FREQUENTLY ASKED QUESTIONS
What's the best way to manage a move, if we're currently renting?
Check if you're within your original rental agreement, or if are you 'holding over' at the end of a fixed rental term.
Give advance notice of your exchange, as delays cause problems. As a guide: it takes between one and two months to complete, and the time from exchange to completion is two weeks.
Tip: Do you have a good relationship with your landlord? Try negotiating a shorter notice period, and offering new tenants, perhaps? We can help you with this.
Do I need a survey? What's the survey about?
From minor problems such as misting in double-glazed windows to structural movement, timber rot and Japanese knotweed.
The survey is an on-site inspection carried out by a surveyor, who records any defects with the building and surrounding land before you decide to buy it.
Tip: The survey is a cost, but worth every penny. If you don't get a survey done, you might regret it when faced with a costly repair.
What are we 'searching' for exactly?
Searches are legal enquiries obtained by your Solicitor on behalf of various local government and utility companies. Eg, planning applications on the land or flood risks.
Tip: Local Authority Searches can take weeks, so apply to your Solicitor for this ASAP, and ideally at the point of instruction, to prevent delays down the line.
What is a chain?
It's a line of buyers and sellers linked together because each is selling and buying a property from one of the others, apart from the people at the ends.
The 'links' are the people in between who need to both sell and buy a property.
Eg estate agents, legal firms, surveyors and mortgage lenders— there could be dozens of people involved.
Estates East has a Sales Progression Agent who focuses on finding and unblocking slow links in the chain.
Tip: Don't be the slow link! Act immediately, check you've signed everything correctly and keep alert to your messages so nothing is missed and the chain is kept moving.
What exactly IS a mortgage?
It's a loan secured against a property, most people have one.
You borrow money to buy the property, then you repay your mortgage over an agreed time depending on your needs and circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage, (as stated in every single mortgage ad).
The right mortgage for you depends on:
- The amount you need to borrow
- The size of your deposit
- The amount you can afford in monthly repayments
Tip: Speak to Paul Meredith from The Mortgage Company, he's an independent Mortgage Adviser and works extremely hard in the client's interests. Most independents won't charge upfront for their services. Instead may take a fee from either you or the lender—if you take a mortgage with them.
How much should the deposit be?
This lump sum of money you put down against your mortgage is typically 5-10% of the agreed sale price. You transfer the deposit just before you move when your solicitor sends you the contract to sign.
Some accounts need notice, and internet banking may have a £10,000 daily limit.
What other costs are involved in buying a property?
- Monthly mortgage payments
- Mortgage arrangement and valuation
- Stamp duty
- Solicitor
- Survey
- Removals
- Initial furnishing & decorating
- Buildings insurance
Let's discuss your budget to ensure you have everything covered.
We can help you achieve your plans, no matter what they are.
Call 020 8520 9300