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Frequently
Asked Questions
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| 1 |
How
long does it take to buy and/or sell a house?
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Answer
On average, it takes approximately two months for a conveyancing transaction to complete. Having said that, in cases where there is no chain and there are no difficulties with the title to the property, that timescale can be greatly reduced. Where there is a long chain of transactions, or there are difficulties with the title to the property, the transaction can take longer than two months. |
| 2 |
How
much does it cost?
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Answer |
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| 3 |
Will
I have to pay a deposit?
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Answer
Where you are purchasing a property with no related sale transaction, the Contract will provide for a 10% deposit to be paid on exchange of Contracts. Very often a reduced deposit is agreed, for instance, where you are obtaining a 95% mortgage the deposit payable on exchange would be 5% of the price. Where you are selling and buying simultaneously, very often the deposit being paid by the purchaser of your existing property can be utilised as the deposit payable on your purchase transaction. |
| 4 |
Do
I need to have a survey carried out?
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Answer
We always recommend that you have an independent survey carried out on the property that you are buying. |
| 5 |
What
is exchange of Contracts?
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Answer
When both buyer and seller are ready to commit themselves to the transaction, Contracts are exchanged. From this point on, the transaction is legally binding on both parties and the agreed completion date will be recorded in the Contract. You do not have to attend the exchange as this is carried out between conveyancers only. |
| 6 |
Why
does the Local Authority Search have to be carried out?
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Answer
The Local Authority Search is a comprehensive list of questions that are put to the local Council. They hold records relating to the area and property itself. The Local Authority Search can reveal many different problems but, for example, the search will reveal whether the property will soon have a motorway running through the back garden or whether there is pending liability for repair of a private road. The search will also reveal the planning history of the property. The search will only cover, however, certain matters. You may be concerned about other issues not covered under the search and we therefore always recommend that in such circumstances you contact the Local Authority direct or specifically request that we do so on your behalf. |
| 7 |
When
can the Local Authority Search be carried out?
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Answer
Once we have received the necessary funds from you and we have received a plan of the property, we will send off for the Local Authority Search. It is always advisable to wait until a plan of the property is to hand before sending for the search, as there may be uncertainty as to the extent of the property. Some Local Authorities are not able to carry out a search against the property until they have a plan. |
| 8 |
Can
I exchange Contracts and complete on the same day?
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Answer
This is possible but not always in the best interests of the parties. We must be forewarned that it is your intention to exchange and complete on the same day, as there are formalities usually carried out between exchange of Contracts and completion which must be done earlier if the matter is to exchange and complete on the same day. The drawback to a simultaneous exchange and completion is that both parties will be moving towards completion making various arrangements, for instance, with removers, without the security of a binding agreement. |
| 9 |
When
do I pay the legal fees?
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Answer
We will ask you for some money early in the transaction (typically in the region of £275.00) to cover the cost of searches. The rest of the money will be requested from you after exchange of Contracts and we will require cleared funds prior to completion. |
| 10 |
Do
I have to pay Stamp Duty Land Tax?
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Answer
Stamp Duty Land Tax is payable on the purchase price of the property where the price is above £60,000.00. The Government changes the rate of duty payable from time to time. |
| 11 |
How
do I arrange handover of the keys to the property?
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Answer
If you are selling, the keys are left with the Estate Agents. The Estate Agents will not release the keys to the property unless authorised to do so by the Solicitors acting for the seller. This authority is only given when the full purchase monies have been paid to complete the matter. Similarly, where you are buying, the keys can be collected from the Estate Agents once the full purchase price has been paid to the seller's Solicitors. |
| 12 |
How
early on the completion day can I get the keys?
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Answer
The time of completion is to a certain extent beyond the Solicitors' control. The purchase monies are ordinarily paid through the banking system, and of course there are many thousands of transactions taking place every day. On particularly busy days, the money can take up to six hours to move through the banking system. On other occasions it can take as little as ten minutes for the money to change hands. For this reason, some completions take place early in the day, whilst others happen late in the afternoon. |
| 13 |
When
and how do I pay the Estate Agent's commission account when I am selling
a property?
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Answer
Once Contracts have been exchanged, the Estate Agents will send the commission account to the solicitors acting for the seller. It is this firm's policy to send a copy of the commission account to you, the seller, for approval. The terms of your agreement with the Estate Agents will set out the date by which the commission must be paid. Usually, with your approval, we pay the Estate Agent's commission out of the net sale proceeds of your property on the day of completion.. |
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| 1 |
"Am
I 'off the hook' when I assign my Lease"?
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| 2 |
"At
the end of my Lease can I hand back the keys without repercussions?"
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| 3 |
"What
does "FRI"' mean?"
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"As
a landlord, what steps do I need to take if my tenant is in arrears
of rent or in breach of the terms of the Lease?"
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| 5 |
"What
strategic steps should a landlord or tenant take when renewing a Lease
of commercial property?"
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| 6 |
"To
enable me to develop the shopping centre my funders require prospective
tenants to enter pre-letting agreements".
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| 7 |
"I
have a dispute over service charges with my landlord (or tenants). Can
you advise?"
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The
above is a selection of common questions raised by clients which all
require expert advice and guidance. We specialise in all aspects of
commercial property transactions ranging from the individual client
who takes a Lease of high street premises to nationally known companies
and organisations with extensive property portfolios. or Grahame Bloom (email address : Gbloom@EDCLord.co.uk) |
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| 1 |
How long will my claim take?
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Answer
This depends almost entirely on the severity of the injury and the length of time it takes to reach maximum recovery. Claims involving relatively simple injuries, such as a moderate whiplash injury, should normally be settled within about 14 months. |
| 2 |
I've made my claim - what happens next?
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Answer
After the initial investigation is completed, a letter of claim has to be sent to the prospective defendant. This has to set out in some detail why a claim is being made and the grounds for saying the defendant is to blame. Personal injury claims are subject to a protocol which gives a defendant three months from the receipt of the letter of claim in which to investigate the claim and say whether or not liability is admitted. The protocols are quite strict, and failure to observe them can incur cost penalties. Accordingly there can be an initial period of up to three months from the sending of the letter of claim, during which there is relatively little activity on the claim. |
| 3 |
Do I need to be medically examined?
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Answer
Normally you will be seen by a doctor specialising in the type of injury that you have suffered. This is a vital step in the claim, as the medical report will enable us to put a proper value on your claim. We will normally select the expert to be instructed, although there are special provisions laid down in the protocol relating to this. |
| 4 |
I know someone who had the same injury as me, and yet he received far
more than I have been offered! |
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Answer
No two claims are alike. All claims are for "damages", and this figure includes an amount to compensate you for your pain, suffering and loss of amenities, and a sum in respect of loss of earnings and other expenses. There is usually a "tariff" for the amount to cover pain, suffering and loss of amenities, so perhaps your friend suffered more in lost earnings and other expenses than you did! |
| 5 |
How much will I receive in compensation!
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Answer
This is always the burning question! Everything depends upon the severity of the injury and the length of time taken to recover from it. Obviously the more severe and permanent the injury, the more valuable the claim is. A simple whiplash injury where full recovery is made well within the year would normally attract an award in the region of £1,800. However, there will be other things to consider, such as loss of earnings and out of pocket expenses. As soon as we receive your medical report, we will write to you giving you our initial valuation of your claim and prepare a schedule of other losses for you to approve. So you should have at least an indication of the value of your claim at a fairly early stage. This valuation would be updated as required and as your claim progresses. |
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<<<<<
>>>>>
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LINK
HOUSE
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1200
UXBRIDGE ROAD
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HAYES
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UB4
8JD
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TEL
: 020-8848 9988
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FAX
: 020-8561
0101
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DX
: 51750 HAYES 3
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EMAIL
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E.D.C. LORD & CO - SOLICITORS - ESTABLISHED
1919
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