Your affordability will be paramount in order to focus on your mortgage strength, therefore an enquiry with your bank as to your purchasing power should be a first step.
When an offer is accepted, you would need to place a 2% Reservation Deposit with the Selling Agent, this deposit is taken Subject To Contract and is held in a non-interest client’s escrow account until completion. On receiving the Reservation Deposit the Agents will write to both parties lawyers with the transaction details. Once mortgage has been approved, it is strongly recommended that you enter into an Exchange of Contract with a further 8% payment (this payment may vary if agreed by both parties) and then completion at an agreed time.
The reservation deposit is held by the Selling Agent and refundable (unless otherwise agreed by both parties) upto Exchange of Contract at which time the 2% Reservation deposit and the 8% payable on Exchange of Contract become non-refundable.
As a first or second Time buyer you would not pay any Stamp Duty on any property under £260,000, otherwise Stamp Duty will start as from £200,000.-(please see our Stamp Duty Calculator) When selling you will not pay Stamp Duty but may have to pay for “early release payment” to your Mortgage Lender.
Once your mortgage has been approved, the bank will appoint a Valuer at your cost. You can not choose your own Valuer if you require a mortgage, however if you are purchasing without a mortgage but for your personal satisfaction you want a valuation, then yes you may choose your own valuer.
Without being in a “chain” (where more than one property is being sold/bought, and each sale is dependent on the other to complete) and with no particular lease complications a completion in average can take 4 to 6 weeks.
When you have a “Chain” situation, this will depend on the number of properties involved and how ready each one is to complete. The “Chain” could easily include 3 to 4 properties so a little difficult to predicted.
Please see our page on “Restricted Market” which provides details.
An inventory will be provided and sent to both parties lawyers.
Yes, Planning Permission and Building Control is required and can be applied for retrospectively, the responsibility should be the vendors unless otherwise agreed by both parties but must be done before completion. This is a requirement which will be asked for by the Purchasers Lawyer during their “Due Diligence” process.
That is correct, EU regulations now insist that an Energy Performance Certificate must be obtained to ensure that air-conditioning work within the required perimeters, this again should be provided by the vendor.