When you’re buying a property, particularly for the first time, you may well find yourself coming across costs you hadn’t planned for. Nobody wants that! But, knowledge is power as they say, so the <a href="https://mmwlegal.com/">Millar McCall Wylie</a> team have compiled a handy checklist of costs you’ll need to factor in so you can set enough aside and spare yourself (and your bank account) any surprises!<ol><li>Survey costs –&nbsp;it is advised that you ask a professional surveyor to inspect the property you’re buying to tell you everything you need to know about its condition or highlight any issues before you sign the contract These costs are paid directly to your surveyor. &nbsp;</li><li>Stamp Duty –&nbsp;in a nutshell, this is a tax paid by buyers to the UK Government. Your solicitor and your financial advisor will be able to help you calculate if any Stamp Duty is payable or if any reliefs or exemptions apply to you.&nbsp; &nbsp;</li><li>Legal fees&nbsp;– you’ll need to pay your solicitor for the time they’ve spent handling the purchase and the whole legal&nbsp; process behind it (handy hint: use our Legal Fees Calculator to give you an instant estimate on any property priced up to £500,000).&nbsp;&nbsp; &nbsp;</li><li>Outlays&nbsp;– you’ll have to transfer these funds to your solicitor in addition to their fee, then they will pay them to third parties on your behalf. They typically cover costs like searches or registering your name and mortgage against the property. &nbsp;</li><li>Mortgage product fees&nbsp;– your lender will charge you these and your mortgage broker will tell you what they’ll be when applying for your mortgage offer. These don’t always have to be paid up front and most lenders offer a few options. The broker themselves may also charge a fee for their services, depending on your arrangement (have a chat upfront on this so you’re clear).&nbsp; &nbsp;</li><li>Third party costs&nbsp;– Don’t forget about the costs you’ll need to cover once you buy the property – they’ll include things like rates, service charges, ground rent and utility bills. It’s best to try and work these into your budget at the onset - even before you begin to look at properties.&nbsp;</li></ol><hr>Did you know? You can get an instant estimate of the legal costs of buying a home using the free legal calculator on PropertyPal: &nbsp;<a href="https://www.propertypal.com/legal-fees-calculator">Legal Fees Calculator - PropertyPal</a> Alternatively, set up a chat with the Millar McCall Wylie Residential team for advice and support.&nbsp;&nbsp;

When you’re buying a property, particularly for the first time, you may well find yourself coming across costs you hadn’t planned for. Nobody wants that!

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A Guide to Budget Prep for Homebuyers

Buying a home is a huge step, and buying with a friend, partner, or family member can be an incredibly rewarding journey! But if you’re buying with someone who isn’t your spouse, what happens if things change down the line, or it comes time to sell?&nbsp; The Residential legal team at <a href="https://mmwlegal.com/">Millar McCall Wylie</a> has pulled together key advice to protect your investment…and your relationships! Put agreements in place Having a clear legal agreement from the start is one of the smartest things you can do. If you're not splitting everything 50/50 - from the deposit to the mortgage payments - it's essential to document the financial contributions.A great way to do this is with a Declaration of Trust, an agreement your solicitor can put in place. It allows you to be registered as joint tenants but stipulates how the proceeds will be divided if you ever sell the property.Example 1: Unequal deposit contributions<ul><li>You put in £10,000 for the deposit, and your partner puts in £20,000.</li><li>The Declaration of Trust would ensure that on a future sale, your partner receives their extra £10,000 back first, and the remaining equity is split equally.</li></ul>Declarations of Trust can also be helpful where one party has received a gift from family. While the Trust doesn’t ensure the person who gave the gift gets their money back, it means if the property is sold, the gifted money would be given back to the person it was originally gifted to and intended for.Example 2: A gift from family<ul><li>Your parent gifts you £10,000 towards the deposit.</li><li>The Declaration of Trust can be drafted to ensure that if the property is sold, the gifted £10,000 is returned to you, not shared with your co-owner. This protects the family gift for the person it was intended for.</li></ul>Good to know: these Trusts don’t have to be registered like many other Trusts.Another option is to be registered as "Tenants in Common." This ownership structure reflects the exact percentage of the property each person owns, based on their financial contribution.The Key Difference? Unlike a Joint Tenancy, your share of the property does not automatically pass to the other owner if you pass away. Instead, it becomes part of your estate. This makes it crucial to have a Will in place that specifies what should happen to your share of the property when you die. Without one, it could fall into the complex process of administration.Thinking ahead Let's be honest, no one enjoys thinking about writing a Will, especially when you're young and excited about buying your first home! But when you own property with someone else, having a Will is essential.It ensures your wishes are respected and your share of the property goes to who you want it to if you pass away - not just always to your co-owner by default.At Millar McCall Wylie, their Private Client team works seamlessly with the Residential team, making it easy to put these vital protections in place during the conveyancing process.<hr>Did you know? You can get an instant estimate of the legal costs of buying a home using the free legal calculator on PropertyPal: &nbsp;<a href="https://www.propertypal.com/legal-fees-calculator">Legal Fees Calculator - PropertyPal</a> Alternatively, set up a chat with the Millar McCall Wylie Residential team for advice and support.&nbsp;

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Buying a Property with Someone Else?

When you’re thinking about buying or selling a property, the road ahead can feel complex and a bit overwhelming, but with the right support behind you, it doesn’t have to be!&nbsp; <a href="https://mmwlegal.com/">Millar McCall Wylie</a> has a dedicated team of expert residential lawyers who will be in your corner, every step of the homebuying or selling journey. They get that it can be a busy and stressful time – but with years of experience behind them, you can know the ‘legal bit’ is in safe hands! Their motto is ‘preparation is key’ – and being well informed makes things feel a whole lot easier to tackle. They are always here to share advice and information to help buyers or sellers feel better prepared (and hopefully relaxed)!&nbsp;<hr>Here’s some of their Residential Team top tips… If you’re a first-time buyer, you may feel in the dark about what lies ahead, but, whilst every property purchase is slightly different, there are some general stages you can expect to go through. These will include:&nbsp; Speaking to a Mortgage Broker Fully understanding your affordability as early as possible is crucial. Your broker will help you grasp all the costs involved and what you can afford, based on your circumstances. This will allow you to work out the price range you can buy in. They’ll also advise you on all the paperwork you’ll need to gather for the lender and can give you specialist advice on insurances. It is never too early to check your affordability! &nbsp;&nbsp; They recommend getting in touch with your solicitor as soon as you start seriously looking at properties or are ready to make an offer. Engaging early means your solicitor can be ready to act quickly when the time comes, and importantly, you won’t incur extra legal fees by reaching out early. Their fees are based on the transaction, not how early you involve us, so it pays to be prepared! Making an Offer and Going Sale Agreed Once you’ve had an offer accepted, it’s exciting! But really that’s when the legal process will begin. This is when your solicitor takes over and will act in your best interest to handle the transaction as smoothly as possible. Admin Be ready for your solicitor to ask for documents from you including proof of your deposit funds, proof of ID and proof of your current address.&nbsp;These are needed for regulatory compliance and getting these to your solicitor as early as possible can help with the timescales and move you towards getting those keys. At Millar McCall Wylie, they use leading software Verify 365 to make this process as smooth as possible for you and documents can be uploaded with a few clicks of a button from your phone through their app.&nbsp; Mortgage Offer While you are waiting for your mortgage offer to issue, your solicitor will be working behind the scenes to make sure all the legal documentation is in place as soon as possible. Once your mortgage offer is officially issued and all the legal documents are in place, they will get you to sign a contract and discuss proposed completion dates (the day you get the keys). Completion Day The day you’ve been waiting for! Contracts are signed, money is transferred to the seller’s solicitor and the keys will be in your hands before you know it! You might think the buying process feels drawn out at times… but rest assured, your solicitor is doing everything they can to make sure the process goes ahead with your best interests in mind. It’s one of the biggest purchases you’re ever likely to make, so they want to make sure everything is right for you. Budgeting There’s nothing worse than surprises when it comes to bills! When you’re buying a property, here are the main costs you need to factor into your budget:<ul><li>Legal fees – these are charged by your solicitor to cover the time required in handling the purchase and all the legal process behind it. You can use the Legal Fees Calculator on PropertyPal to give you a great idea of what these fees will be for a specific property <a href="https://www.propertypal.com/legal-fees-calculator">Legal Fees Calculator - PropertyPal</a> &nbsp;</li><li>Outlays - your solicitor will also have to arrange for you to transfer these costs on top of their fees and organise for these to be paid to third parties on your behalf. Outlays include things like registering your name and mortgage against the property.&nbsp; &nbsp;</li><li>Mortgage product fees - these are fees your lender will charge you and your mortgage broker will advise on these. The mortgage broker may also charge you a fee for their services, depending on your arrangement.&nbsp;&nbsp; &nbsp;</li><li>Third party costs -you should also consider other costs that you might have to pay in the future once you purchase your property such as rates, service charges, ground rent and other utility bills.&nbsp; &nbsp;</li><li>Survey costs - you may wish to engage a surveyor to inspect the property and advise of its condition before signing the Contract (advisable). These costs are paid directly to the surveyor.&nbsp; &nbsp;</li><li>Stamp Duty - Stamp Duty is a tax paid by the purchaser to the UK Government. Your solicitor alongside your financial advisor will be able to help you calculate if any Stamp Duty is payable or any reliefs or exemptions apply to you.</li></ul>Other ways to be prepared! There are a few other things you can do to be well prepared when buying or selling.&nbsp; When you’re buying, it really helps to have a Mortgage in Principle in place through your mortgage lender. Your broker or lender will handle all this. This is basically a statement that says you will be able to secure a certain amount of funds based on your affordability. Having this ‘ready to go’ makes you an attractive bidder to sellers and ultimately will help speed up the mortgage application.&nbsp; When you’re selling, Millar McCall Wylie always stress how good it is to have a solicitor engaged as early as possible. A great time to do this is when you’re marketing the property. It means we can then go ahead and get title deeds, property certificates and other documents ready, so there will be no delay once you have a buyer secured!Myth buster - it is a common misconception that you have to meet with your solicitor on several occasions throughout the transaction. As a buyer, you only need to meet with your solicitor to sign the contract and mortgage deeds (if applicable).&nbsp;As a seller, you only need to meet with your solicitor to sign the contract and deed transferring ownership to the new buyer.Not all meetings can be done remotely but we are big on keeping things straightforward and can set up virtual meetings, calls and digital signatures where possible.&nbsp;<hr>Did you know? You can get an instant estimate of the legal costs of buying a home using the free legal calculator on PropertyPal: &nbsp;<a href="https://www.propertypal.com/legal-fees-calculator">Legal Fees Calculator - PropertyPal</a> Alternatively, set up a chat with the Millar McCall Wylie Residential team for advice and support.&nbsp; &nbsp;

The Millar McCall Wylie team guide you every step of the way in buying or selling your home, offering clear advice and support for a smooth process.

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