FREQUENTLY ASKED QUESTIONS
1. how long will the transaction take?
An average sale and purchase takes approximately 8 weeks from agreement of the transaction until completion assuming that there are no undue complications.
2. is there a difference between exchange and completion?
Yes, exchange of contracts means you are legally committed to purchase the property. You do not move in on the date of exchange but a date for the move is fixed on exchange, which has been agreed between your seller/buyer. This will be a week day which is not a bank holiday. The completion date is the day you are legally entitled to move into the property and the day you pay for the property.
3. do i need to visit your office on the day of exchange/completion?
There is generally no need for you to do this provided we have received all relevant signed paperwork back from you. The process is dealt with by us on your behalf over the telephone and via the banking system.
4. as i have signed the contract and sent it back to you, does that mean we're exchanged?
No. We need you to have signed the contract so that we can hold it on file until we are ready in all respects to exchange on your transaction. We telephone just before the point of exchange to ensure that you are still happy to proceed.
5. i am buying a property and understand i have to pay a "deposit" on exchange of contracts. how much do i have to pay?
The "normal" deposit payable on exchange of contracts is 10% of the purchase price. However it may be that you do not have this money at the point of exchange. This is possibly due to the fact that the mortgage monies you are getting to purchase the property, and which are not available until completion, are more than 90% of the purchase price. Alternatively you may also be selling a property, which monies will be used for your purchase so the only deposit you will have available is whatever deposit your buyer is offering. It is not uncommon nowadays for a deposit of less than 10% to be acceptable to a seller. You should let us know as soon as possible if you foresee any difficulty in providing the deposit for exchange of contracts, to avoid any problems at the point of exchange.
6. when i get my mortgage offer should i send you a copy?
There is generally no need for you to do this as your lender will also instruct us to act on their behalf and will send us details of the offer of the loan at the same time as you receive your own copy. You should therefore ensure on your mortgage application, that you give the lender our contact details.
7. i am buying the property with my partner and we are each contributing a different sum towards the purchase price. is there any way we can make sure we each get back what we put in to the purchase?
Yes, your separate interests can be safe-guarded by means of a document called a "Declaration of Trust". This will state your respective interests in the property. We can prepare this document on your behalf and we will provide you with a questionnaire to complete to ensure we have your full instructions to draw up the appropriate document.
