Mortgage advice... help.?

I already have a mortgage on my flat but would like to move in the next couple of years.





The trouble is my knowledge of the whole process is very basic and this time I would like to go into it knowing what to expect and what the procedures are.





Can anyone explain to me the whole process from putting your house up for sell to buying another property, and all costs involved.





I appreciate this is a very long answer but I feel clueless and can not seem to understand the information found on the internet.





Thanks guys!Mortgage advice... help.?
Hi JB!


Firstly, I would recommend you speak to an independent financial advisor, not one attached to a bank or building society as they tend to plug their own products and they aren't always the best or cheapest! You should be able to find one in the phone book and they are very often 'attached' to an estate agent. Despite being independent, they are still regulated by the FSA so you don't need to worry about being ripped off. Their advice is free of charge and they only take a commission if you take out a product. They are great people to talk to to guide you through the maze.


Now, down to the nitty gritty! To put your house on the market, you are required to have a HIP - Home Information Pack - which gives any prospective buyers all the information about your property, from heat sources and efficiency to the type of windows you have in your home. This costs around 拢350 and can be paid either up front or upon completion of your sale. You can sell your property privately, which means you don't place it with an agent - you would need to do all the marketing yourself and show people around. If you place the property with an agent, depending on the value of your property, they will charge a percentage for their services which is payable upon completion of your sale. The percentage can vary from 1 - 3% and will be paid from the proceeds of your sale through your solicitor. Should you withdraw your property from the market, you would have to pay promotional fees to the estate agent for having marketed your property.


You will also need a solicitor to transfer the title of your property to the new owners and also to carry out any searches on your new property. Again, their fees can vary from around 拢300 - 拢500 and these are payable upon completion.


As you will be continuing with a mortgage, speak to an independent financial advisor who will advise you as to whether your mortgage is portable (can be moved from property to property) and if so, is it still the best and cheapest product for you. If not, they will look around for the best deal for you. A mortgage company may have a deal on which offers no fees but if you aren't that lucky, you may find yourself paying around 拢300 - 拢400 just to switch mortgage. You may also be locked into a mortgage deal at the moment and may have to pay a penalty to switch your mortgage. Your advisor will look into all this for you.


If you are buying a new property, you will need to get a survey done which will cost around 拢150 - 拢200, depending on the type of survey you request.


Depending on the type of mortgage you go for - if you do a repayment, you will need to pay for a life insurance policy which would pay off your mortage if the worst should happen. If you go for an endowment, you would need to take out an endowment policy, again to cover your life and also to repay the mortgage amount upon completion of your mortgage term.


And then of course, you need to get quotes for council tax and water rates for your new home and also for your home and buildings insurance.


I think thats covered everything! Sorry its long winded and I hope there aren't too many spelling mistakes!! I worked in a bank for twelve years, most of them spent on mortgages and lending, so if you want to email me for more info, please feel free!


Best of luck!Mortgage advice... help.?
If you go to a estate agents to sell your house they will do the work for you.then you can look for another property cost will vary but it will be several thousands and a long process you get into a chain with buying and selling.
very basically it goes something like this:


Selling: You find an agent to market your property. When you get a buyer they arrange and pay for a survey. If all goes well you arrange for a solicitor to handle the conveyancing (buying/selling process) and they then transfer the deeds into the name of the new owners. The solicitors cost depend on how easy the transaction is. The new owner's bank then pays off your mortgage lender and sends the balance of the payment to your solicitor, who then passes that onto you, minus his fees. The agent will take between 1% to 3% of the sale price as commission. Sometimes you pay that direct to the agent, sometimes the solicitor pays it to them.


Buying: You contact a mortgage lender and find out how much you can borrow, then find a property that you like, agree a price through the agent, you pay for a survey and assuming that everything is ok and that your bank still agree the price is reasonable you go ahead with the purchase. Then you contact a solicitor re conveyancing, they do all the necessary searches etc (fees apply) then your mortgage lender pays the solicitor the agreed price of the house. The property deeds are transferred into your name and you then pay the solicitor for the conveyancing fees.


Fees can vary quite a bit so check out different agents and solicitors.