Your gas and electric bill covers the cost of powering your home and keeping it warm. Utility bills and tax Gas and electricity Find out more: leasehold properties - what you need to know before buying one.Make sure your property solicitor looks over the lease very carefully before you buy a leasehold property, as some can contain punitive clauses and spiralling ground rents. Ground rent in England and Wales is traditionally a token fee paid to the freeholder, in exchange for renting the land the property sits on. Most freeholders appoint managing agents to look after communal areas, so these fees may be combined into one payment. Service charges cover the management and maintenance of the building's communal areas, and tend to cost between £100 and £200 a month (but this can vary.) If you're buying a leasehold flat, you'll have to factor in monthly or quarterly service charges and ground rent. Find out more: how does contents insurance work?.You can buy contents cover with your buildings insurance policy (this is referred to as home insurance) but you can buy them separately if you like. Find out more: the different types of buildings insuranceĬontents insurance covers the cost of replacing your belongings in your home if they're damaged, destroyed or stolen. It's not compulsory, but it's recommended.If you're buying a property with a mortgage, buildings insurance isn't an optional extra, but a must-have. Mortgage lenders require you to have a policy in place from the date you exchange contracts, in order to give you a home loan.Īn exception is if you're buying a leasehold property, in which case insurance should usually be included in your service charge (which you can read about below.) Home insurance Buildings insuranceīuildings insurance covers the cost of repairing damage to the structure of your property. Here, we look at the costs of running a house or flat when you own it, including all the bills you'll need to budget for before taking the plunge into home ownership. If you're worried about making your mortgage payments, see our guide on what to do if you can't pay your mortgage.Īs a homeowner you'll be responsible for a number of household bills and expenses, which you might not have had to cover if you've been renting. The cheapest mortgage rates for homebuyers.If you're thinking of buying a home or need to remortgage this is likely to impact you.įor the latest news and advice on dealing with inflated mortgage rates, see the below stories, which are regularly updated: Mortgage rates have rocketed since the government's mini-budget on 23 September.
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