Moving home can be one of the most stressful things any of us do whatever stage we have reached in our lives. At Bevirs we aim to give our clients practical guidance as well as legal advice. No query is too small. We are here to help.
We think practical guidance is just as important as the legal work and have put together some frequently asked questions.
Q. How much will it cost?
A. Make sure that your cost estimate will include all legal fees, VAT and Disbursements and that there are no “hidden” extras such as extra fees for acting for a Lender or preparing a Stamp Duty Land Tax Return. Please bear in mind that if you are buying or selling a leasehold property you are likely to have to pay additional fees to third parties to provide information. We will find out what these are for you.
Q. I am selling my home, can I get any paperwork ready?
A. If works have been carried out on your property, e.g. building works, damp or woodworm treatment, double glazing, electrical works, the installation of a central heating boiler, or any other matters, then it is very helpful to provide copies of the relevant Planning Permission, Building Regulations Approvals, Completion Certificates, Compliance Certificates and Guarantees as soon as possible. If you are selling a Leasehold property, then the last three year Service Charge accounts and Ground Rent receipts would be very useful.
Q. I am buying a property and need a mortgage
A. Please speak with a Mortgage Lender or IFA as soon as possible to get a decision to lend in principle.
Q. Do I need a Survey on the property I am buying?
A. You should always consider having a separate Survey carried out which could highlight an issue of repair which requires considerable expense to put right and if discovered at an early stage, it may be possible to negotiate terms with the Seller If you are obtaining a mortgage please note that the Lender’s Valuation Report is for the sole purpose of the Mortgage Lender and cannot be relied on by a Buyer.
Q. When do I need to Insure the property I am buying?
A. If you are buying a freehold property then you will need to have Buildings Insurance in place for exchange of contracts (Leaseholds are usually dealt with by the Freeholder). If you are taking a mortgage then your lender might arrange it as part of your package. Please check .If you are arranging it then we will need a schedule from the insurers or brokers before exchange of contracts .
Q. Do I have to pay a deposit for the property I am buying?
A. The standard provision is that a deposit of 10% of the price will be needed (5% in Help to Buy cases). However different amounts are often paid and if you are selling as well as buying you may be able to use the deposit you receive on your sale for your purchase. Please discuss this early.
Q. But they told me ...
A. Please bear in mind that the agreement between you and your Seller / Buyer is what is written down in the Contract itself and it is therefore important that the contract contains all terms you have agreed. If you agree anything extra please tell us so it can be included in the contract.
Q. I am not sure about ...
A. If there is anything at all that you are not sure about, fencing, an odd looking boundary, access, loft conversions, light fittings, solar panels mention it as soon as possible. It is much better to raise it early than at the last minute.
Q. When do I start paying my new mortgage?
A. You need to check this early with your mortgage lender or financial adviser as lenders procedures vary.
Q. When are where do I collect the keys?
A. Normally from the Sellers estate agents but only after release has been authorised by the Sellers solicitors.
We are accredited with the Law Society's Conveyancing Quality Scheme - the mark of excellence for the home buying process.
We underwent rigorous assessment in order to secure CQS status and continue to do so to maintain it .This marks the firm out as meeting high standards in the residential conveyancing process.
The Law Society introduced CQS to promote high standards in the home buying process. A spokesperson said
"CQS has established itself as the quality mark of the home-buying sector and enables consumers to identify practices that provide a quality residential conveyancing service. With so many different conveyancing service providers out there CQS helps home-buyers and sellers seek out those that can provide a safe and efficient level of service."
Head of Residential Property
Associate Chartered Legal Executive
Trainee Legal Executive