Allen and Harris Estate Agents Penarth

An expert valuation is more extensive than an instant valuation, but it is worth the extra time it takes if you want to be sure of the value of your property.

A mortgage valuation is a survey that is carried out by a qualified surveyor on behalf of a mortgage lender. The purpose of the survey is to assess the value of the property and to identify any potential problems that could affect the lender's decision to lend you money. The survey will typically cover the following areas: • The condition of the property's structure • The condition of the property's fixtures and fittings • The condition of the property's services • Any potential environmental risks, such as flooding or subsidence • Any potential legal risks, such as disputes over ownership or title The surveyor will then provide a report to the mortgage lender, who will use it to decide whether or not to lend you money.

Stamp duty is a tax you pay when buying a property in the UK. The amount of stamp duty you pay depends on the property's value and whether you are a first-time buyer. In England and Northern Ireland, you do not pay stamp duty on the first £250,000 of the purchase price of a residential property if you are a first-time buyer. • You will pay 2% on the next £125,000 • You will pay 5% on the next £1million • You will pay 10% on anything over £2million • If you are not a first-time buyer, the rates are higher. In Scotland, stamp duty is called land and buildings transaction tax (LBTT). • The rates are similar to those in England and Northern Ireland, but there are some differences. For example, there is no first-time buyer exemption. In Wales, stamp duty is called Land Transaction Tax (LTT). It is a tax that is payable on the purchase of a property in Wales. The amount of LTT that you pay depends on the value of the property. For residential properties: You will pay no LTT on the first £180,000 of the purchase price of the property. You will then pay 3.5% on the next £325,000 of the purchase price. You will then pay 4% on the next £1.1 million of the purchase price. You will then pay 4.5% on anything over £2.2 million. For non-residential properties: You will pay LTT at a rate of 4% on the purchase price of the property. There are also several exemptions and reliefs available for LTT, including: First-time buyers are exempt from LTT on the first £30,000 of the purchase price of a property. Purchases of properties that are used as homes for the elderly are exempt from LTT. Purchases of properties used for commercial purposes are liable for LTT at a rate of 1%. For more information on LTT in Wales, please visit the Welsh Government website.

The decision to buy a house or flat is an important one that will impact your lifestyle and financial situation for years to come. There are pros and cons to each option, so it's important to weigh your priorities and needs before making a decision. Houses Pros: • More space and privacy • More flexibility to customize your home • Can be a good investment over time Cons: • More expensive to buy and maintain • May require more work to keep up • Less likely to have amenities like a concierge or communal gardens Flats Pros: • Generally more affordable than houses • Often smaller and easier to maintain • May have amenities like a concierge, communal gardens, or a shared gym Cons: • Less privacy than houses • May have restrictions on what you can do to your home • More likely to be affected by noise from others Ultimately, the best choice for you will depend on your individual circumstances and preferences.