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WHAT INSURANCE DO I NEED I am a first time buyer and looking at shared ownership. What kind of insurance do I need to get when I buy, if I go down this route of part-buy- part-rent? I’m not sure what is my responsibility and what is the landlord’s responsibility. Christine Anderson FTB says: There are two main types of insurance that you will need to consider. Buildings insurance covers damage to the actual structure of the property, and also covers the cost of any future damage to the property in events such as flooding. In a shared ownership property this will usually be included in the monthly service charge you pay as it is the responsibility of the freeholder. Contents insurance covers items inside your home. It can allow you to repair or replace these items without incurring huge costs by having to pay for each item individually. This will be your responsibility to arrange and pay for. It is not compulsory but is highly recommended.
CHANGING ADDRESS I have finally had my offer accepted for my first home and I’m very excited! Obviously, I will now be having to change my address.Who are the main people I need to let know about this? Alison Bell FTB says: Firstly, and this may sound obvious, but let all your friends and family know your new address.This is an exciting time, and you will want to make sure any moving in cards get to the right place! There is a paid-for service provided by the Royal Mail called the Redirection Service which automatically redirects any mail to your new address, so you may want to look into this.There are some organisations you will want to contact, including HMRC, DVLA and Electoral Registration Office. Financially, you will need to let your bank, insurance and pension companies know your new address, while also letting any utility bill companies know to set up your electric and gas accounts for your new home or take readings.
This issue’s star letter prize wins a cosy Warmies extra-large, fully heatable Sloth worth £19.99. Designed for those who want to snuggle up, it is infused with French lavender for a calming, soothing aroma. Weighted and incredibly soft, this marshmallow-textured Sloth makes it easy to unwind and relax. Perfect for this time of the year, simply warm
it in the microwave for hours of gentle warmth. Ideal for those who appreciate a slower pace, this Sloth plushie will help you de- stress, relax, and enjoy life one cosy moment at a time. warmies.co.uk
LIFETIME ISA I have been told that a Lifetime ISA is a good way of saving for a deposit for my first home. What is a lifetime ISA and what are the benefits of it? Carrina Tiffin FTB says:The Lifetime ISA (LISA) is available to anyone between the age of 18 and 39. It is an individual savings account where investors receive an additional 25% of their investment from the Government each year.The annual LISA Allowance is £4,000 and that means that you can
VISIT OUR WEBSITE For everything you need to know about buying for the rst time, go to rsttimebuyermag.com ladder with a decent deposit, with the Government bonus being a great extra incentive for many people. receive up to £1,000 a year from the Government.Your invested fund, including the accumulated Government bonuses, must be used to buy your first home or left invested until after your 60th birthday. It’s a great way to help yourself get on the property
WHAT IS AN EPC I have seen the term EPC and I am not sure what it means or if it’s something important I need to consider when buying my first
can be made. It uses a grading system, where A is the most energy efficient and G the least and will be provided by the seller to help you get a clear and easy understanding of how much your new home will cost to run. An EPC is a legal requirement when selling a home, so it is definitely something you will come across on your journey to buying your first home.
property? Jack Green
FTB says: EPC stands for Energy Performance Certificate and is a legal document that tells you how energy-efficient a property is and where improvements
First Time Buyer February/March 2025 7
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