For a fast exchange and completion to buy a £258,000 house, what can we do to speed up our transaction?
Primarily, moving faster is the key to is to employing a proactive conveyancing solicitor. Ask these questions when identifying your conveyancer:
- Was there a delay delivering a quote?
- Which communication methods do they use? Days can be wasted waiting for letters in the post which could be emailed or faxed.
- Do they order searches immediately?
What is gazumping?
This happens when a house seller accepts an offer, then dismisses it, choosing instead a higher offer. Because acceptance of an offer is not binding on the seller until exchange of contracts, there is a risk of being gazumped. The first step in reducing the chance that gazumping will effect you is to instruct a fast, efficient solicitor early, and even before acceptance of an offer.
How long on average should I expect it to take our assigned solicitor to exchange contracts all of the legal process for a semi detached recently developed home?
The legal process can take anywhere from one month to twelve weeks, which can be hampered by various things e.g. the efficiency of the vendors lawyer, or absent parties. Our proactive property solicitors are extremely focused on communication completing in as short a time as realistically possible.
If there are outstanding works approved in the planning consent, can I still use it?
Generally speaking, planning permission legally has to have an expiry date, which is usually for a period of three years from approval for the building work to start (and not necessarily complete, unless the consent has a suitable caveat).
This means that the consent is against the property and the intended construction rather than the person who made the application. As such, if the planning consent remains within the expiry period, the agreement is transferrable to the new owner of the property.
Your solicitor will be able to provide further advice, once enquiries with the local authority have been satisfactorily completed as part of the conveyancing.
We are buying a £1116000 home in Aylsham, what should be calculated for stamp duty?
The SDLT due is dependent on a limited set of factors, including the value of the property, and whether it is in a 'disadvantaged area'. Stamp duty will be £55800 on a £1116000 Aylsham home.*
*This information correct as of June 2012
Myself and my partner are buying in Aylsham. Can we verify that the property is in a conservation area?
Locales deemed to be of architectural or historic interest, such as model housing estates, will be recognised as conservation areas. These restrictions can make repairs more costly or time-consuming, but the benefits include protection for trees and other flora.
Natwest is our mortgage lender, is there anything we need to know?
In some cases, lenders have opted to reduce the size of their 'solicitor panel'. Homeward Legal can act for the majority of mortgage lenders.
How much effort is it to sort out a house in multiple occupancy (HMO)?
A house in multiple occupancy is defined as a property where at least three tenants live forming more than one household (one person or more living together), but share kitchen and bathroom facilities.
As a landlord of an HMO, your responsibilities include ensuring proper fire safety measures are in place, gas safety checks are completed annually, the electric system is checked every five years, there are sufficient bathroom and kitchen facilities for everyone to comfortably use, communal areas are kept clean and safe to use, and waste disposal is managed effectively (provision of bins and bags).
This requires more effort than having a property to rent to one household, and you may wish to employ a solicitor to sort out the legal side of things in the first instance, and a property management company to handle the administration, disputes, etc. on a daily basis.
Homeward Legal's experienced solicitors have completed many different transactions including properties for HMOs. Why not give us a quick call now on 0800 038 6699 to get your conveyancing under way today?