Frequently Asked Questions
Q Are there any hidden extras?
A No. Any attempt to mislead you as to the total to be paid for costs and expenses is unprofessional and unlawful.
Q Will there be any additional costs?
A Yes but only if you ask for additional work to be undertaken.
Q Are there any abortive charges?
A Yes. We will have commenced work on your behalf immediately upon receipt of your instructions and will charge a reasonable fee according to all of the circumstances of the matter not proceeding. If the other side withdraws or you decide at an early stage not to proceed, our abortive charges are typically between £100.00 and £150.00. If we have completed all of the work up to the point of exchange of contracts and you decide not to proceed it might be fair to charge a fee in the region of £250.00.
Q Are there any other charges?
A If you are selling a leasehold property fees may be charged by the landlord or managing agents for supplying information concerning the arrangements for repair and insurance of the building as a whole. Also you may need the landlord's consent to the transfer of the flat in which event you will have to pay the landlord's legal costs. If you are buying a leasehold property you will certainly have to give notice of your purchase to the landlord and pay the landlord's registration fees and you may have to pay additional costs if you are to become a member of a management company controlled by the residents in the building or if you are required, under the terms of the lease, to enter into direct covenants with the landlord. We will not be able to identify these charges until we have received the relevant paperwork from the seller's conveyancer.
Q Shall we arrange a meeting?
A It is not normally necessary for there to be a meeting. Prior to exchange of contracts you should receive a written report for you to read at your convenience in the comfort of your own home. Any points that require clarification can normally be dealt with quite quickly by a telephone call but if a meeting is more appropriate or, if you prefer one, this can be arranged.
Q Can the other side withdraw?
A Until contracts are exchanged and dated both sides are free to withdraw from the transaction without penalty.
Q When and how are contracts exchanged?
A The contract is prepared in duplicate and signed separately by the seller and buyer. Each side must deliver their signed contract to their conveyancer with instructions to proceed to exchange contracts. The two conveyancers then effect a formal exchange of contracts by means of professional undertakings and the parties then become legally committed to proceed with the transaction. You do not need to be present at the time of exchange.
Q When do I pay the deposit and how much is needed?
A Your conveyancer will need cleared funds for the deposit at the time of exchange of contracts. By convention the deposit is normally 10% of the purchase price but if you are obtaining more than a 90% mortgage, a 5% deposit is normally acceptable. You should not confuse the amount of the deposit with the percentage of your mortgage offer. Your deposit is simply a payment on account of the purchase price with the balance being payable on the day of completion regardless of what finance is being supplied by way of mortgage.
Q When does completion take place?
A The completion date is agreed to suit the requirements of the parties and is fixed at the time of exchange of contracts. The date will be inserted in the contract by the parties' conceyancers and it is only then that the parties are legally committed to complete on the agreed date. If either side fail to complete on the agreed completion date, liability will arise for damages for breach of contract.
Q Do we need to meet on the day of completion?
A No.Completion is dealt with between the conveyancers.
Q When do I pay?
A At the outset you will be asked to pay up to £300.00 on account of the expenses to be incurred throughout the transaction. On a purchase you will be asked to pay the deposit in time for exchange of contracts and you will be asked to pay the balance of the purchase price in time to allow your conveyancer to have cleared funds on the day of completion. Your conveyancer will deal direct with your bank or building society in obtaining the mortgage finance.
Q What else do I need to know?
A Contracts normally stipulate that completion must take place by between 1.00pm and 2.00pm on the agreed day. If you are selling you should have vacated by the agreed time of day and delivered the keys to your estate agent or otherwise made arrangements for the keys to be handed to your buyer.The keys should not be handed over until your conveyancer has received the purchase monies from the buyer. If you are purchasing you should ensure your conveyancer is able pass on the purchase monies to the seller’s conveyancer by the agreed time and you should check the property has been vacated. During the period between exchange of contracts and completion there will be other documents for you to sign and you should keep in touch with your conveyancer.It is not a good idea to book a holiday abroad just before completion.
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