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- What does any contract / agreement
entail?
A contract is a legally binding document and once contracts are exchanged
you are bound to proceed ; failure to do so is likely to result in:-
1.1Interest being charged on the balance
of the purchase price in respect of each day on which
you fail to complete at the prescribed rate in the
Contract.
1.2 Damages for the seller’s losses.
1.3 Forfeiture of the deposit.
It is therefore vital that contracts are not exchanged until you are
fully satisfied as to all aspects of the purchase and can meet the
completion date.
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- What are preliminary enquiries?
You are referred to the Property Information Form and the Fixtures & Fittings
Questionnaire. If there are further matters you wish to raise please
either do so directly through the agents or take them up with us before
contracts are exchanged.
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- why should I read the fixtures
and fittings list?
Please carefully read this list once you receive it to ensure it accurately
reflects the agreement between yourself and the Seller.
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- How can I be sure of the
physical condition of the property?
You must satisfy yourself as to the structural condition of the property
and that the price you are paying is a proper one. It is always prudent
to have a Structural Survey, particularly with older properties. A
Mortgage Valuation, which is primarily for the benefit of a mortgage
lender, does not constitute a full structural survey.
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- Why should I have a local
authority search and water search?
5.1 It is essential to have these
searches to ensure that nothing adverse has been
registered against the property by the local authority
as you, as the new owner, would be liable for these.
Moreover it is a requirement of lenders.We shall
advise you of the result of the searches once available.
5.2 Since privatisation the local
authority are no longer required to give drainage information
and so this must be separately obtained.
5.3 Planning - Please confirm your
proposed use and development proposals (if any), and
tell us if it appears there have been alterations or
extensions to the property in the past.
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- How much is a deposit?
6.1 10% is payable on exchange of contracts
and you must have that available by way of cleared funds at short
notice.
6.2 Solicitors are required to ensure
that no client funding is drawn on their Client Account
unless it is backed by cleared funds. We will therefore
require a Banker’s or Building Society Draft
. Personal cheques will require a minimum of 7 working
days to clear exclusive of the day on which we need
to use the funding.
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- What are the mortgage conditions?
If you require a mortgage all the conditions of the written Mortgage
Offer must be complied with before we are entitled to use the mortgage
monies to complete the purchase. Please also remember that we have
professional responsibilities to lenders and these we cannot compromise.
Nor can we proceed until and unless we are in receipt of the written
mortgage offer and you have executed the necessary mortgage deeds
in our presence.
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- What about insurances?
8.1 Buildings - usually arranged by your mortgage
lender; otherwise we shall require a Cover Note and a specimen
of the Policy and confirmation it is in force prior to exchange
in order to comply with the terms of your mortgage offer.
8.2 Life Cover - must be in force
from exchange of contracts with all mortgage conditions
satisfied, including the production of the policy documentation
by you to your mortgage lender.
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- When will I be allowed access to the
property?
You are not entitled to access until completion unless it is especially
negotiated as a term of the Contract. The keys are usually collectable
from the Estate Agents after lunchtime on the day of completion.
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- Tell me more about main residence
and occupiers?
If you do not intend to use the property as your sole or main residence
you will not qualify for mortgage relief and may on a subsequent sale
be liable for Capital Gains Tax.
Please advise the full names of all proposed occupiers over the age
of 17 years, as they must sign the contract to waive any rights they
may have in the property.
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- How quickly will the transaction
take?
Please note that we concentrate on the legal aspects of the transaction.
All non-legal matters are more speedily dealt either directly with
the Seller or through the agents.
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