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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. |
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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. |
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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. |
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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. |
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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. The local authourity search is one the required components of the a Home Information Pack. |
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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. |
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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. |
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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 £125,000.00. The Government changes the rate of duty payable from time to time. |
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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. |
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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. |
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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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"Am I
'off the hook' when I assign my Lease"?
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"At
the end of my Lease can I hand back the keys without repercussions?"
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"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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"What
strategic steps should a landlord or tenant take when renewing a Lease
of commercial property?"
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"To
enable me to develop the shopping centre my funders require prospective
tenants to enter pre-letting agreements".
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"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. |
