• SURVEYS
  To avoid any doubts or misconceptions, we would wish to make it clear that we do not inspect, survey or attend the property you are buying or selling. We are responsible for transferring the ownership of the land the property stands on and any buildings on it. The quality, condition and extent of those buildings is not revealed by either the Title Deeds or our searches.
  
  If you have any doubts about the property or require assurances concerning its condition you should contact your Surveyor, builder or specialist contractor (or possibly all three). Your mortgage valuation may be limited and is usually done on behalf of the mortgage lender. Therefore you should seek clarification of the protection (if any) given to you by any survey and if you are dissatisfied, commission your own. We are prepared to recommend qualified local surveyors if you require, but not builders, contractors or their related specialists, as we are not in a position to check their work or qualifications.
• PLANS
  Properties are drawn at the Land Registry to a minute scale and no dimensions are usually given. While these are generally adequate for established properties with mature hedges or fences and where boundaries are straight and easily defined, we would suggest that if you have doubts you should ask if we have been provided with a more detailed plan to see if it may be checked against the actual garden/boundaries of the property you are purchasing. Any discrepancy of any significance should be reported before exchanging Contracts to ourselves and to your surveyor for comment and possible action.
• JOINT PURCHASES
  When purchasing with your spouse or a friend or partner you have a choice between Joint Tenancy and Tenants in Common.

Joint Tenancy

Means that you purchase the whole property between you. Neither partner can leave his/her share by Will and that share passes by survivorship to the other 'Joint Tenant'. On a sale each side will own 50% of the property. This type of ownership can be changed or revoked by proper notice in writing, usually given by a Solicitor.

Tenancy in Common

Should be chosen if you do not necessarily want your Partner in a purchase to inherit your share in the property. Tenancy in Common can be in equal or unequal shares depending on each individuals contribution to the purchase price and/or any agreement reached between you. On a sale the property will be held in the shares it was originally purchased.

• INSURANCES
  In a purchase, all insurances should be effected on exchange of Contracts. Please ask your Broker/Lender to issue any new Endowment Policies. Ask your Building Society/Bank or Broker to implement your Buildings Insurance as this may be your responsibility on exchange of Contracts until completion takes place.
  
  In a sale insurances should not be cancelled until completion has taken place
• EXCHANGE OF CONTRACTS
  The term which describes the time at which you and the other parties involved become legally bound/committed to the sale or purchase. The exchange is handled by the Solicitors involved. Exchange can take place when a Buyer has :
  
         1. Their finance in place (usually a Mortgage Offer)
         2. The results of any searches and
         3. All necessary documents from the seller's solicitor.
  
  The date for your move is agreed by you and the other parties and is fixed by being written into the Contracts as the completion date. As a Buyer when you sign your purchase Contract it will be necessary to pay the deposit which you are finding from your own resources (unless we can use the deposit received on any related sale).
• ARRANGING YOUR MOVE
  Removals and meter readings should only be booked after exchange of Contracts. If you wish to make provisional arrangements before exchange of Contracts, then please make this clear to the Contractor to avoid any risk of postponement charges. You should contact the Local Authority to apportion council tax once you have a completion date.
• THE COMPLETION
  1. Please do not discuss completion dates with other parties involved until we advise you that you are ready to exchange contracts. This will only cause anxiety if there are any unexpected delays or problems in the chain.
  
  2. Completion is usually a week or two after exchange but is open to negotiation.
  
  3. The completion date is the date you actually move and whatever money is necessary to complete the sale or purchase changes hands.
• MORTGAGE PAYMENTS

Sale

Please continue paying any existing mortgage until the date of completion. Otherwise you may fall into arrears and jeopardise your chances of obtaining another mortgage. You should check with your mortgage provided whether they calculate the amount needed to repay the mortgage on a daily or monthly basis. If daily it makes no difference when you replay the mortgage but if monthly you may be charged interest for a whole month no matter when you repay therefore it may pay you to complete at the end of the month.

Purchase

With any new mortgage your mortgage provider will write to you with payment details once a completion date has been fixed. Please note your first mortgage payment will usually be for the rest of the month in which you complete and the whole of the following month, therefore the date fixed for completion may affect your cashflow.

• AFTER COMPLETION
  On a sale please ensure you cancel any existing standing order with your Bank or Building Society immediately to avoid making unnecessary payments. If you have an existing life/endowment policy which is not required to be assigned in conjunction with a new mortgage, you have the choice of continuing the policy for your own benefit or encashing the policy. Policies usually acquire a surrender value after two years or more but before making a decision you should discuss alternatives with your financial/insurance adviser. We shall always send such policies on to you unless we receive your written instructions to retain them.
  
  On a purchase check your buildings or life insurances are in place and you have notified everyone who needs details of your new address.
  
  Still got a question? For more helpful conveyancing information and conveyancing services available, contact us now