In theory, you can afford a property costing no more than the combined total of the deposit that you saved (or can save) plus the amount you can borrow on mortgage. Typically, this is three times the principal income plus one times the second income. But some lenders will lend more, and some less.
These are the areas within a development which do not form a plot to be assigned to an individual proprietor. They include play areas, landscaped areas, roads and footpaths that are not intended for adoption by any of the relevant local authorities.
Within flatted areas on a development, this may include parking areas, street lighting, and communal stairways, which are not intended for adoption by the local authority.
Miller Homes normally appoint a Managing Agent for the upkeep of these.
Prior to making a mortgage offer your lender will have the property valued for mortgage purposes. A small fee will normally be payable.
Please note that the value the lender puts on the property is a valuation for loan purposes and may not reflect the open market value of the house. If you order a lot of optional extras for your new home the full value of these may not be reflected in the value the lender puts on the property.
Stamp Duty 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:
Up to £125,000 = nil
£125,001 to £250,000 = 1%
£250,001 to £500,000 = 3%
More than £500,000 = 4%
NB - these figures are set by the Government, and are subject to change.
Leasehold:
Land held under a lease for a specified number of years on which a ground rent is paid. Find out more here.
Freehold:
The full ownership of both the property and the land on which it stands.
Your solicitor will arrange for you to sign a binding purchase contract. At this time your agreed deposit will need to be paid. Miller Homes will also sign their copy of the contract and send it to their solicitors.
Once these contracts are exchanged the transaction becomes legally binding.
If you are selling your present home, the timing of the exchange of contracts is finely worked out. It is up to your solicitor to ensure that both sets of contracts - the sale of your existing home and the purchase of your new one - are exchanged simultaneously and a suitable moving day arranged so at no time are you 'homeless'.
Sometimes it is not possible to co-ordinate the sale of your existing property and the completion on your new Miller Home for the same day. If this is the case you may have to consider staying with friends or family or living in rented accomodation until your new Miller Home is ready.
This will establish if your new home is likely to be affected by any planning decisions or other proposals.