Take The Worry Out Of Moving
Somewhere in the top ten of major stress moments in life comes moving away from home and buying your first property.
Anything a person in this situation can do to alleviate stress should be taken but unfortunately the one aspect nobody can control is the length of time it takes to complete. The average time in the UK is around three months but often the conveyancing reaches a point near completion just for some unexpected event to de-rail it all.
This is particularly the case when there is a chain of buyers and sellers and it only takes one hiccup with one property to mess it up for all the others.
A good conveyancing solicitor will walk you through the long process and carry out all the necessary searches as well as help collate documents including the recent energy performance document. As soon as your offer is verbally accepted you need to find property solicitors preferably in your locality.
The seller, or more likely their legal representative, is responsible for drawing up a draft contract with the agreed price and detail about fixtures and fittings that will be staying as well as suggesting a completion date.
It’s advisable to get an offer in principle from a building society at an early stage but it will always be on condition that a full survey of the property is carried out as the lender needs to know the house is correctly valued.
There are three generally recognised surveys and they will of course cost different amounts but it’s worth remembering this is probably the biggest financial aspect of your life to-date and it’s not worth risking any missed problems.
The basic survey is just a valuation one that looks at the property, the location and prices of similar properties sold recently in the same area. This type of survey is only recommended if someone is already living in the property and is just applying for extra mortgage.
It’s also good enough for a brand new property that comes with the builders’ warranty package.
The most common survey is a homebuyers report and the most expensive is a full structural survey advisable on very old properties.