We’re in the business of making moving easy.
Buying a property can be a stressful and complicated process. That’s why we’ve put together some of our most frequently asked questions to simplify the process, and to give you peace of mind that you’re in safe hands with us.
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You’ll need to take into account the total cost of the mortgage, surveyor fees, the solicitor’s fee, and Stamp Duty tax amount. It’s a good idea to keep a record of your total expenditure and any unexpected costs.
When you’ve found the home you want to buy and your offer has been accepted, you’ll need to set your mortgage in stone (if required) and arrange for a survey on the property to be carried out. Once you’ve done that, you’ll need to arrange for a conveyancer to handle the legal side of things. It’s their job to stay in touch with the seller’s conveyancer, the estate agent, the mortgage provider, and they’ll deal with the Stamp Duty tax charged by HMRC. It’s against the law for an unqualified person to handle the selling and buying of land for a fee.
If there’s no chain and you don’t need a mortgage, the exchange of contracts and completion may only take a few weeks. However, if you do need a mortgage and there is a chain, the exchange of contracts can take a minimum of four to six weeks. Completion may also take another two to four weeks on top of that. Bear in mind that every situation is different, and being well-prepared can help speed things up.
The actual amount will be dependent on how much the property costs. Many mortgage companies will ask for a minimum deposit equal to 10% of the purchase price.
We always recommend having a full structural survey carried out to assess the condition of the property. If you need a mortgage, you’ll need to pay for a mortgage valuation report to confirm the property is worth the amount you have asked to borrow.
Consider the extent of the problem, and decide if you want to go ahead. If it’s a costly repair, you may want to reconsider or renegotiate your offer.
It’s always worth asking the question. If the seller wants a quick sale, they may be more open to negotiation. If the seller rejects your lower offer, you’ll need to decide if you want to increase your offer or consider paying the full purchase price. Kingsley Hamilton Estates is well equipped to negotiate on your behalf.
The exchange of contracts means you and the seller become legally responsible to complete the sale. When you instruct your conveyancer to exchange contracts with the seller’s conveyancer, a completion date will be agreed. Withdrawal from the sale will incur a financial penalty.
If the property is empty, you may be allowed access before the completion date. Contact your acting agent who will arrange access on your behalf.
Completion is when the property becomes your home. The remaining funds from your mortgage company are released to the seller’s conveyancer. The solicitor will deduct estate agency charges, Stamp Duty tax, and their own fees.
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