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How long will it take?
If the property is empty and the buyer does not require a mortgage, a sale or
purchase can all be completed in a few days but this is very unusual.
However it is more likely that a mortgage will be required and there will be a
chain of transactions and if that is the case it will usually take 4-6
weeks to exchange contracts and then another 2-4 weeks between exchange of
contracts and completion making a total of 6-10 weeks from start to finish.
We always do all that we can to progress your transaction as quickly as
possible but we cannot offer any guarantee about this and you should not
believe anyone else that does! |
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How soon do I need to pay any money?
Usually if you are purchasing a property your solicitor will ask you for
approximately £200.00 at the beginning to cover the search fees that will
be paid out on your behalf. The balance of the price and the solicitors
costs etc will be payable shortly before completion unless you are
borrowing more than 90% of the purchase price in which case it may be
required prior to exchange of contracts (see also "How much deposit
must I pay").
If you are just selling you will not need to pay any money in advance.
The costs and agents fees will be paid out from the sale proceeds on
completion before any balance is sent to you. |
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Do I need a survey?
If you are obtaining a mortgage a valuer will inspect the property on
behalf of the lender. Although his report will give you an indication as
to whether he thinks the property is worth the amount that you have asked
to borrow you will probably not be able to rely on it if things go wrong.
For an extra fee you will usually be offered the option to arrange for the
same valuer to carry out a more detailed "Home Buyers Report". This can
be relied upon by you so if at a later date you find a problem that is not
mentioned in the report you will have some redress against the valuer.
If the property is quite old and you are particularly concerned about its
condition you can obtain a full structural survey report which is even
more detailed.
Always remember the golden rule is "let the buyer beware" so (provided
you have not been misled) you will be liable for any problems that you
discover after exchange of contracts.
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How much deposit will I need?
It is normal for a deposit to be paid on exchange of contracts. Although
many people think 10% is required that is often untrue. If you are
buying and selling we can usually use your buyers deposit in connection
with your purchase so you will not have to find anything.
If you are just buying the amount of the deposit will usually depend upon
the size of your mortgage (if any). If it is less than 90% then you will
usually need to find 10% but if you are borrowing more than this we can
often persuade the seller to accept whatever amount you are putting in or
even just the amount of our costs and disbursements only if you are
borrowing 100%.
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What searches do you carry out and why?
There are five main types of search that can be carried out and the buyers
solicitor will decide which of these are necessary in any particular case:-
Local Authority Search
This reveals details of the planning history for the property and whether
the Council are aware of any breaches of planning, also any proposals for
new roads or traffic schemes, tree preservation orders, conservation areas
and any other matters within the Council's control that may affect the
property.
Drainage Search
This will show whether or not the surface and/or foul water drains run
into a public or private sewer.
Land Registry Search
This is carried out just before completion in order to find out if there
are new mortgages registered against the property that have not previously
been disclosed. If there are then the buyers solicitor will obviously
require confirmation that these will be repaid.
Land Charges Search
If you are obtaining a mortgage the lender will ask your solicitor to
carry out a search to make sure that are you are not bankrupt ! Quite
often this search will show an entry against someone else with a similar
name. If so you will be asked to sign a copy of the result to confirm that
it does not relate to you.
Environmental Search
It has more recently been recommended that the buyers solicitor should
also carry out an environmental search to see if there are any landfill or
waste disposal sites in the area, if the property has been built on an old
industrial site and whether there are any risks from contaminated land,
toxic emissions, flooding, subsidence etc. |
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Can I exchange contracts before I receive my
mortgage offer?
If for any reason the mortgage offer is declined or delayed or it contains
any conditions that you cannot comply with the money may not be available
when required so it would be extremely dangerous to exchange contracts
without it and any competent solicitor would strongly advise you not to
do so.
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Is there anything I can do to save paying stamp
duty?
Yes possibly.
If the purchase price is just above the stamp duty limits (£125,000.00,
£250,000.00 and £500,000.00) and the sale includes some fixtures and
fittings eg. carpets, curtains, cooker, fridge, freezer you may be able to
legitimately apportion part of the price towards the fixtures and the duty
will then be payable on the amount of the price agreed for the property
only.
For example - If the agreed sale price is £258,000.00 and there are no
fixtures the stamp duty payable will be £7740 but if there are fixtures
worth £9,000.00 the duty is only £2490 because up to £250,000.00 the
level of stamp duty is only 1% but above £250,000.00 it is 3%.
If you want to "split" the price in this way you must remember to tell
your solicitor before exchange of contracts.
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When do I need to arrange buildings insurance?
Unless the building insurance is being arranged by your lender or it is a
leasehold property and the insurance is dealt with by the freeholder you
must arrange buildings insurance from exchange of contracts as the
property will be at your risk from that time.
The amount of cover should be the estimated cost of re-building the
property if it burns to the ground which is not necessarily the same as
the current market value. If you had a survey or you are obtaining a
mortgage your surveyor or the lenders valuer will usually have
suggested a minimum amount of cover in their report.
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What do we need to know if we are buying in joint
names?
Most couples who are married or in a stable relationship purchase as
"joint tenants" which means that upon the death of one or other of them
that persons half share will automatically pass to the other.
The alternative is to hold the property as "tenants in common" which means
that each persons half share is treated as being separate so that upon the
death of one or other of them his or her share will not automatically go
to the other but to whoever it has been left to in the deceased persons
will or, if there is no will, to his or her next of kin.
If you are putting unequal amounts into the property the person who is
paying the larger amount can and often should be protected by a "trust
deed" which sets out your respective shares so that in the event of any
dispute or upon the death of one or other of you in the future your
original intentions will be clearly recorded. Once you have considered
the above options and/or if you require further advice you should tell
your solicitor so that he or she can make sure that your wishes are
carried out.
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What happens with the keys?
These are usually left with the estate agents (if any) and the buyer
collects them once the money has been paid over on the day of completion.
If there are no estate agents (or this is not convenient) then the seller
will hand them direct to the buyer.
Either way it is important that arrangements are made in advance to
prevent the possibility of the buyer having to wait outside with the
removal van!
Although your solicitor will always try to ensure that everything is finalised
as early as possible on the day of completion - and usually this is dealt with
by mid-day - there can sometimes be a delay if, for example, your solicitor is
still waiting for the mortgage monies to arrive or there is a particularly long
chain. If this happens please don't panic or become upset because
your solicitor will invariably resolve the problem by early afternoon
- if not sooner !
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When will I get my money?
If you are just selling or there is a surplus due back to you after the
completion of your sale and purchase your solicitor will always try to send
this to you on the day of completion or, at the very latest on the next working
day.
Payment is usually made by cheque but for larger amounts your solicitor can
transfer the money direct to your bank if you request this in advance and
provide them with your account details. There may be an additional bank
transfer fee for this.
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Why should I use easier2move?
Because we offer a nationwide service at competitive fixed fees and we
guarantee no hidden extras and no sale (or purchase) no fee.
We keep you regularly updated by email and by text messages to your mobile
phone and as everything is dealt with by post there is no need for you to take
time of work for any meetings.
We now supply our services to some of the very largest on-line
organisations eg. BT internet, Fish4, Assertahome, Freeserve,
House.co.uk (British Gas), Moving Improving (Alliance & Leicester Plc),
and many others.
Finally because an increasingly large proportion of our clients are now
introduced to us by personal recommendation from friends or family who
have themselves been delighted with our services (see "what our clients
say" under the "about us" section above).
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