Home Information Pack :: Useful Services
This site provides information about home packs for people buying and selling houses. It helps create a home pack (HIP) or provide the information to a third party.
It also includes information about energy assessment and the resulting energy performance certificate (EPC) .
Wherever you are moving there are people ready to help you. Use the links to find professionals who provide a useful service or information for a home pack.
Conveyancing - a Solicitor
Conveyancing is all the legal and administrative work associated with transferring the ownership of land or buildings from one owner to another.
The conveyancing process starts after an offer has been made and accepted and the two parties have exchanged details of their solicitors.
Most people hire a solicitor or licensed conveyancer to undertake the legal side of buying and selling their home. It is possible to do the conveyancing yourself, but this is a time-consuming business with an element of risk.
Naturally professional services are expensive but they have become more realistic in recent years and it is well worth the cost to successfully complete the purchase and to resolve any problems. Solicitors can also help create a home pack.
Mortgages - the Money
The most common mortgages are:
- REPAYMENT MORTGAGE.
A mortgage in which the capital is repaid over the period of the loan. The capital is paid monthly together with interest on the loan. The amount of capital repaid gradually increases over the years whilst the amount of interest decreases.
- ENDOWMENT MORTGAGE.
This mortgage consists of two parts: the loan from a lender and an endowment policy taken out with an insurance company. Interest is paid on the loan in monthly instalments to the lender but the loan is not paid off. The endowment policy is paid monthly to the insurance company.
At the end of the mortgage period the policy matures and produces a lump sum which should pay off the loan and may provide a surplus. There is a risk that the endowment policy will not be worth sufficient to pay off the loan at the end of the mortgage period.
- PENSION MORTGAGE.
A mortgage primarily for self-employed people. The monthly payments consist of interest payments on the loan and contributions to a pension scheme. At retirement there is a lump sum to pay off the loan and a pension.
- ISA MORTGAGE.
A mortgage where you pay interest to the lender and contributions to an Individual Savings Account (ISA) which should pay off the loan.
- ISLAMIC MORTGAGE.
A mortgage in which monthly payments do not include interest. The lender makes a charge for lending the capital, to buy the property, which can be recovered in a number of different ways ie through rent.
- OPEN MARKET HOMEBUY SCHEME.
A government-backed scheme in England and Wales, for certain people like key workers to help them borrow extra money to buy a home.
Help
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For information on the different areas involved in creating home packs (HIPs) please use the menu bar above.
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