As you may be able to tell from this, I am clueless as to what to do... I have a domain name registered with nominet that I would like to keep, the website is currently built and hosted by yola, but I would like to build and host it in wordpress, keeping the same domain name... Is this possible? How do I do it? And is Wordpress actually the best one to be using?
I certainly wouldn't recommend Wordpress as a medium for designing and developing a site - there are far better ways to do it.
Hosting isn't expensive, and there are lots of good hosting companies from which to choose. Once you have your domain name hosted you could transfer the existing site to it, but you'll need all the existing site files, and a little knowledge about has to set about transferring the site to the new server space.