When you move house, there are many things to consider. Here are just a few answers to some of the most frequent questions we deal with on a daily basis.
What costs are involved in moving?
You will need to pay solicitor’s fees, estate agent fees if you are selling and stamp duty, and the cost of a removal firm/van.
Is there a “right” time to sell?
The market is very active for 12 months of the year, as many buyers view properties online.
What price should I market the property for?
This is where a good estate agent will have carried out their research. It’s important that your agent is aware of the local market and what buyers are prepared to pay for a property. Your agent should provide you with evidence of why they are proposing the market value.
How long will my property take to sell?
This is a question we get asked all the time!! The asking price needs to be one that attracts buyers, overpriced properties will not get the interest needed to achieve a sale.
How to make an offer on a home.
You will need to make the offer via the estate agent handling the property for the sellers. The sellers will take into account, your situation and ability to proceed as well as the offer price. They will either accept or reject your offer via the estate agent. If your offer is rejected, you can make another offer.
What happens when my offer is accepted?
Hopefully you have been given an agreement in principle by a mortgage lender. Now your offer is accepted you will need to contact them to formally submit your application for the required amount. At this point you should also instruct a solicitor or licensed conveyancer to start the legal work.
Do I need a solicitor?
Yes you do. They will be able to guide you through the complexities of the conveyancing process, liaising with the seller’s solicitor on all the relevant matters.
Do I need to get a survey?
A survey is not a legal requirement, however, it is recommended to complete one, as it may highlight issues with the property that you are not aware of. There are 3 types of survey:
A mortgage valuation – this is something that your lender will insist on to give them the reassurance that the property is sufficient security against the loan.
A homebuyer report – This is a detailed report conducted by a qualified surveyor which will highlight any issues that may require further investigation.
A structural survey – This is required for older properties, or properties that have had major changes.
How long does it take to exchange contracts / complete on my purchase?
As a guide you should work to around 16 weeks to complete your purchase. There are many things which can affect this timeline. The main factor is whether you are part of a chain. A chain can consist of many parties buying and selling, and everyone has to be aligned for completion.
What does exchange of contracts mean?
You will have exactly the same contract as your seller/buyer. When everyone is happy, the solicitors will exchange these contracts with the other party. You will normally pay your deposit at this point which the solicitor will hold for you. The sale is now legally binding.
What happens on completion?
All monies are transferred to the seller’s solicitor – you are now the owner of your new home! The keys will be released and your agent will contact you to inform you to collect them from their office.