What’s the difference between exchange of contracts and completion?
When you exchange contracts, this means that you are agreeing to all the terms drawn up within the contract made between you on one side of the transaction, and the opposite party on the other side. It is from this point that you are legally obliged to go through with the transaction (unless you want to be subject to financial and/or legal penalties).
The completion of contracts is the point where you officially take over ownership of the property, receive the keys and can move in. All monies are transferred between the various parties and the conveyancing solicitor contacts the Land Registry to register the change of ownership to you.
Confused by the jargon in conveyancing? Let Homeward Legal's straightforward and clear service help guide you to as early a completion as possible. Try our online quote generator or call us on 0800 038 6699.
Would arranging a house survey be required when purchasing a house or flat, regardless of its age?
We firmly recommend that all purchasers book a property surveyor to carry out a survey when purchasing in Alfreton. Many defects have a negative impact on a property, which include ground movement, and these will not be addressed by your conveyancing solicitor.
What actual property should my conveyancing solicitor in Alfreton order when buying a Alfreton property?
The conventional conveyancing protocol is to obtain Local Authority, Drainage and Water Search (CON29DW or personal), Environmental and Lead Mining Search, and possibly specific local searches, which may include a Utilities report.
Is there a benefit to going to auction over a standard estate agent sale?
The majority of homes sold via an estate agent will be in a reasonable condition and usually modernised, whereas auction properties will often require a lot of modernisation or structural work before it can be lived in. That’s not to say you can’t use either for your sale, of course, irrespective of the state of the property.
Whichever option you choose, you should line up a focused, proactive solicitor on a fixed-fee agreement protected by a ‘No Completion, No Fee’ guarantee. You should appoint them as early as possible, too, so that the conveyancing work can start immediately – this is particularly important for auctions, as there is usually a four-week completion stipulation on its sale.
At Homeward Legal, we offer you’re the best quality service on all types of sale and purchase, including auctions, for competitively low fees protected by our 'No Completion, No Fee' guarantee. Try our online quote calculator or call our team on 0800 038 6699.
How is stamp duty tax calculated and what amount should we budget for a £1088000 property?
The rate of stamp duty that will be due is dependent on the value of the property. For a property sold for £1088000, the rate will be £54400 (source: www.hmrc.gov.uk, December 2012).
When in the process is it wise to instruct a conveyancer to handle our purchase?
If you use a solicitor offering a 'no move, no fee' guarantee, as soon as possible. Prompt instruction of a conveyancing solicitor to act for you on your Alfreton transaction for a sale enables paperwork can be prepared, even before a buyer is found, whereas if you are buying you can shave days off the process by having the details of your instructed solicitor ready when you make an offer.
I’ve lost my gas/electrical certificates; will that stop me moving?
There is no legal imperative for you to provide either the gas or electrical safety certificates as the seller; you are required to provide a gas safety certificate on an annual basis, however, if you are planning on letting the property out. The Institution of Electrical Engineers recommends that an electrical certificate be updated at least every ten years or when the property is transferred to a new owner (every 5 years if you are letting the property out).
However, this usually means that this is the responsibility of the buyer with the onus on organising an inspection for a new certificate falling on them.
Homeward Legal offers competitive, fixed-fee quotes, protected by our 'No Completion, No Fee' guarantee. Try our online quote calculator or call our team on 0800 038 6699 to see what we mean.
We are intending to buy a 1950s house in a designated conservation areas, where does one get data in relation to the state of repair of the area?
Local conservation areas are created by the local Amber Valley planning authority, who preserve conservation area concerns from what can be demolished to excessive road signs. English Heritage, a government body, keep records of the state of conservation areas.