Can I transfer my existing mortgage to my new property?
No. Many people are confused by the advice given them – it is only the mortgage product that stays the same. You will need to make a new mortgage application, even if you are staying with the same lender.
How long will the process take?
Until contracts are exchanged the answer has to be “we don’t know”. It is impossible to guess how long the sale or purchase will take until all lose ends are sorted out.
If a buyer has ready cash and the property is empty, completion can take place in a matter of days, but where a chain is involved, or mortgages are hard to come by, weeks can go by with apparently little progress being made.
It is useful to establish at the outset whether the chain of buyers and sellers is complete and whether all concerned are likely to make satisfactory financial arrangements without undue delay.
PLEASE DO NOT make any final arrangements for moving until contracts have been safely exchanged and a definite completion date has been agreed.
I have a secured/second loan on my property?
All secure loans outstanding on a property (such as Business overdrafts Facility, Legal aid charge or personal loan) must be paid off out of the sales proceeds unless the lender concerned agrees to secure the loan on your new property. This may take some time for the lender to organise, and if you want to do this you should contact the lender for consent as quickly as possible. When the lender gives its approval, the lender will send written instructions to us to register a fresh charge over the new property.
Should I have a survey done?
The old phrase ” Buyer Beware” applies to a house purchase. If there is found to be anything wrong with the property after the exchange of contracts the seller is not liable and the buyer will have to pay for any necessary repairs.
If you have a mortgage, a valuer will inspect the property, on behalf of the lender. It is not advisable to rely upon the valuation report alone because the condition of the property is not considered in detail. However, it is often possible, for an extra fee, to arrange for the same valuer to carry out a more detailed inspection called a “Home Buyers Report and Survey” or even a full structural survey, if the property is very old and needs extensive repairs or alterations.
Things to do when I am purchasing?
Sale Agreed
Fill in our Information Form and return it as soon as possible.
Choose the type of survey you require on the property.
Agree arrangements for Building Insurance with your Lender.
Draw out any savings being used for the deposit or ensure they are ready available to pay over.
Enquire at the Council if you have concerns about the potential development on neighbouring land.
Exchange of Contracts
*Book…
-Removers or hire a van to move yourself
*Please Connect Me – Contact the following authorities in the area you are moving to and arrange for the account at your new house to be transferred to your name.
Gas
Electricity
Telephone*
Council tax
Water rates
If you want the telephone at your new house, ask your seller not to have it disconnected, or you will have to pay a re-connection charge. If you are taking any gas appliances with you, arrange to have them connected at your new house on completion
Keys…
Make sure you know where the keys for your new house can be collected.
If You Are Living In Rented Accommodation…
Tell the Landlord when you are moving out, arrange to settle the bills.
Let Them Know You Are Moving …
Bank, building society
Credit cards
Insurance company (car, life insurance, health insurance)
Driving insurance and car registration documents
AA/RAC
Doctor, hospital, dentist
Post Office
Ask for your mail to be re-directed
Things to do when I am selling?
Sale Agreed
Fill in our Information Form and return it as soon as possible.
Choose the type of survey you require on the property.
Agree arrangements for Building Insurance with your Lender.
Draw out any savings being used for the deposit or ensure they are ready available to pay over.
Enquire at the Council if you have concerns about the potential development on neighbouring land.
Exchange of Contracts
Book…
Removers or hire a van to move yourself
Please Contact – Contact the following authorities in the area you are moving to and arrange for the account at your new house to be transferred to your name.
Gas
Electricity
Telephone*
Council tax
Water rates
If you want the telephone at your new house, ask your seller not to have it disconnected, or you will have to pay a re-connection charge. If you are taking any gas appliances with you, arrange to have them connected at your new house on completion.
Keys…
Make sure you know where the keys for your new house can be collected.
If You Are Living In Rented Accommodation…
Tell the Landlord when you are moving out, arrange to settle the bills.
Let Them Know You Are Moving …
Bank, building society
Credit cards
Insurance company (car, life insurance, health insurance)
Driving insurance and car registration documents
AA/RAC
Doctor, hospital, dentist
Post Office
Ask for your mail to be re-directed
Things to do when I am purchasing?
Sale Agreed
Fill in our Information Form and return it as soon as possible.
Choose the type of survey you require on the property.
Agree arrangements for Building Insurance with your Lender.
Draw out any savings being used for the deposit or ensure they are ready available to pay over.
Enquire at the Council if you have concerns about the potential development on neighbouring land.
Exchange of Contracts
Book…
Removers or hire a van to move yourself
Please Contact – Contact the following authorities in the area you are moving to and arrange for the account at your new house to be transferred to your name.
Gas
Electricity
Telephone*
Council tax
Water rates
If you want the telephone at your new house, ask your seller not to have it disconnected, or you will have to pay a re-connection charge. If you are taking any gas appliances with you, arrange to have them connected at your new house on completion.
Keys…
Make sure you know where the keys for your new house can be collected.
If You Are Living In Rented Accommodation…
Tell the Landlord when you are moving out, arrange to settle the bills.
Let Them Know You Are Moving …
Bank, building society
Credit cards
Insurance company (car, life insurance, health insurance)
Driving insurance and car registration documents
AA/RAC
Doctor, hospital, dentist
Post Office
Ask for your mail to be re-directed
What about the building insurance?
A property should be insured by the buyer from exchange of contracts. Houses should be insured not necessarily for the price paid but for the estimated cost of rebuilding following a fire, to include clearing away the damage and architect’s fees – Sometimes this is much greater then the actual market value. If you have a mortgage, the lender can deal with this. Otherwise you will need to make your own arrangements as quickly as possible.
What are the legal stages of a purchase transaction?
Purchase agreed
Organise searches at the local authority on your behalf and ask you for a sum on account of such expenses.
Check the title to the property, deal with package of information received and raise questions on your behalf.
Receive replies to questions raised and report to you with the contract for signing. Request your deposit.
Receive mortgage offer and deal with all the conditions on your behalf.
Receive search results and deal with any problems revealed.
Exchange of Contracts
Hand over the deposit to the seller’s lawyer.
Prepare a final completion statement for your approval. Collect in any balance of funds required.
Prepare the deed of transfer and mortgage deed and arrange for you sign them.
Organise final searches to check for debts, and bankruptcy.
Completion
Receive deeds and arrange for payment of any Stamp Duty to the Inland Revenue.
Prepare and send off application to H.M. Land Registry to register your ownership.
If property mortgaged, send deeds to the lender.
What are the legal stages of a sale transaction?
Sale Agreed
Obtain your Title Deeds and ask you to return information forms.
Prepare and send out a package of legal information and a contract for sale.
Answer questions received and arrange for you to sign the contract for sale.
Request a settlement figure for your mortgage and any other secured loans.
Liase with all the relevant parties and negotiate a date for moving (“completion day”).
Exchange of Contracts Receive the deposit
Organise final accounts and prepare a final statement for your approval. Collect any balance of funds required.
Approve the Deed or Transfer and arranges for you sign it.
Completion
Pay off the mortgage and notify H.M. Land Registry.
Organise final accounts and prepare a final statement for your approval. Collect any balance of funds required.
Hand over the deeds and send balance of money to you.
