Frequently Asked Questions

1. How long will it take?
2. What will it all cost?
3. When do I have to pay?
4. Do I have to pay that much Stamp Duty Land Tax?
5. When can I get access to the property?
6. I'm selling and buying, do I really have to complete both transactions on the same day?
7. When can I actually move in?
8. Can I complete at a weekend?
9. Do I really need you to make searches?
10. Will I have to pay tax on my sale?
11. When do I have to insure the property I’m buying?
12. How much deposit is payable on exchange of contracts?
13. Do I need a survey?
14. I'm selling, do I have to provide a Home Information Pack?

1. How long will it take?

This is always difficult to answer as so much depends on the individuals in the transactions and their particular needs and the length of any chain involved. Lenders vary in the time it takes them to issue Mortgage offers; Local Authorities vary in the time it takes them to complete the Searches. Overall you probably need to allow anything between 8 - 13 weeks. We will always do our best to meet your timetable. Please discuss your requirements with us.

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2. What will it all cost?

Your sale and purchase will involve various expenses, such as Search fees, Stamp Duty Land Tax , Land Registry fees, in addition to our fees for acting for you or your lender. We will be pleased to give you an estimate of costs and expenses relevant to your particular transaction. (Request an Estimate here)

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3. When do I have to pay?

We will ask you for some money at the beginning of the transaction in order to fund payments for such things as Searches. If you are buying you will need to pay a deposit (usually 10% of the purchase price but often negotiable) at the time of exchange of Contracts. The balance of any money together with costs, Stamp Duty Land Tax and Land Registry fees needs to be paid a few days before the completion date. If you are selling we will issue our bill on completion and then settle it out of the proceeds of sale with your approval.

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4. Do I have to pay that much Stamp Duty Land Tax?

Stamp Duty Land Tax is payable to the Government on the transfer of properties being sold for more than £125,000.00. It starts at 1% of the purchase price and increases in bands to a maximum of 4% on properties transferred for more than £500,000.00. If your purchase price is near the starting point or one of the thresholds it may be possible to apportion the price between the property and any chattels which are included in the overall price but this is only possible if the apportionment is genuine and can be substantiated. By a special concession the lower limit has been increased for most residential properties to £175,000 until 2nd September 2009.

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5. When can I get access to the property?

Usually it is only possible to have access on completion but we may be able to negotiate earlier access for you if the property is already empty and if Contracts have been exchanged. Usually access will only be given if work needs to be carried out to the property but this is, however, entirely dependent on the seller agreeing. You may have to give some security or, at least, sign a document accepting full responsibility for the property and confirming that you will not take formal possession until completion takes place.

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6. I'm selling and buying, do I really have to complete both transactions on the same day?

Most people depend on the money from their sale to enable them to complete their purchase and normally they can only get their hands on the sale money when they give vacant possession of their old property and so, yes, you do have to do both on the same day. The only exceptions arise if you are prepared to go into temporary accommodation which would allow you to move out of your old property one day and move in to your new one a few days later or if you are prepared to get a bridging loan from your bank which will enable you to complete your purchase before you complete your sale.

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7. When can I actually move in?

Normally you can only move in once completion has taken place. That is when all the money is handed over and the seller has to give vacant possession.

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8. Can I complete at a weekend?

Unfortunately not because we rely on the bank transfer system to get the money to the sellers solicitors and so completion can only take place on days when the banks are open.

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9. Do I really need you to make searches?

It is always wise to make all appropriate searches because you can be bound by anything that is registered even if you have not made the enquiries to find out. If you are a cash buyer you might decide to go ahead without searches although we would seldom recommend that. If you are obtaining a mortgage, your lender will insist that all necessary searches are made. In addition to the standard searches, there is a range of optional searches which can be made depending on the nature of the property and its location.

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10. Will I have to pay tax on my sale?

Generally, the sale of a private home in which you live does not attract tax on any profit you make. However in some cases, such as the sale of a second home, Capital Gains Tax may be payable. We can give specialist advice on this important area

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11. When do I have to insure the property I’m buying?

In most cases, insurance must be brought into force from exchange of contracts (not from completion). Sometimes this will be effected by your lender. The cover needs to be in the full reinstatement value of the property. If you are purchasing leasehold property, the landlord may be responsible for insurance.

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12. How much deposit is payable on exchange of contracts?

Traditionally a 10% deposit is required. However this is usually negotiable and will depend on the circumstance in every case. If you are selling and buying, it may be possible to use the deposit on your sale towards that on your purchase

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13. Do I need a survey?

The basic rule is “buyer beware” and so you must satisfy yourself as to the condition of the property. The valuation carried out by your lender is only for its protection, not yours. A range of surveys is available depending on the property type and your particular circumstances.

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14. I'm selling, do I need to provide a Home Information Pack?

If you are selling a residential property with vacant possession, you will need a Home Information Pack. This must contain a Sale Statement, Energy Performance Certificate, details of title and local and water authority searches.

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