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Frequently asked questions when moving house
Q.What is exchange of contracts?
A.When all parties in the transaction are ready and you are happy with everything we have explained to you, then contracts can be exchanged and a buyer pays a deposit. Up to this point nothing has been legally binding, but now all parties are bound in to the transaction and must now move towards completion. We will make it absolutely clear to you that we are exchanging on your behalf. This is an important step for you.
Q.What is completion?
A.When contracts are exchanged, a completion date is fixed. On completion, you become the legal owner of the property and can move in. If you have a mortgage, it will start to run and you will start to make the mortgage payments (and all the other bills that house owners have to pay!).
Q.How long will all this take?
A.This is always a difficult question to answer as there are so many factors to take into account. However, here at Jobling & Knape we can give you a reasonably accurate estimate of the time involved, which is normally between 6 to 14 weeks. Tell us what you are looking for and we will strive to achieve your goals.
Q.What is a local search?
A.This is a series of questions answered from the local authority's records. The questions deal with very important topics such as the adoption of roads and planning permissions. The value and saleability of any property can be seriously affected by such matters and you need expert advice to guide you through the contents of the local search. We can give you that expert advice as we are very familiar with the dozens of different problems that can be revealed.
Q.What's the best type of Mortgage?
A.We can arrange, for free, mortgage checks to see if you've arranged the best available package. We do this through totally independent financial advisers. Better, still, ask us before arranging your mortgage and we can arrange a free financial consultation without obligation. This can be at your home, at our office or at the office of the adviser. This could save you lots of money in the long run. And its free.
Q.Which is better - freehold or leasehold?
A.Some people are put off by the word "leasehold"! They think any property must be better if it is freehold. This is far from the truth. It all depends on many factors and on the nature of the property itself. We can advise you on the best type of "tenure" and we can tell you in detail as to why these questions are very important. If a property has the wrong "tenure" it can have very serious consequences indeed, which can make a property difficult to sell and almost impossible to take out a mortgage on. You need our expert guidance in this tricky area.
Q.When can we collect our keys?
A.This is one of the most frequent questions we hear! On completion (see above) we will tell you when you can collect your keys. This is normally when the Seller's solicitors receive all of the monies due. It is normally just before lunchtime, or sometimes a little later if a long chain of transactions are involved. You can be assured that we will keep in touch by telephone and let you know as soon as you can move in! Mobile phones are proving to be very handy on completion days! In some circumstances, we can arrange for you to have keys to undertake work to a property well before completion. Ask us about this possibility and you can be assured that here at Jobling & Knape we will do our best to help.
Contact Jobling & Knape with your Conveyancing FAQs question: