Lawyers Fees, Builders Reports and LIM’s
Before you can complete any sales agreement or mortgage paperwork your mortgage broker or bank will need everything to be carefully checked by a lawyer. Lawyers are also responsible for the transferring of all the legal paperwork to your broker or bank once the house sale is completed for you to get the keys. Lawyers’ fees can vary greatly so it is best to shop around for the best deal. Better yet, talk to us as our clients get preferential treatment with our preferred law firms.
A builders report is used to ensure the building is sound and there are no major defects in the structure of the building. An experienced eye will find things that most of us would not see and could potentially save thousands of dollars in repairs should these damages go unseen. Banks can be selective about which inspections are acceptable so check with us first.
A LIM or Land Information Memorandum will identify any problems with the land that the property sits on. This could be drainage issues or a risk of landslips. They can be ordered through your local council or your property lawyer can arrange it for you.
When you buy your new home, in addition to the deposit there are several other costs that are needed to be paid, such as;
Moving in costs;
- The cost of moving services or hiring a truck
- Fees for connecting the phone, electricity, water and internet
- Any decorating or renovation work that needs to be completed before you can move in
- Legal fees and builders reports to be paid
In addition to having mortgage repayments you will also have to budget for insurance, rates and other costs such as utility bills.
The good news is your mortgage adviser can negotiate a great cash contribution that usually covers these costs and more.
Securing a mortgage and getting yourself onto the property ladder is a big step and not one to be taken lightly. You will have to do your homework and thoroughly research what property is the right one for you. The best advice is to use the services of a mortgage broker. They are the professionals in securing mortgages and know where the best deals can be found, which is constantly changing depending on bank market share and lending policy.
If you want to read more about the role of a mortgage broker, click here.