Buyers FAQ’s

I’ve seen a property I want to buy, where do I go from here?
  • Give us a call and we will arrange a viewing.
What is conveyancing?
  • Conveyancing is a branch of law concerned with the preparation of documents for the sale of a property.
 I haven’t got a solicitor, do I need one?
  • It’s always advisable to instruct a solicitor or qualified legal representative to handle your conveyancing. We will be happy to recommend a local solicitor to guide you through the purchasing or selling process.
 How much deposit do I need to pay?
  • If you are applying for a mortgage the deposit amount will be set by the lender. On average a deposit is 10% of the total value of the property.
Do I have to get a survey done on the property?
  • If you are purchasing with a mortgage company they will insist on a ‘Mortgage Valuation Survey.’ If you are a cash purchaser it will be up to you to get your own individual survey done and usually a ‘Home Buyers Report’ will be sufficient. We can recommend a local surveyor if you need one.
What is Stamp Duty and how much do I need to pay?
  • How much you pay depends on whether the land or property is residential, non-residential or mixed use. You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland.

Buy-to-let and second home Stamp Duty tax bands:

Brackets
Standard Rate
Buy-to-let / second home rate   (April 2016)
Up to £125,000 0% 3%
£125,001 – £250,000 2% 5%
£250,001 – £925,000 5% 8%
£925,001 – £1.5m 10% 13%
Over 1.5m 12% 15%

For further information on Stamp Duty visit www.gov.uk/stamp-duty-land-tax/overview

Searches need to be done, what are these?
  • Your Solicitor will arrange the searches which may include, Local Authority Searches, Land Registry Searches and Flood Risk & Water Authority Searches.
Do I need to arrange Insurance?
  • Yes, you will need Building Insurance in place when contracts are exchanged. We do not organise insurance ourselves as we are not FSA regulated but we can put you in touch with one of our trusted providers to give you a quote.
Will the seller leave anything in the property?
  • Only items that are listed on the ‘Fixtures and Fittings’ list (which your solicitor will have) should be left in the property.
How long will it take for the purchase to go through?
  • The average sale takes 6-8 weeks (aprox.). However this really does depend on your personal situation.
When do I get the keys?
  • You will get a call from your solicitor to say that you have completed on your purchase and you will then be able to collect the keys from us.