Buying & Selling your Home Frequently Asked Questions

What is exchange of contracts?

At this point you become legally bound to proceed with the transaction and you will be required to provide a deposit which may be 5% or 10% of the purchase price.

What are the searches that the solicitor carries out'?

Searches are of a number of different types. Your solicitor will be responsible for ensuring if the land is registered that you will have good title to sell.

In addition, Local Authority Searches will be undertaken. These will check to see if there are any problems with local issues like drainage or planning developments. It also advises you whether there are any planning restrictions or local developments which might affect your purchase. Sometimes specialist searches to highlight environmental risks or coal mining problems are undertaken.

What is completion?

This is when you become the owner of your home. This actually involves money passing from the buyer to the seller and triggers the release of the keys to you. After completion various formalities are concluded including the registration of your title.

Where will I collect the keys from?

These are usually released by your Estate Agent.

What about buildings insurance?

It is very important that you take out adequate buildings insurance to protect you in the event of damage to your property. The buildings insurance will cover the cost of remedial works or rebuilding.

What is a mortgage offer?

This is the offer by a proposed lender to you which sets out the conditions upon which they are prepared to advance money. It will deal with things like the security required, the interest rate and the term of the mortgage. It is an important document which you should consider carefully.

How long will it take?

This is the most difficult question of all!

A definite date for completion cannot be given until contracts are exchanged when a fixed completion date will be inserted into the contract.

If a buyer is a cash purchaser and not dependent on a mortgage offer and the property is empty, completion can take place within a matter of days. Where there is a chain of properties involved or someone in the chain finds obtaining a mortgage difficult, property transactions can drag on with apparently little progress being made.

Your Estate Agents should be able to advise you at the beginning of the transaction how long the chain of buyers and sellers is and whether every person in that chain has been able to sort out their financial arrangements.

When will I need a Home Information Pack?

A seller will be required to provide a home information pack when selling properties with four bedrooms or move. For more information or to order one today please follow this link.

Buying & Selling your Home Frequently Asked Questions

Buying & Selling your Home Frequently Asked Questions

Related Topics