:: Bank of England Base Rate - 0.5%

:: Average Price of Southwest Property £176,894

source - land registry

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conveyancing guide other things to consider

searches

One of your solicitor’s key roles is to obtain searches on the property you are purchasing. This will include contacting the local council where the property is located and checking whether the road is private or maintained by them, whether any planning applications exist or decisions are likely to be made on the property itself. It’s referred to as a local search; however it does not search outside of the boundaries of the property. Depending on where the property is located there are other searches your solicitor may carry out, one of the most common being a mining search. These searches can be confusing as they are written in a legal language. Your solicitors role is to interpret and explain them to you in a clear and easy to understand format, without any legal jargon.

investigating title

The person selling the property must demonstrate to the purchaser that they own the property and its land and that they are legally entitled to transfer it.

your mortgage offer

The solicitor has a duty to check that the mortgage arrangements are to a satisfactory standard to enable the client to purchase the property. It is the client’s mortgage adviser who has a duty to ensure the mortgage meets their clients personal and financial requirements.

exchanging contracts

It is possible to have a simultaneous exchange and completion. However it is not usually recommended as it can create a very stressful time to not know whether you are moving or to not know until that actual day. With this in mind its usual to allow seven to ten days between exchange of contracts and completion to ensure that the move will take place without any problems.

completion date

The buyer’s solicitor will arrange to forward the purchase money to the seller’s solicitor. Once this has been transferred the keys will be released and the purchaser can move in to their new home.

buildings insurance

You can arrange buildings insurance through your mortgage lender, yourself or through your mortgage or financial adviser. The insurance must meet the lenders specific requirements as a condition of the mortgage offer. Some lenders will insist they see a copy of the insurance schedule before they will release funds and their interest in the property must be noted on this schedule. This schedule should be sent to your solicitor as soon as possible so it does not delay completion.

home information packs

After a gradual phase-in the Government made it law, from December 14th 2007, that all homeowners that intend to sell their property must arrange for a Home Information Pack to be prepared. This must be available for inspection by anyone who is interested in purchasing the property.

A Home Information Pack contains a Home Energy Performance Certificate which rates its energy efficiency and contains advice on how you can cut fuel bills and carbon emissions. It will also include a statement of sale, searches and evidence of title. Please click here for further information on Home Information Packs.

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