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Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine.
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BUILDING DELAYS I’m buying my first home and everything was going
smoothly, but there have been unexpected building delays and now I’m worried my mortgage offer could run out before I can complete.What happens if my mortgage offer expires and is there anything I can do? Liam Manning
FTB says: Mortgage offers usually have an expiry date, often between three and six months, although it varies by lender. If unforeseen building delays mean your purchase cannot complete before the offer expires, contact your mortgage lender or broker as soon as possible. Some lenders may agree to extend the mortgage offer, particularly if the delay is outside your control, but you could be asked to provide updated financial information or supporting documents. In some cases, you may need to reapply for a mortgage, which could mean being reassessed against current lending criteria and interest rates. Keeping in regular contact with your solicitor, developer and mortgage adviser can help avoid surprises.
ELECTRIC VEHICLE CHARGING I am a first time buyer and I am in the process of looking at new build flats. I’m planning ahead and wondered whether new build properties legally have to come with an electric vehicle (EV) charging point. I can’t see one mentioned and I’m not sure what the rules are. Sarah Rumble FTB says: Rules introduced in recent years mean many new build homes in England are required to have electric vehicle (EV) charging provision, but it does not automatically mean every new build flat will have its own charging point. Requirements can depend on factors such as when planning permission was granted, the type of development and whether there is associated parking. Some developments may provide shared charging facilities rather than an individual charger for each flat. If an EV charging point is important to you, ask the developer exactly what is included and whether charging infrastructure has been installed for future use. Your solicitor can also help clarify what is being provided before you commit to the purchase.
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TREE PRESERVATION ORDER I’m buying my first home and when reading through details about a property I’m interested in, something called a Tree Preservation Order (TPO) came up. I’ve never heard of this before, and I’m worried it could be a problem.What is a TPO and should I be concerned? Sophie Rittling FTB says: A Tree Preservation Order (TPO) is a legal protection placed by a local council on specific trees or woodland areas to prevent them from being cut down, damaged, topped or lopped without permission. They are usually put in place to protect trees that are important to the local
VISIT OUR WEBSITE For everything you need to know about buying for the rst time, go to rsttimebuyermag.com should highlight any TPOs during the buying process, so ask questions if anything is unclear and consider if ongoing maintenance responsibilities could affect your plans. environment or community. Having a TPO on a property is not necessarily a problem, but it is something first time buyers should understand before purchasing. If the tree needs work in the future, you may need council approval first, and failing to follow the rules can lead to fines. Your solicitor
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INTEREST RATE CHANGE I have my mortgage offer in place, but I keep hearing about interest rates changing. If rates go up or down before I complete on the purchase, could it affect
provide reassurance if rates rise while your purchase is progressing. However, if your mortgage offer expires before completion, or there are major changes to your circumstances that mean you need to reapply, you could be assessed against new rates and lending criteria. If rates fall, some lenders may allow you to switch to a newer product before completion, but policies vary. If you are unsure, speak to your mortgage adviser or lender so you understand your options.
my mortgage? Daniel Owens
FTB says: If you already have a formal mortgage offer in place, changes to interest rates before completion will not usually affect your deal, as your lender has agreed to lend based on the terms in your offer. This can
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