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What is Loan to Value (LTV)?

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  Understanding Loan to Value Ratio Loan to Value (LTV) ratio is a key concept in the mortgage world. It represents the percentage of the property’s value that you are borrowing through a mortgage. For example, if you’re purchasing a home worth £200,000 and have a £20,000 deposit, your mortgage would be £180,000, making your LTV 90%. LTV is a crucial factor for lenders as it helps determine the risk associated with the loan. How to Calculate LTV Ratio To calculate the LTV ratio, divide the amount of the mortgage by the total value of the property and then multiply by 100 to get a percentage. For instance: Property Value:  £250,000 Deposit:  £50,000 Mortgage Amount:  £200,000 The calculation would be: LTV=(200,000250,000)×100=80%\text{LTV} = \left( \frac{200,000}{250,000} \right) \times 100 = 80\%LTV=(250,000200,000​)×100=80% This means the LTV is 80%, indicating that the mortgage covers 80% of the property’s value. Why is LTV Important? LTV is significant for both le...

How Much Does a Property Valuation Cost in Leeds?

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  Understanding the cost of property valuation in Leeds is crucial for anyone looking to  buy or sell property . This guide covers who charges for valuations, the different types of valuations and their fees, and important information specific to the Leeds property market. We also provide tips on getting your property valued for free and answer common questions about property valuations in Leeds. Who Charges for Valuations? Traditional  estate agents in Leeds  typically offer free valuations with no obligation to list your home with them. However, fees apply when using chartered surveyors or mortgage lenders. Chartered surveyors in Leeds charge from £250, while mortgage lenders add approximately £150 to other fees for their valuation services. What Do Valuations Cost the Estate Agent? Estate agent valuations in Leeds are free, but they incur costs. These include travel expenses, data gathering, and time spent evaluating the property, amounting to about £80-£150. Type...

Top 22 Jargons Used by Estate Agents in the UK

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How to Avoid Paying Council Tax on an Empty Property

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Apply for a Repayment of the Non-UK Resident Stamp Duty Land Tax Surcharge in England and Northern Ireland

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  Check if you can and how to apply for a repayment if you’re a non-residential purchaser of property in England and Northern Ireland. Who Can Apply You or your estate agents can apply for a repayment of the surcharge paid on a property if all the purchasers are individuals and have spent 183 days in the UK in any continuous 365-day period: Starting no more than 364 days before the effective date of the transaction. Ending no more than 365 days after the effective date of the transaction. The effective date of the transaction is usually the completion date. You must apply for the repayment within 2 years of the effective date of the transaction. What Information You’ll Need To apply for a repayment, you will need the following details: Bank Account Information:  UK bank account and sort code details for the recipient of the payment. Unique Transaction Reference Number (UTRN):  From the Stamp Duty Land Tax return submitted when the property was purchased. Effective Date of...

How to Sell a House in Birmingham - 15 Steps

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  Selling a house in Birmingham involves careful planning and execution. This guide covers 15 essential steps to ensure a smooth and successful sale. We address specific considerations for the Birmingham market, including costs, local regulations, and frequently asked questions. 15 Steps to Sell a House in Birmingham 1. Decide if Now is the Time If you’re considering selling your home in Birmingham, assess the following factors: Personal Circumstances:  Ensure your situation is conducive to selling, as it can take up to six months. Time of Year:  The best times to sell are typically spring and autumn. Winter and summer months may see less buyer activity. National Market Conditions:  Low mortgage interest rates increase buyer interest. Local Market Conditions:  Birmingham’s property market can vary by area, with higher demand in certain neighborhoods. 2. Decide if You’ll Rent or Buy Consider your next accommodation: Buying a New Home:  You’ll know how much y...

How Do I Switch Estate Agents in London?

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  Switching estate agents in London can be a strategic move if you’re not getting the desired results with your current agent. This guide covers when and how to switch estate agents in London, considerations before making the change, and important steps to follow for a smooth transition.  We also answer frequently asked questions about switching estate agents in London . When Should You Change Estate Agents? Changing estate agents, especially in a competitive market like London, is a significant decision. It involves risks, but switching from an underperforming agent can have many benefits. Consider changing agents if: Your agents aren’t responsive or don’t communicate as agreed. You haven’t had many (or any) house viewings. Their properties aren’t advertised on online property advertising platforms . Can You Change Estate Agents in London? Yes, you can change  estate agents in London , but you might be subject to a minimum tie-in period. This is the minimum time your est...