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Buying Guide

How much can we Afford

If you require finance for your purchase, it is essential before even commencing your search to establish how much you are able to borrow, based on your circumstances. Please feel free to call us and we can give you advice on where to find the best mortgage deals. We can also recommend mortgage brokers who have worked alongside us over the past years. We would always advise seeking good independent advice.
Once your application is approved by your chosen lender, you will receive a mortgage agreement in principal, which will confirm the amount available for your purchase. With your deposit amount and the mortgage in principal you are now ready to make an offer on a property.

Selecting a Solicitor

You will need to instruct a good solicitor or licenced conveyancer that will deal with all legal and administrative work necessary in order to complete your purchase. Again, Wonderlease can recommend a Solicitor that has worked alongside us over the years.

Making an Offer

Once you have decided on the property that suits your requirements, you will need to make a formal offer via a member of our sales team. Please remember that they are precluded by law from giving you details of any previous offers, or the price at which the vendor may accept.

Sale Agreed

Having successfully negotiated a price with the Vendor, Wonderlease will then issue what is known as a “memorandum of sale” which details the conditions of the sale and the price agreed. We will send this document to all parties' solicitors, and then the legal process begins.

Your lenders will then arrange a valuation survey and providing the lender is happy with the valuation, and the comparable evidence to support it, they will confirm matters in writing to you and your Solicitor, and therefore give their formal mortgage offer and authorise you and your Solicitor to proceed with the purchase.

Exchange of Contracts

Once the formal mortgage offer is received, and your solicitor is happy to proceed, a date for the “exchange of contracts” will be agreed. On this date a non-refundable deposit (equivalent to 10% of purchase price) will be passed to the vendor’s solicitor, and both parties will sign a legally binding contract. Please note should you withdraw from the purchase after the exchange of contracts you will lose the 10% deposit and risk being sued for breach of contract.

Completion of Sale

Completion usually occurs within 2-4 weeks of exchange and is the day on which the balance of the purchase is transferred to the vendor’s solicitors.
Once the funds have cleared the sale is complete, and the vendor gives vacant possession, Wonderlease will arrange for you to collect the keys.

Enjoy your new home.

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Permitted payments

For properties in England, the Tenant Fees Act 2019 means that in addition to rent, lettings agents can only charge tenants (or anyone acting on the tenant's behalf) the following permitted payments:

For properties in Wales, the Renting Homes (Fees etc.) (Wales) Bill , once enacted, means that in addition to rent, lettings agents can only charge tenants (or anyone acting on the tenant's behalf) the following permitted payments:

Tenant protection
In addition to publishing relevant fees, lettings agents are also required to publish details of:

Permitted payments

 

For properties in England, the Tenant Fees Act 2019 means that in addition to rent, lettings agents can only charge tenants (or anyone acting on the tenant's behalf) the following permitted payments:

• Holding deposits (a maximum of 1 week's rent);
• Deposits (a maximum deposit of 5 weeks' rent for annual rent below £50,000, or 6 weeks' rent for annual rental of £50,000 and above);
• Payments to change a tenancy agreement eg. change of sharer (capped at £50 or, if lower, any reasonable costs);
• Payments associated with early termination of a tenancy (capped at the landlord's loss or the agent's reasonably incurred costs);
• Utilities, communication services (eg. telephone, broadband), TV licence and council tax;
• Interest payments for the late payment of rent (up to 3% above Bank of England's annual percentage rate);
• Reasonable costs for replacement of lost keys or other security devices;
• Contractual damages in the event of the tenant's default of a tenancy agreement; and
• Any other permitted payments under the Tenant Fees Act 2019.

 

For properties in Wales, the Renting Homes (Fees etc.) (Wales) Bill , once enacted, means that in addition to rent, lettings agents can only charge tenants (or anyone acting on the tenant's behalf) the following permitted payments:

• Holding deposits (a maximum of 1 week's rent);
• Deposits;
• Utilities, communication services (eg. telephone, broadband), TV licence and council tax;
• Payments for the late payment of rent;
• A breach of a term of the contract;
• Any other permitted payments under the Renting Homes (Fees etc.) (Wales) Bill and regulations once enacted.

 

Tenant protection

In addition to publishing relevant fees, lettings agents are also required to publish details of:

• the redress scheme they are a member of; and
• the name of the approved or designated Client Money Protection scheme they are a member of (if any).