Guide to homebuying
The CML guide to home-buying and selling in England and WalesIntroduction
Becoming a home-owner
The house-buying process
• Working out a realistic budget
• Looking at properties
• Making an offer
• Applying for a mortgage
• Valuing the property
• Getting a formal mortgage offer
• Conveyancing (legal) work
• Completion and moving in
Special considerations for leasehold property
Low-cost home-ownership options
• The "right to buy"
• Shared ownership
• Homebuy
Loans for home improvements
The costs of home-ownership
• One-off costs
• Regular costs
Glossary of terms
Introduction
This guide gives a basic overview of buying and owning a home.
The CML is not able to give individual consumer advice, but our links will help you identify other useful information from various relevant organisations.
Becoming a home-owner
If you are reading this guide you are probably looking forward to buying your own home. Most people gain a great deal of satisfaction from becoming a home-owner. But owning a home also brings new financial responsibilities, and you need to think about these.
This guide will help you through the various steps and the points you need to consider. But do remember that the main reason for buying should be to have a secure home to live in, not to make a short-term investment.
We have tried to explain any special phrases or terms that apply to the house buying process within the guide, but if in doubt do refer to the glossary section at the end of the guide.
The house-buying process
Once you have decided to buy your home, the home-buying process in England and Wales involves:
• Working out a realistic budget;
• Looking at properties;
• Making an offer;
• Applying for a mortgage;
• Valuing the property;
• Getting a formal mortgage offer;
• Conveyancing (legal) work; and
• Completion and moving in.
The Government, in conjunction with the property selling and mortgage industries, is working towards introducing compulsory "Home Information Packs" (HIPs) in 2007. All sellers will have to compile a pack of standard information on the property being sold. This is likely to change some of the steps involved in buying a home. You can find out more about HIPs from the website of the Office of the Deputy Prime Minister - www.odpm.gov.uk.
Working out a realistic budget
The maximum price you can afford to spend on a home will be the combination of the amount you can borrow from a mortgage lender and the amount you can raise yourself.
But you need to decide whether you want to borrow as much as you can, or buy a cheaper home and have more flexibility in your finances. It may be tempting to borrow as much as possible when the initial cost is manageable, but remember that you could get into difficulties and lose your home if you can’t keep up your repayments.
When you are deciding how much you can afford, don’t forget to take account of the costs involved in buying a home, as some of these might eat into your savings. These costs might include:
• the valuation fee and perhaps a fee for a home-buyer’s report or building survey;
• a high lending fee (sometimes called an additional security fee) if you want to borrow a
high percentage of the property price;
• your legal expenses;
• stamp duty;
• Land Registry fees; and
• removal expenses.
Don’t forget to take account of your normal living costs each month as these affect the mortgage repayments you can afford. And bear in mind that once you are a home-owner you will have to pay the cost of maintaining your home, as well as paying Council Tax and household bills. These costs are covered further in the section "Costs of home ownership" below.
The amount that lenders will be willing to lend you will vary. Many lenders now calculate how much they are willing to lend by taking into account your other financial commitments, as well as your income. Others may use a more traditional standard lending limit, such as three and a half times income – the exact amount will depend on the lender.
If you are getting advice, advisers have a duty to take reasonable steps to ensure you can afford a mortgage that they recommend. Whether or not you get advice, lenders are required to lend responsibly and will try to make sure you do not overstretch your finances.
The FSA consumer website – www.fsa.gov.uk/consumer - has a useful section on financial planning, including tools to help you build your own financial plan and a personal budget calculator.
Looking at properties
Once you have worked out your price range, the next step is to find a property!
You will probably already have an idea of where you would like to live and the sort of property you want. But it’s easy to get carried away when you begin to look at properties, so it is useful to make a checklist of what you want. For example:
• how many bedrooms do you need?
• do you want a garden, garage, off-street parking?
• do you need to be near good transport links, schools, shops, work or leisure facilities?
• how busy or quiet an area are you looking for?
• any other features that are important to you, such as style of property, security, ease of access and running costs.
It is a good idea to use your checklist to note how each property measures up to your list of needs. You will probably find you have to compromise on some details - but if you have to make any major compromises, be certain you can live with them.
You may be particularly interested in looking at newly built properties, existing properties, or both. For new property, builders often advertise new developments through local newspapers or estate agents. If the development is large enough, there may be a "show home" and temporary office on site.
Most new properties are covered by a guarantee scheme to protect you against any major structural faults which may develop in the 10 years after the property is built. If a new property is not covered by one of these schemes, lenders may still be happy to provide a mortgage if it has been built under the supervision of an architect or surveyor, but you should check with the lender to make sure.
You can find out about existing properties from advertisements in newspapers, estate agents and, increasingly, the internet. The web is proving ever more popular as a source of information on properties for sale. Most estate agents now have their own websites, and there are also a number of sites which list properties on offer from a range of agents, with facilities to search for properties with particular features or in specific locations.
As a home-buyer you will not have to pay estate agents for their services, as the agent is acting on behalf of the seller, and so the seller pays the agent's fee. Bear in mind that the agent will be trying to obtain the best price possible for the seller.
It is worthwhile visiting local estate agents in person to explain what you want and what you can afford. Agents will be able to give you details of any suitable properties they currently have on offer, and will post details of any other properties they are asked to sell after your visit. The estate agent will arrange for you to visit any properties you are interested in and will pass on any offer you make to the seller.
Making an offer
Once you have found a property you like, you will need to decide how much you are prepared to pay for it and then make an offer to the seller (usually via the estate agent). Any offer you make is "subject to survey and contract" which means that neither you nor the seller has to go ahead with the deal. The sale of the property is not legally binding until exchange of contracts. Once your offer has been accepted by the seller, you will then need to formally
arrange your mortgage to buy it.
Getting a mortgage
Ideally, you will already have researched the mortgage market before making an offer on a property. It does no harm to begin your mortgage research at an early stage, so that you are ready to proceed quickly once your offer has been accepted. The CML guide to mortgages gives useful information about how to choose a mortgage and you should read it alongside this guide.
But the golden rule is: shop around. There is so much variety in the mortgage market that you need to find a lender and a type of mortgage that suits you. There are various ways to start – by using the various information available on the internet, by using a broker, or by beginning with one of the mortgage magazines available from newsagents.
When you formally apply for a mortgage, you will need to fill in a mortgage application form. This will ask for some fairly detailed information to help the lender decide whether, and how much, to offer to lend to you.
The lender will normally need the following information:
• Proof of identity;
• If you are employed, proof of salary from your employer;
• If you are self-employed, copies of your audited accounts;
• If you are working on a short-term contract, evidence of the length of your contract;
• Details of how you have kept up any previous mortgage payments, or evidence of regular rent payments;
• Details of your wider financial circumstances.
The lender’s assessment of your ability to repay the loan will usually take account of not only your income, but also your credit history and credit scoring profile. The lender will therefore consult a credit reference agency and may want to see copies of your current account statements as part of this process.
Valuing the property
Before approving your mortgage application, the lender will want to check the property's value. To do this, the lender will usually arrange for a qualified valuer to inspect it. You normally have to pay for the valuation, even if you do not go on to buy the property. However, some lenders do not charge for valuations, so check.
The valuation is carried out purely to help the lender decide whether it is willing to lend, and if so how much, on the property you want to buy. The valuer makes a written report to the lender. The lender does not have to tell you the contents of the report, but some lenders will give you a copy or at least tell you about any serious problems which may have been spotted during the valuation.
The valuation is not an extensive survey and will not necessarily identify all the repairs or maintenance that might be needed. For a full picture, you should consider having a complete building survey or a mid-range "home-buyer's report" carried out. This can usually be done at the same time as the valuation.
The value of a property will be affected by a mix of many different factors. These will include its size, location, type, state of repair, local environment, assessment of how easily it would be to re-sell in the future, and prevailing market conditions. Valuation can never be exact, but most properties are valued at something around the price for which they change hands.
However, sometimes you may find that the valuation identifies significant problems, or that the property is formally valued at a significantly lower price than the offer price. In these circumstances you may be able to re-negotiate the price with the seller. In the most serious cases, you may even decide to withdraw your offer, or the lender may decide that it is not prepared to lend.
If the property lacks basic amenities such as running hot and cold water, an inside toilet or a bath/shower, a condition of the mortgage would be that you install these within a certain timescale.
Problems may possibly arise with the following properties:
• Properties which are not expected to last for at least 60 years from the time the mortgage is provided;
• Leasehold properties (usually flats) with leases for less than 60 years;
• Converted flats which are not structurally sound or where the lease does not contain adequate conditions for the shared areas (for example, stairways and hallways) of the building; or
• Freehold flats (because of legal difficulties in keeping the building in a good repair).
Getting a formal mortgage offer
When the lender is confident that you will be able to repay the mortgage, and is
satisfied with the valuation report on the property and the results of legal
searches, it will issue a formal mortgage offer (known as an "offer of
advance").
Certain conditions may apply to the offer of advance. For example, if specific
work is needed on the property the lender may:
• offer to provide the full amount of the mortgage when you buy the property as
long as you carry out the work within a certain time; or
• offer only part of the loan at first, paying the rest when the work has been
carried out. The money held back is called a "retention".
If you want to go ahead and get the mortgage to buy the property, you must
accept the offer of advance. The legal work then needs to be completed.
Conveyancing (the legal work)
"Conveyancing" is the legal process that must be followed to transfer the
ownership of the property from the seller to you. The legal aspects of buying a
home can be complicated. Although in theory you can do the legal work yourself,
in practice most home-buyers appoint a solicitor or a licensed conveyancer to do
the legal work involved in buying a property. That person, known as the
conveyancer, will be your legal adviser and will act for you.
You need to appoint a solicitor or licensed conveyancer as soon as possible
after your offer is accepted so that:
• you can give your lender the solicitor’s or conveyancer’s details;
• your conveyancer can make contact with the seller's conveyancer and begin work
on drafting the contract that will form the basis of the selling/buying
agreement; and
• the solicitor or conveyancer can check over any valuation reports and offers
of advance.
Your lender may be able to give you a list of conveyancers to choose from, who
are also approved by the lender to undertake the legal work they need. You can
also get details of conveyancers from the Law Society or the Council for
Licensed Conveyancers.
The fee charged by conveyancers will vary. It is worth getting estimates from
several conveyancers. Whichever conveyancer you decide to use, check that your
lender is happy to use the same conveyancer for their legal work - this should
help to keep the total legal costs you have to pay as low as possible. Some
mortgage deals include free conveyancing up to a certain value, which can be
useful if you want to minimise your upfront costs.
A lot of legal work involved in buying a home doesn’t need to involve you
directly, but it is useful to understand what needs to be done in case you need
to check up on progress. Your conveyancer will tell you about the documents you
need to sign, but if you do not understand anything you should ask.
Your conveyancer will do the following.
• Get the title deeds (documents giving evidence of ownership) of the property
from the seller’s conveyancer and examine them to make sure there are no
problems.
• Make sure that you will get proper ownership of (title to) the property.
• Make sure that there are no planning conditions or particularly harsh
conditions of ownership (for example an intrusive right of way) affecting the
property.
• Make sure the seller has all planning permission and completion certificates
for any alterations or extensions to the property.
• Check that there are no local developments (for example, road-widening
schemes) planned which might affect the value of the property.
• Check that the street, pavement and main drains are public and maintained by
the local authority.
• Negotiate and agree (with the seller’s conveyancer) the draft of the contract
setting out the terms on which you are buying.
• Register or record the change of title to the property, and the mortgage deed
(loan agreement) in favour of the lender, with the Land Registry.
Getting hold of all the necessary information
can be time-consuming. Your conveyancer will request "searches" of information
that could affect your property from the relevant local authority and sometimes
other agencies. Sometimes these can be obtained quickly and electronically, but
sometimes they can be slower and this may cause delay.
Sometimes it is possible to use title insurance as a way to streamline some of
the conveyancing. Title insurance can sometimes be used to complement or replace
some elements of the legal work by insuring against the risk of problems arising
in the future. It is more commonly used on
remortgage cases than on mortgages
to buy a property, but it may be useful if problems are identified during the
conveyancing process.
If your conveyancer is also acting for your lender, your lender may instruct the
conveyancer to prepare the mortgage deed. This is the legal contract between you
and the lender. Your conveyancer will explain the terms of the mortgage deed to
you, and then have them signed by you and the lender.
Once the conveyancing work has been completed, you and the seller need to sign
the contract your conveyancers have agreed that sets out the terms of the sale.
The conveyancers will then exchange contracts and at this point both you and the
seller are legally committed to the deal.
At this point, you will need to pay a deposit of about 10% of the purchase
price. Also, you become responsible for putting right any loss of or damage to
the property (unless the contract says otherwise). So you will need to make sure
the property is insured properly. Your conveyancer will normally arrange this.
If you are depending on the sale of an existing property to buy the new one, you
need to make sure that you exchange contracts for both properties at the same
time, and agree the same completion date for both properties. Otherwise, there
is a risk you might be legally committed to buy but not have access to the money
you need to do so. If you complete your purchase
before your sale then you will face a shortfall and will need an expensive
"bridging loan".
Completion and moving in
You become the legal owner of the property on an agreed date (known as the
"completion" date) after exchange of contracts. This is when the price you are
paying for the property is transferred from your mortgage lender to the seller.
The conveyancer is responsible for checking that the funds have been received
before allowing the keys to be released to the new owner. Often, in practice, it
will be the seller or the estate agent who hands over the keys.
Once you have your completion date, you will need to think about organising
moving in. Removal firms can sometimes get very busy, so it is worth getting
quotes in advance and booking as soon as you know your completion date if you
are planning to hire a firm to pack or move your furniture.
Before you move in, you also need to ensure that you:
• Contact gas, electricity, water and telephone suppliers to arrange connection
or continuity of service;
• Contact anyone who writes to you regularly with your change of address. You
can also get post from people you may forget to tell redirected to your new
address for a period for the payment of a fee.
• Don't forget to tell your employer, current account provider,
investment/pension providers, DVLA, TV licensing, children's schools, doctor,
dentist, and anyone else who may need to know that you have moved.
Special considerations for leasehold property
There are three types of ownership of property - freehold, leasehold and
commonhold:
• Houses are usually (but not always) freehold. This means that you own both the
property, and the land on which it is built, for an unlimited period of time.
• Flats and maisonettes are usually (but not always) leasehold. This means that
you own the property for a fixed period of time, and you do not own the land on
which it is built.
• Commonhold is a brand new system of ownership for flats, but at the moment it
has not yet become established and you are unlikely to come across it. It is
designed to provide ownership of flats for an unlimited period of time, and to
make provisions for the collective maintenance of the common parts of a shared
building.
Your conveyancer needs to do extra legal work
if you are buying a leasehold property.
The lease is the legal document which sets out the rights and duties of both you
(the leaseholder) and the landlord of the building (the freeholder).
The lease will specify the number of years you are entitled to own the property.
In most cases, a lease would start off lasting for 99 or 125 years, but its
length and value will decrease over time. You may have trouble getting a
mortgage on a property where the lease has less than 60 years left to run.
However, you may be able to buy a new lease which adds more years to the time
left running on the existing lease.
Your conveyancer will check the details of the lease on the property including:
• the length of time the lease has left to run;
• the ground rent you will have to pay the landlord or freeholder, and any
management fee or service charge (to cover repairs and maintenance of shared
parts) you will have to pay;
• who is responsible for maintaining the shared areas of the building and
whether that responsibility is shared in a fair way; and
• if there is likely to be any major work which you may have to pay towards, for
example re-roofing or painting the outside of the building.
If you are a leaseholder of a flat in a block,
you and the other leaseholders in the block can buy the freehold of the building
if you meet certain conditions. This is known as the right to "enfranchise" and
leaseholders have this right even if the freeholder does not want to sell.
Low-cost home-ownership options
Not everyone can afford to buy a home on the open market. Recognising that most
people want to become home-owners, the Government supports a number of schemes
that provide people with a lower-cost way of buying a home. The main ones are
set out below, and there is a much wider range of information and leaflets about
low-cost home-ownership available
on the website of the Office of the Deputy Prime Minister (ODPM), the Government
department responsible for housing. If you are a "key worker" you may also
qualify for help to buy a home under special schemes.
The "right to buy"
If you rent your home from a social landlord such as a local authority or
housing association, you may be able to buy your home from them. Some schemes
offer discounts on the price of the property. The "right to buy" is the most
widely known scheme for buying your home from the council, and it offers
discounts which can be quite large. Ask your landlord whether
you qualify to buy your home.
Shared ownership
For some people, shared ownership is a suitable option to consider. Shared
ownership is a "half-way house" between buying and renting. You buy a chunk of
the property - say 50% - with a normal mortgage from a lender. You then pay rent
on the other chunk to a social landlord such as a housing association and you
have the facility to buy another chunk at a later date – for example, when your
earnings have risen thereby allowing you to qualify for a larger mortgage. There
isn’t always a big difference between the cost of shared ownership and the cost
of full ownership, but it is definitely worth checking out this option if you
would find it difficult to get a large enough mortgage to buy a home in the
normal way. Shared ownership schemes are normally run through housing
associations, who will have their own mechanisms for deciding who can qualify
for them.
Homebuy
"Homebuy" is another form of part-ownership. Unlike shared ownership, on which
the householder pays rent on the proportion of the home they do not own, no rent
is payable under Homebuy. Instead, you get a mortgage for 75% of the value of
the property (sometimes 50% in Wales), but the remaining amount is held by a
housing association, which reclaims its share when the property is eventually
sold. This brings down the cost significantly, compared with full ownership.
Like shared ownership, it gives you the opportunity to "staircase" and buy extra
chunks of the property, if and when you can afford to
do this. But availability of Homebuy is very limited, although the Government
hopes to expand the scheme significantly in the future.
Loans for home improvements
Unless you qualify for a grant to help with the cost of home improvements (such
as for energy efficiency or housing renovation), you will have to pay for them
yourself.
If you have savings, you may be able to afford to pay for minor improvements.
But for bigger improvements - such as installing central heating, improving your
kitchen or building an extension - you may need to borrow money.
The cheapest way to borrow for home improvements is usually to take out a
"further advance" on your mortgage. This simply means that you increase your
mortgage by the extra amount. The new total amount of the mortgage (including
the further advance) will need to be less than the value of the house. You
usually arrange to pay off the further advance over the remaining mortgage term
- so if you take out a further advance one year into a 25-year
mortgage, you would pay back the further advance over the remaining 24 years.
But you can arrange to pay it back more quickly if you prefer.
Taking out a "second mortgage"
from a different lender is usually more expensive than getting a further
advance. Taking out a personal loan is also more expensive. However, these
options may be suitable if you cannot get a further advance on your mortgage.
When you are buying a property, don't forget to factor in the cost of any
improvements that you regard as essential to your initial budget. Otherwise, you
may find that you can afford to buy the house but not to make the necessary
improvements.
The costs of home-ownership
This section gives details of some of the costs you will have to meet when you
become a home-owner. Some of these are one-off costs, others you will have to
pay regularly.
One-off costs
Once you have paid these one-off costs you will not have to pay them again until
the next time you move (or remortgage, in the case of the mortgage-related
costs). Such costs include:
• Mortgage application fees (also called arrangement fees and booking fees). Not
usually refundable if you do not take out the mortgage.
• Valuation fees. Most lenders charge a fee to cover the cost of a valuer
visiting the property you plan to buy to check that it is suitable for a
mortgage.
• High lending fees (also called additional security fees). Not all lenders
charge these, but if you are borrowing more than 80-90% of the value of the
property you may have to pay a fee to offset the increased risk to the lender.
• Conveyancing fees and the costs of searches and registration with the Land
Registry.
• Stamp Duty. Stamp duty is a government tax on home buying. You have to pay it
if the property costs more than £120,000. Stamp duty is charged at different
rates, depending on the price of the property. At the moment, you pay 1% on
properties worth £120,000£250,000, 3% on properties worth over £250,000 and up
to £500,000, and 4% on properties worth over £500,000. Beware!
This can result in a big difference in the
stamp duty payable on properties of quite similar value. For example, a £250,000
property
attracts 1% duty of £2,500, but a £251,000 property would attract 3% duty of
£7,530. You should obviously think about this if you are buying a property at a
price just above one of the tax thresholds of £120,000, £250,000 or £500,000.
Regular costs
There are regular costs that you need to pay once you become a home-owner. The
costs most directly linked with your mortgage include the following:
• Your mortgage payments;
• Payments to an investment or savings scheme linked to your mortgage (if you
have an interest-only mortgage);
• Buildings insurance premiums;
• Contents insurance premiums;
•
Mortgage payment protection insurance or premiums for another sort of
income protection plan.
• Life cover (especially if you have a family).
You should not forget the regular costs of
council tax, household bills and regular property maintenance.
Glossary of terms
The terms below are often used in house buying or mortgage process. You may come
across these terms when you are in the process of buying a home so we have
provided clear definitions below.
Advance
The mortgage loan.
Bridging loan
A short-term loan to bridge the period between you buying a new property and
selling your previous home.
Broker/ Intermediary
A person who will arrange a mortgage with a lender.
Mortgage brokers must tell you which lenders they use and how much lenders
pay them for arranging mortgages.
Building survey
An extensive survey, carried out by a qualified surveyor, to spot faults and
potential problems in the property you are buying.
Capital
The amount you have borrowed on the mortgage, and on which interest is charged.
Completion
When you become the legal owner of the property.
Contract
The legal document which transfers the ownership of the property from the seller
to the buyer.
Conveyancer
A solicitor or licensed conveyancer who does the legal work involved in selling
and buying property.
Conveyancing
The legal work involved in selling and buying property.
Credit reference agency
An organisation that keeps details of individuals and their credit histories.
Lenders will check with a credit reference agency to see if someone applying for
a mortgage has any known credit problems.
Disbursements
The fees, such as stamp duty and Land Registry fees, which you pay to the
conveyancer.
Early redemption fee/ early repayment charge
The charge some lenders make if a mortgage is paid off early.
Equity
The total value of your property, less the amount of the mortgage. For example,
if your house is worth £60,000 and you have a mortgage of £50,000, you have
equity of £10,000.
Exchange of contracts
The point where the property sale becomes legally binding.
Financial Services Authority (FSA)
The Financial Services Authority (FSA) is the independent watchdog set up by the
government to regulate financial services and protect your rights. The FSA has
regulated mortgage sales since 31 October 2004. All lenders must be authorised
by the FSA, and brokers must either be authorised directly by the FSA or be
agents (known as "appointed representatives") for other authorised firms. This
means that all firms must follow FSA rules when dealing with you. You can check
that a mortgage firm is authorised through the FSA website – www.fsa.gov.uk - or
by calling the FSA Consumer Helpline (0845 606 1234).
Freeholder
Someone who owns a property and the land it stands on.
Ground rent
A yearly fee leaseholders have to pay to the freeholder or landlord who owns the
land the leasehold property is on.
High lending fees
Not all lenders charge these, but if you borrow a high percentage of the price
of the property - for example, over 80% or 90% - you may have to pay this type
of fee. This is because the mortgage represents a higher risk to the lender if
you do not keep up your repayments. Lenders sometimes buy insurance (called
mortgage indemnity) to protect themselves. This insurance does not protect you -
you would still be responsible for your debt, even if the
lender claimed on its insurance.
Home-buyer’s report
A surveyor’s report on a property. This type of survey is less extensive than a
full building survey but more extensive than the lender’s valuation.
Interest
The money you are charged for borrowing.
Land Registry fee
A fee paid to the Land Registry to register ownership of a property.
Lease
A legal contract which gives the ownership of a leasehold property to the buyer
for a fixed period of time.
Leaseholder
Someone who owns a property, but not the land it stands on, for a fixed period
of time.
Mortgage
A loan to buy a property. The property acts as security for the loan and so can
be repossessed and sold if the mortgage repayments are not made.
Mortgage application fees
These are fees charged by the lender to organise the mortgage for you. These are
not usually refunded if you then do not go ahead with the mortgage. Some lenders
will only charge such fees for specific mortgage deals.
Mortgage deed
The legal agreement which gives the lender a legal right to property.
Mortgage term
The length of time over which the mortgage will be repaid.
Offer of advance
The formal offer of a mortgage from a lender.
Redemption
The paying off of a mortgage loan.
Retention
When the lender holds back some of the mortgage money until certain repairs have
been done, the amount held back is known as a ‘retention’.
Security
The property the mortgage is being used to buy is the lender’s ‘security’ for
the loan. This means that the lender has rights over the property. If the
mortgage repayments are not kept up to date, the lender can repossess the
property and sell it to recover the debt.
Stamp duty
A government tax on buying properties costing more than £120,000.
Subject to survey and contract
Wording included in any agreement before the exchange of contracts. This wording
allows the seller or buyer to withdraw from the property sale.
Term assurance
Life insurance to pay off a mortgage if the borrower dies.
Title deeds
The legal documents which set out the ownership of a property.
Valuation
The lender’s inspection of the property to assess whether it is suitable for a
mortgage.
The material featured on this page has been provided by The Council of
Mortgage Lenders CML.
Published November 2005
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