Would ordering a property survey be necessary when purchasing a property in Huyton?
Homeward Legal recommend that you book a RICS survey when you intend to buy in Huyton. There are many defects that can affect a property. These include chimney defects and cavity wall tie failure. These will not be reported on by a solicitor.
When should I book a removals firm?
It’s very tempting to get wrapped in the excitement of moving home and wanting to get everything sorted out and in the diary. But, if you book a removals firm too early, prior to the exchange of contracts (when the date and time of completion is legally set), you risk the possibility that the date might change, thereby having to pay a fee to the removals firm to change the plans.
There is nothing stopping you in contacting a selection of firms to get a quote for removal and to negotiate the possibility of pencilling a date in but ensure you obtain agreement that this is subject to change and confirmation.
How does a Help to Buy scheme work for me?
This government-sponsored scheme aims to assist homebuyers with three ways of purchasing a property:
- Help to Buy ISA - if you are a first-time buyer and don’t own any other property (anywhere in the world), and you don’t have another cash ISA opened in the same tax year, when you buy your first home, the solicitor will apply for the government bonus on your behalf when closure of your Home to Buy ISA used to buy the property is confirmed.
- Help to Buy: Equity Loan - if you have no other property and are buying a newly-built home, the government will provide 20% of the cost of the house (up to a maximum of £600,000), leaving you with the saved 5% deposit and a 75% mortgage to cover the remainder. This is open to current homeowners and first-time buyers, and the home cannot be sublet nor can it be used in a part-exchange deal.
- Help to Buy: Shared Ownership - if your household earns less than £80,000, you could be eligible for this scheme, which allows you to buy between 25% and 75% of the home’s value, while the government pays the remainder on which you would then pay rent.
(information retrieved from HM Government’s Help to Buy website on 16 April 2019).
Contact the Money Advice Service, the government’s Help to Buy website, or your local ‘Help to Buy’ agent for more information.
Should I choose a firm of solicitors suggested by the local agent?
The agent will often suggest one or more conveyancing firms. Such referrals need to be weighed up against alternatives, including online or local firms, as an agent may select whichever firm pays the most per referral, not a firm with local expertise and a solid reputation.
Should I get my short lease extended before selling?
Buyers are becoming increasingly wary of buying leaseholds with less than 90 years to run because, first, the cost of increasing a leasehold is becoming far more expensive, and, second, mortgage companies are becoming increasingly reticent to lend money to buy leases that have dropped below the 80-year mark (indeed, this will be one of the criteria that they set to ensure their investment is protected).
As a result, buyers will often insist that the leasehold be extended back up to the 99-year or 125-year typical thresholds before going ahead and buying it. So, as the current leaseholder, you will almost certainly be expected to do the legal work required to extend the lease to a level that buyers will be happy with.