Commercial loan rate

Completing the deal The Completion date (i.e. when you actually move in and the money for the house is handed over) is usually 28 days after the exchange of signed contracts and deposits. So you will be without your deposit money for a month at least. Of course, it will be returned to you, less all the expenses incurred in conveyancing, when you move house. It is worth mentioning here that if you are selling as well as buying, most solicitors will not allow you to use your purchaser's deposit money for your own deposit to your vendor. If you are selling as well as buying mortgages, then the whole business is doubled up -- you have to answer pre-contract enquiries from your purchaser, as well as obtaining them from your vendor, your purchaser will have a survey done and institute a local search on your property. All of this adds to the time involved in the process and certainly adds to the fees.

Fees The fees payable for the whole process are as follows: Arrangement fee. Some lending organisations charge a mortgage arrangement fee, which can vary from a few pounds to around $50. Valuation survey fee. Usually this is a fixed sum which, at the time of writing seems to average around $90. Average rate for a structural survey (more in-depth) seems to be around $200. Solicitors/Conveyancing agents fee. This varies, since the introduction of registered conveyancing agents has caused solicitors to be more competitive. It is worth shopping around for the best quote possible.

It will average several hundred pounds. Stamp Duty. This is payable on all properties valued at over $30,000 and is a fixed rate of 1 per cent. Therefore the stamp duty on a house worth $70,000 is $700. Do make sure that any monies paid for fixtures and fittings are excluded from the registered purchase price otherwise you will pay stamp duty on them. Land Registry fees. This varies according to the purchase price, but is an average of about $20 for a modest property. Search fees. This varies according to the local authority involved. About the same as Land Registry fees. Deposit.

This is usually a standard ten per cent in contracts but in practice is usually agreed at five per cent. Estate agent's commission. This is only applicable if you are selling a property and is usually between one and two per cent of the purchase price. In real terms it can be a large sum to pay ($700 -- $1400 on a $70,000 sale) so think carefully when you budget for a move bridging loans.