In Uganda, the Exchange of Contracts is the last stage of the legal process after which you cannot pull out (without losing your deposit and any legal costs you may have incurred). What happens when contracts are exchanged? Once all the searches are complete and you’re ready to proceed with the purchase, you’ll be asked to pay a deposit which usually 10% (but sometimes 5%) of the property value...
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When it comes to buying a property, it’s not just the mortgage you need to worry about. The following costs usually need to be paid before you can think “home, sweet home!” Mortgage costs and fees Once you’ve had your offer accepted, and if you are buying with a mortgage, there will be a number of fees that you may need to pay in order to progress with your application. Conveyancing...
Quite simply, conveyancing is the process that happens between you putting in an offer on a property and completing, in order for you to become the new legal owner of the property. It is the transferring of a property’s legal title from the old owner to the new owner. What does a conveyancer do? A conveyancer, or conveyancing solicitor, will look after all elements of conveyancing for you. They...
What is shared ownership? Shared ownership is a scheme offered by some housing providers that allows you to buy a share of a property, and then pay rent on the remaining part. It can be a more affordable route – compared to buying a home outright – for first time buyers, or those that don’t currently own a home, to get onto the property ladder. What type of property can I buy...
There are several ways to fund your property purchase, including the use of a mortgage. Cash Cash is probably the simplest way to purchase a property. When using cash to fund the purchase you will need to show where the money has come from to satisfy. Cash purchases will typically come from several sources: Having already sold your previous home and holding money in the bank whilst you look...
In recent years, the notion of what an estate agent does, or is expected to do, has changed quite dramatically. Now, the range and level of services offered by different estate agents is very broad, depending on the needs of the seller of the property. For example, some agents conduct the viewings on a seller’s behalf, while some sellers choose to carry out their own viewings. The agent is chosen and...
There are a number of different ways in which you can purchase a property. Private Treaty The most common way to buy a property in the Uganda is by private treaty on the open market. The property will be advertised with an asking price and the seller may consider offers. In Uganda, once an offer has been accepted and an agreement is reached, a contract of sale will be issued and those contracts...
Buying your own property to live in has a number of advantages over renting, however, it’s not for everyone. Before deciding whether buying is right for you, make sure you consider the benefits and disadvantages. Benefits to buying: It gives you a better level of control over your home and the ability to make improvements as you see fit. If your property increases in value, perhaps through...
You’re almost there. It’s time to make sure all the details in your application are correct. As long as you’ve done your preparation and followed the advice from your interview, you’ll have given yourself the best chance of approval. Paperwork you’ll need When you have your interview with the lender’s representative or the mortgage adviser, they’ll start completing the application...
When you’re applying for a mortgage, one of the first things you’ll need to consider is the mortgage term. This refers to the number of years it will take to repay your loan, as well as the interest. When you take out a mortgage, you’ll have to decide on a mortgage term that meets your needs, both now and in the future. The longer the term, the lower your monthly...