In theory, you can afford a property costing no more than the combined total of the deposit that you saved (or can save) plus the amount you can borrow on mortgage. Typically, this is three times the principal income plus one times the second income. But some lenders will lend more, and some less.

To learn more about how much you might be able to afford, use our free online mortgage calculator.

These are the areas within a development which do not form a plot to be assigned to an individual proprietor. They include play areas, landscaped areas, roads and footpaths that are not intended for adoption by any of the relevant local authorities.

Within flatted areas on a development, this may include parking areas, street lighting, and communal stairways, which are not intended for adoption by the local authority.

St. Modwen Homes normally appoint a Managing Agent for the upkeep of these.

Prior to making a mortgage offer your lender will have the property valued for mortgage purposes. A small fee will normally be payable.

Please note that the value the lender puts on the property is a valuation for loan purposes and may not reflect the open market value of the house. If you order a lot of optional extras for your new home the full value of these may not be reflected in the value the lender puts on the property.

If you are purchasing in England, the amount you have to pay depends on the value of the property that you are buying. Currently, the threshold for stamp duty on residential properties is £125,000, and £300,000 for first-time buyers, so you won’t have to pay anything up to this amount. After this, the following band rates apply:

Property Value	Stamp Duty Rate
Up to £125,000	0%
£125,001 to £250,000	2%
£250,001 to £925,000	5%
£925,001 to £1,500,000	10%
Over £1,500,000	12%

Use our Stamp Duty calculator to work out exactly how much you'll pay.

If you are a first time buyer in England, you do not have to pay unless the home that you are buying costs more than £300,000. If it’s over this amount, the following band rates currently apply in England:

Property Value	Stamp Duty Rate
£0 to £300,000	0%
£300,001 to £500,000	5%

Note: If the property value is over £500,000, normal stamp duty rates will apply and no first-time buyer relief is available.

Land and Buildings Transactions Tax (LBTT) was introduced on 1 April 2015 in Scotland, and replaces UK Stamp Duty Land Tax.

LBTT rates in Scotland differ to stamp duty rates in England and Northern Ireland. Currently, you’ll need to pay LBTT on any home worth more than £145,000 (£175,000 for first-time buyers). There’s no LBTT to pay up to this amount, then the following band rates apply:

Property Value	Stamp Duty Rate
£0 to £145,000	0%
£145,001 to £250,000	2%
£250,001 to £325,000	5%
£325,001 to £750,000	10%
Over £750,000	12%

An Additional dwelling supplement is payable at 4% of the total purchase price for additional dwellings.

Currently, first-time buyers don’t have to pay LBTT on the first £175,000. After this, the following band rates apply:

Property Value	Stamp Duty Rate
£0 to £175,000	0%
£175,001 to £250,000	2%
£250,001 to £325,000	5%
£325,001 to £750,000	10%
Over £750,000	12%

NB - these figures are set by the Government, and are subject to change.

Leasehold:
Land held under a lease for a specified number of years on which a ground rent is paid.

Freehold:
The full ownership of both the property and the land on which it stands.

Your solicitor will arrange for you to sign a binding purchase contract. At this time your agreed deposit will need to be paid. St Modwen Homes will also sign their copy of the contract and send it to their solicitors.

Once these contracts are exchanged the transaction becomes legally binding.

If you are selling your present home, the timing of the exchange of contracts is finely worked out. It is up to your solicitor to ensure that both sets of contracts - the sale of your existing home and the purchase of your new one - are exchanged simultaneously and a suitable moving day arranged so at no time are you 'homeless'.

Sometimes it is not possible to co-ordinate the sale of your existing property and the completion on your new home for the same day. If this is the case you may have to consider staying with friends or family or living in rented accommodation until your new home is ready.

This will establish if your new home is likely to be affected by any planning decisions or other proposals.