Buyers Guide

Q1: Once I see a property I want to buy, what do I need to do?

A: Once you have made the decision on the property you wish to purchase, we will put your offer forward to the vendor for their consideration.  At this point we will need to be able to let them know how you will be funding the purchase, so it is wise to get some mortgage advice prior to this stage. We will also need to inform the vendor of your position i.e. are you a first time buyer or do you have a property to sell. Legally all offers must be put forward in writing to the vendor and as soon as they have made a decision we will let you know.

Once the offer has been accepted you will need to instruct solicitors to act for you in your purchase. You will also need to speak to a mortgage broker so that they can arrange for the survey to be completed and your mortgage offer to be produced, as the solicitors will need these. We will keep in touch with you to chase the progress of these items and throughout the whole legal process we will keep you fully informed of any developments, liaising with you on a regular basis.

Q2: What are the costs that will be incurred when buying a property?

A: There are Solicitor/conveyancing fees, survey costs and mortgage lender's arrangement fee (only applicable on certain mortgages) buildings and contents insurance. Buildings insurance must be in place from exchange of contracts.

Q3: How much is the Stamp Duty?

A:  The first £125,000 on properties is free of Stamp Duty

     Then payable at 2% payable on the portion up to £250,000

     Payable at 5% on the portion up to £925,000

     Payable at 10% on the portion up to £1.5m

     Then payable at 12% on the portion over that amount.

 

Please copy the link below into your web browser for the HMRC Stamp Duty Calculator.

Enter the date of purchase and purchase price then submit to calculate the amount payable:

http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm

 

Q4: What about surveying a property?

A: There are different types of surveys available. There is a very brief type of survey, known as a mortgage valuation. This is limited to a brief inspection of the property for any obvious faults and provides an assessment of its value.

The Homebuyer's report will go into more detail and will provide a fairly extensive report with appropriate findings.
Building survey (formerly known as a Structural Survey) is the most comprehensive type of survey available. It is suitable for any building, but is especially recommended buildings which have had lots of alterations or extensions and those constructed out of unconventional materials.

Q5: When does exchange of contracts take place?

A: Once your solicitor has received your mortgage offer and is satisfied that all legal enquires have been dealt with you are then able to exchange contracts. At this stage you sign your contract and pay your deposit to your solicitor.

Q6: What happens on the day of completion?

A: Once your solicitor has received the mortgage funds this is sent electronically to the vendor’s solicitor. When the vendor’s solicitor receives the funds they notify your solicitor that monies have been received and that the keys can then be collected. The vendor’s solicitor will contact us, if we are holding the keys, to confirm they can be released. We will then call and let you know that the keys to your new home are ready for collection!

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