What are the three attributes of a security secured on property?
- Simplicity of title
- Stability of value
- Realisability
What does a basic valuation report provide?
- open market valuation
- recommends insurance value
- indicates more obvious defects
What does the Buildmark scheme set by NHBC insure against?
- Builder’s fraud or insolvency and against major faults in first ten years of property’s life
What will NHBC reimburse if builder does not complete home due to fraud or insolvency?
Any money that cannot be recovered from builder/or finished work up to max 10% property price or £100,000
When is planning permission required?
- house extensions (including conservatories), loft conversions, addition of dormer windows and roof additions;
- dividing a house into self-contained units for business/commercial use;
- building a separate home in the garden or grounds;
- building a fence, wall or gate over two metres high
- installing a satellite dish
- work which might obstruct the view of road users; and
- work involving new or wider access to a trunk or classified road.
When is planning permission not required?
- small extensions or porches
- the building in the garden or grounds of sheds, garages, greenhouses, summer houses, swimming pools and many other structures, unless the building is a flat or maisonette.
- construction of paths, patios or driveways
- erecting a normal TV or radio aerial.
What are the three grades of listed buildings in England/Wales?
- Grade I: Buildings of exceptional interest
- Grade II*: Particularly important buildings of more than special interest
- Grade II: Buildings of special interest, warranting every effort to preserve them
What is the most important criterion for listed buildings?
Age
What are the three grades of listed buildings in Scotland?
- Category A: Buildings of national or international importance
- Category B: Buildings of regional or more than local importance
- Category C: Buildings of local importance
Can lenders fees be added to mortgage?
Yes in some cases
How much are lender’s fees typically?
0.5% of loan, upper limit approx £300
How much are valuation fees?
- Exceed £200
- Homebuyers: £350 upwards
- Full survey: £800 upwards
What legal fees are involved with buying?
- Conveyancing
- Search fees
- Local Authority search
- Land registry fees
- Bankruptcy search
How much are typical legal fees?
- Circa 0.5% of cost of property + £100 for search fees
What are SDLT rates?
£0–£125,000 0%
£125,001–£250,000 2%
£250,001–£925,000 5%
£925,001–£1.5m 10%
Over £1.5m 12%
What are SDLT rates for first time buyers?
No SDLT under £300k
SDLT then paid at 5%
If > £500k = no relief
How long generally do local council take to grant planning permission?
8 weeks
