the second income. But this varies by lender – some will lend more, and some less.

I’m a first time buyer – how can you help?

Buying your first home is an exciting yet daunting prospect. At North Property group we can explain all of the help-to-buy options available to you as a first time buyer and will guide you through every step of the process. Just contact us to find out more.

What happens if I have a home to sell?

If you’re selling a house just contact us and we’ll talk you through the ways we can help. We can even sell your current property for you.

What is the difference between leasehold and freehold?

Leasehold is land held under a lease for a specified number of years on which a ground rent is paid.

Freehold is the full ownership of both the property and the land on which it stands.

What is a survey?

Before your lender can make a mortgage offer they will often need to inspect the property to ensure it is built to regulation standards and is worth the price you are buying it for.  A small fee will normally be payable for this.

What is stamp duty?

Stamp Duty Land Tax (SDLT) is payable on all homes with a purchase price of over £125,000. The amount you will have to pay will be based upon the selling price of your home. Currently the scale charges are as follows:

Nothing on the first £125,000 of the property price
2% on the next £125,000
5% on the next £675,000
10% on the next £575,000
12% on the rest (above £1.5 million)

For example, if you buy a property for £275,000 you'll pay £3,750 of SDLT. This is made up of:

Nothing on the first £125,000
£2,500 on the next £125,000
£1,250 on the remaining £25,000

If you are a first time buyer in England, you don't pay any Stamp Duty Land Tax up to £300,000 and 5% on the portion from £301,000 to £500,000.  A first time buyer is someone who has never owned freehold or leasehold interest in a dwelling before and who is purchasing their only or main residence.  Residential property anywhere in the world is counted when determining whether someone is a first-time buyer.  Where there are joint purchasers, all purchasers would need to be first time buyers.  The charges for first time buyers in England are:

Nothing on the first £300,000 of the property price
5% on £301,000 to £500,000
Standard rates from £501,000 and above

Land and Buildings Transactions Tax (LBTT) was introduced on 1 April 2015 in Scotland, and replaces UK Stamp Duty Land Tax. For residential property transactions, the rate of tax is determined by reference to percentages of the chargeable consideration for the transaction falling within the proposed bands below:

Up to £145,000 = 0%
Above £145,000 to £250,000 = 2%
Above £250,000 to £325,000 = 5%
Above £325,000 to £750,000 = 10%
Over £750,000 = 12%

LBTT is charged at the appropriate rate on the amount of the chargeable consideration within the relevant bands. For example, a house bought for £280,000 is charged at:

0% for the first £145,000, then
2% for the next £105,000
5% for the next £30,000 and
so £3,600 must be paid in LBTT

NB - these figures are set by the Government, and are subject to change.

What are Local Authority Search Fees?

This is a fee to establish whether your new home is likely to be affected by any local authority planning decisions or other proposals.

What happens once I have reserved my new home?

Once you have reserved your new home we will be in touch to advise you of the next steps. You will also need to instruct a solicitor to act on your behalf.  North Property Group can recommend one of our trusted solicitors, all of whom have very competitive rates.

When does the sale of a house become legally binding?

Once you have signed a purchase contract and paid your exchange deposit the sale becomes legally binding. Your solicitor will arrange this for you.

Call Us:
Leeds: +44 (0) 113 4264 444
Manchester: +44 (0) 161 2449 060

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