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.
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The vendor looks to have installed satellite dishes on the maisonette which I think might possibly contravene the Horwich Locomotive Works conservation area guidelines.
The property lawyer is required to ascertain if the property is within a designated conservation area, and if so, whether any alterations have necessary consent. If no local authority consents can be provided the solicitor will recommend the options which can include getting covered by an indemnity insurance or obtaining retrospective approval from the council.
What are fixtures and fittings?
Generally speaking, fixtures are 'fixed' to walls and other surfaces and fixtures are free-standing. A fixtures and fittings form can avoid any disputes and will clarify precisely which items will be sold with the property.
Is Homeward Legal experienced enough to act quickly on property auction conveyancing in Bolton?
Yes - Our recommended conveyancing solicitors do frequently carry out work for sellers at auction. Solicitors usually suggest bidders to formally instruct a residential conveyancing solicitor well in advance of the auction day to allow adequate time for a review of the sellers legal pack.
Subsequently, immediately after the auction day your selected lawyer is fully focused on completing the legal work within 4 weeks as required .
Can I withdraw my offer on a property at any time?
When you make an offer on a house that has been accepted by the vendor, you can ask them to take it off the market as part of the acceptance. If you are selling, you can show your intent by agreeing to remove it from other potential buyers’ interest.
As a buyer, you can withdraw your offer at any time (and, as a seller, you can reject an offer at any time) up to the exchange of contracts, which means you are now legally committed to go through with the transaction at the agreed price. You should check your contract with both the estate agent and your conveyancing solicitor as there may be fees and other penalties associated with pulling out of the transaction after the offer was initially agreed.
If you decide to withdraw from the contract after exchange, then you are in breach. This means, if you’re the buyer, the seller is entitled to keep whatever agreed sum has been set for the deposit, and could claim damages; as the seller, you will be liable to pay interest accrued during the Notice to Complete period as well as the deposit, and the potential for claiming losses, and the buyer has to return everything about the property at the seller’s expense.
If I’m renting out rooms in my house, do I need to appoint a solicitor?
No, you don’t, because there is no legal imperative for you to do so. However, it’s not as straightforward as simply leasing out a room to a renter because there are certain provisions that must be met in order to protect you as the renter and the person renting the room.
This depends on the room and where it is in the property, state of the plumbing, insurance, and a number of other factors. You’ll also need to draw up a tenancy agreement to ensure demarcation and rights for both parties. While you won’t necessarily need a solicitor involved, it’s worth contacting a letting agency who will have the experience and knowledge to ensure you have everything in place. Be aware that any advice you seek from professionals may come with a fee, so it would be worth shopping around first.
How much is the council tax on a period detached Band C home in Bolton?
Usually a conveyancer's title report will cover the relevant Bolton council tax band. The correct charges for properties in Bolton are tabled on the Bolton council website. As at (24 September 2012) the rates are:
- Band A - £943.00
- Band B - £1,100.00
- Band C - £1,257.00
- Band D - £1,414.00
- Band E - £1,728.00
- Band F - £2,043.00
- Band G - £2,357.00
- Band H - £2,828.00