- What costs do I take into consideration?
Solicitor’s fees(Governmental charges)
Part payment on municipality charges and service charges
10% deposit
Property insurance and house content insurance
Mortgage(indemnity premium and arrangement fees)
Surveyor’s fees
Removal firm
Municipality Charges
Estate Agent fees
Services
- What’s the process involved for first time buyers?
1.You find a Property
2.You get a mortgage and appoint a Solicitor
3. The mortgage company will value the property
4. You instruct a surveyor to do a home buyers report or a full survey
5.The Vendors Solicitor supplies draft contract, title deeds on the property to your Solicitor or any other proof of ownership.
6.Your solicitor arranges for local search and raises any queries with the vendor’s solicitor.
7.Once your solicitor is satisfied you can proceed to signing contracts and agreeing a completion date.
8.You provide the seller with the deposit.
9.Signed contracts are sent to you from seller.
10. Contracts re exchanged and you arrange insurance for the property
11. Completion takes place on agreement date.
12. Your solicitor pays remainder of purchase price to Vendor’s solicitor.
13. Vendor’s solicitor confirms that sale is complete and arranges for keys to be handed over.
- What survey will I need?
If you wish to appoint a Surveyor to prepare a report on the condition of the property then this should be done when your offer has been agreed. Normally, three types of Report are available, depending on the extent of information you require. You should ask your solicitor which type of survey is appropriate for the property you’re buying.
Mortgage Valuation Report - This one is carried out by the mortgage company to determine that they are prepared to lend you money to buy the property. Often their valuation can be up to 15% lower than the asking price - this is because they are always more cautious. It does not mean that the property will not sell for the asking price.
It’s not advisable to rely on a mortgage valuation - the mortgage company has no legal obligation to you. So you should arrange either a Home Buyers or Full Structural Survey.
Full Structural or Building Survey Report - This survey can be a very detailed report depending on what is agreed with the surveyor. It goes a few steps further than the Home Buyers report and is often recommended for property that is particularly old.
- What should I consider when choosing a solicitor?
It is important to appoint a Solicitor who will deal with the sale of your property carefully and cleverly. The cheapest might not be the one who looks after your interest best. It is essential the Solicitor is:
* Used to handling residential sales
* Can be readily contacted
* Can deal with your work speedily.
In our experience, it is in your interest to appoint a Solicitor who is local.
- What is the main role of the solicitor?
Some people prefer to make their solicitor involved as soon as they make the offer. Your solicitor can then advise what steps to take if there are any problems with the survey.
When the buying process starts and the seller’s Solicitor has obtained the proof of ownership, they will prepare the contract of sale. Your Solicitor will then examine the papers and raise any queries based on the title deeds, and related matters about the property.
When your Solicitor is in receipt of all replies to enquiries, a satisfactory local search, a copy of a mortgage offer, a signed contract and a deposit cheque, they can then proceed to exchange of contracts.
The deposit cheque is normally for a sum of 10% of the purchase value of the property. You therefore need this sum in order for you to progress to exchange. Exchange means the transaction is legally binding.
Completion is normally 28 days from the date of exchange. On completion your Solicitor hands over the remainder of the purchase money to the Vendor’s Solicitor.
At completion, not before that exact time, you can move into your new home.
- What do I need to arrange at exchange of contracts?
Obviously, also see if a person you know can recommend a removal firm. Get more than one opinion and don’t base your decision on price alone, but consider everything.
Arrange insurance - Buildings & Contents - You will need to arrange insurance for your property usually when contracts have been exchanged. Your solicitor will be able to advice.
It is important, in order to avoid unnecessary costs/avoid disconnection, that you notify the service authorities (gas, water, telephone, electricity) of the date that you will be moving from your property. Also you’ll need to notify the service authorities in the area you are moving to of your move in date.
