Gone are the days of traipsing around a host of estate agencies, giving your details, letting the estate agents know what you're looking for and waiting for them to find the property for you. The birth of the internet has meant that a number of companies have set up to provide property searches with databases of properties for sale which you can search from your desk.
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The world of renting can be confusing and you could lose money if you don’t know what you’re doing. There are several things you need to think about before you commit to renting a house, flat or room. Follow our basic guide to help you get off to the best start.
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A house deposit in London is something you should save for and gather before you start thinking about which property you want to buy. Having said that, if this is a real problem there are other options featured in our guide to building a deposit where you can buy a first home without saving for a deposit at all, also gifted deposit.
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As a landlord in London, you will be required to ensure that the property complies with fire regulations such as installing smoke detectors, ideally on all floors, and possibly fire doors. You should install a fire extinguisher and fire blanket in the kitchen. To find out further information about fire regulations and other regulations that may apply, contact the local authority.
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The Co-Owners covenant with each other that during the continuance of the Mortgage they shall be responsible for the Mortgage repayments in the Mortgage Shares and each will at all times in future keep the other and his or her estate indemnified from all actions costs claims and demands on account of such payments.
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If you are considering purchasing a property abroad you will probably need a mortgage for your overseas property. Every country has its own mortgage and lending rules and in some cases it may be better to secure a mortgage with an overseas lender; in other cases you may get a good deal from a UK lender.
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Some banks and building societies are happy to lend on shared ownership properties and some may lend you up to 100% of the share you are buying. but you may need to find some sort of deposit and some administration costs.
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The buying process is completely different from the 'normal' one as when your bid in an auction room is accepted, you are legally committed to the purchase. In effect, that final bid acceptance becomes the 'exchange of contracts' and you cannot pull out of the deal.
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