Exciting times, buying a property. There's a lot to think about though.
Exciting times, buying a property. There's a lot to think about though.
There’s nothing quite like a face-to-face chat with an expert, but here’s a quick summary of useful tips and reminders for you buyers.
Buy a Kaybridge house and you'll see the difference from the very start of the process. Homes we market are available to view across a variety of media and are beautifully presented with all the information buyers need. Weve thought of everything to try to ensure a smooth process for our buyers from the initial viewing right through to collecting the keys to your new home. Whether youre a first-time buyer or a seasoned house-mover, our expert team will hold your hand from start to finish. Find out more about buying with us or search our property for sales.
It is advisable to consider how you will finance your property before you begin your property search. Confirming how much your money you will have to fund your purchase will influence your property search. Kaybridge can put you in touch with a reputable mortgage advisor to discuss and arrange your finances, if necessary.
Register with Kaybridge, call us on 020 8004 0474, email us firstname.lastname@example.org or drop in and speak with one of our experienced sales team. You can talk with us about your requirements and we will work with you and offer advice and guidance throughout the process.
Once you have registered with Kaybridge, we will keep in touch by phone and email with relevant properties. Our office is open 6 days a week and will do our best to accommodate a time of day that is convenient for you to view properties of interest. Working closely with a member of our sales team, we will answer any questions you may have.
Once you have identified a suitable property to buy, we will advise that you speak with an effective and efficient lawyer. We can put you in touch with a recommended lawyer in the local area. We will inform the Vendor of your offer both verbally and in writing. If at stage of offer you can demonstrate that your finances are prepared and your lawyer is instructed, the credibility of your offer is enhanced.
Once your offer is agreed, we will introduce the solicitors acting for both buyer and seller to each other in writing with a memorandum of sale. We will also send a copy of this memorandum to the seller and buyer confirming the agreed sale price. Upon your offer being agreed, your mortgage valuation survey should be instructed through your mortgage advisor or bank. Searches should be applied for through your solicitor and the conveyancing process will begin.
We will be on hand every step of the journey through the conveyancing process. Your solicitor will apply for searches and will raise enquiries to the sellers solicitor on the draft contract and supporting paperwork. We will communicate and assist between parties throughout the process and will negotiate and manage expectations on timeframes.
There are no legal obligations until exchange of contracts. Exchange of contracts occurs when all enquiries have been confirmed and agreed and when both buyer and seller have authorised the exchange. Both buyer and seller will sign the contract and the buyer places a deposit (usually 10% of the purchase price) with their solicitor. The completion date is set and confirmed upon exchange of contracts.
Completion is when the legal ownership of the property transfers to the buyer. This occurs once the total of the purchase price (usually the remaining 90%) is transferred from the buyer's lawyer to the seller's lawyer. Completion cannot occur until seller's lawyer confirms receipt of the total purchase balance. Keys will then be released to the buyer. Congratulations on the purchase of your new home!
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In addition to financing the purchase price of the property, you will need to consider the following costs on top of this price:
The buyer is responsible for paying Stamp Duty tax on the purchase. Stamp Duty is a progressive tax levied on all property transactions above £125,000. The bands are as follows:
Up to £125,000: 0%
£125,001 to £250,000: 2%
£250,001 to £925,000: 5%
£925,001 to £1.5million: 10%
Over £1.5million: 12%
If you are buying an additional property to one you already own, there is a surcharge of 3% added to each band, applicable to all property transactions above £40,000. For further details visit www.gov.uk/stamp-duty-land-tax
You will need to instruct a solicitor to conveyance the purchase of your property. Solicitor fees will vary. We can put you in touch with a solicitor to discuss fees.
If you are financing the property with a mortgage, the mortgage lender will need to carry out a mortgage valuation. The survey fees will vary depending on what type of survey you instruct. Even if you are not taking a mortgage, you may wish to carry out a survey on the property.
If a property is freehold, it is the permanent tenure and absolute title of land or property. Freehold properties are usually houses, not flats. Although not all houses are freehold.
Most properties in Central London and Surrey are leasehold. If a property is leasehold, you own the property for a fixed period of time with a legal agreement with the landlord, also known as the freeholder. Ownership of the property returns to the landlord when the lease comes to an end. Leaseholders have legal rights to extend the lease.
Share of Freehold
Share of freehold is when the freehold is divided between some or all of the leaseholders of the building. There is always a lease which underlies the share of freehold, which demises the ownership of your property and this lease still has a term of time.
The law states that a leaseholder can extend the lease on a property after two years of ownership. If the buyer wishes to extend the lease on their new property sooner than this, the seller can assign the right to extend the lease to the buyer (if the seller has owned the property for 2 years or more) during the conveyancing process, which means the buyer can extend the lease straightaway after completion. A solicitor is required to handle all the legal documentation for extending a lease. A surveyor is also required to value the lease extension.
The time it takes to buy a property depends on several factors, including the circumstances of both the buyer and the seller. There are conveyancing processes that need to be followed. Depending on how you are financing the purchase, you will need to liaise with your bank to arrange and coordinate your finances. Please give us a call to discuss your position and we can advise you on the average timeframes to expect 020 80040474.
Prior to exchange of contracts the buyer or seller can withdraw from the transaction without penalty. However exchange of contracts is legally binding and if you withdrew after exchange of contracts you would forfeit your deposit.
Exchange of contracts occurs when all enquiries have been confirmed and agreed and when both buyer and seller have authorised the exchange. There are no legal obligations until exchange of contracts. Both buyer and seller will sign an identical contract and the buyer places a deposit (usually 10% of the purchase price) with their solicitor. The completion date is set and confirmed upon exchange of contracts.
Completion is when the legal ownership of the property transfers to the buyer. This occurs once the total of the purchase price (usually the remaining 90%) is transferred from the buyers lawyer to the sellers lawyer. Completion cannot occur until sellers lawyer confirms receipt of the total purchase balance. Keys will then be released to the buyer. Congratulations on the purchase of your new home!
You can move into the property on date of completion, which is mutually agreed and set by seller and buyer on exchange of contracts.
After the sellers solicitor has confirmed receipt of full funds for the purchase. We will notify you that keys can be released.
If you are financing the purchase with a mortgage, your mortgage provider will need to carry out a mortgage valuation survey. A surveyor will visit the property on behalf of the bank to confirm the property is sufficient security against the loan. This is required to receive your mortgage offer. If you are not taking a mortgage, you may still wish to instruct a survey.
A homebuyer's report gives a detailed inspection of the property and the surveyor will highlight any issues that need further investigation. This survey is usually carried out on flats.
A structural survey is a full detailed survey of the property and is usually carried out on houses, as access to all parts of the property/building will be required by the surveyor.
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