Is there a law to determine the percentage of the purchase price that is payable on exchange?
There is no law, but the deposit is traditionally 10% of the purchase price. A lower amount is often accepted, if, for example, buyers are obtaining a high percentage mortgage advance, or are relying on the sale proceeds of another property.
Where are the monies held between exchange and completion?
Unless the deposit is going to be used to fund the deposit payable by the seller on the purchase of another property, it will almost always be held by the seller’s solicitor as stakeholder, which is an independent capacity, until completion, unless otherwise agreed.
How do I ensure that the boundary lines shown on the title deeds are the same as those that surround the property I am purchasing?
Land Registry title plans identify the general position of boundaries but the exact positions are almost never shown, so are not guaranteed. An inspection of the site and comparison with the title plan, by a surveyor if necessary, will tell you whether the boundaries on the ground are generally consistent with the Land Registry title plan.
If a Seller defaults on completion, what recourse is there for the buyer?
The seller will usually be liable to pay compensation and the buyer may also be entitled to claim for losses resulting from delayed completion if they exceed the compensation amount. In addition, the buyer can rescind the contract and request the return of the deposit or alternatively can issue court proceedings to force the seller to complete the contract.
What information is required from me, by my Solicitor, for the sale/purchase of the property?
The basic requirements on a sale are: details of any current mortgage, title information documents, completed property information forms and fittings and contents list, any guarantees, planning and building regulations documents plus, if the property is leasehold, your lease, ground rent, service charge and insurance information, as well as details of the landlord and managing agents.
If you are purchasing then initially your solicitor will need to know the agreed price and any other special terms, how you intend to finance the transaction and if by mortgage, the details proposed and, if you are dependent on selling another property, the details of that transaction as well.
Irrespective of whether you are buying or selling a property, by law your solicitor must obtain proof of your identity. Normally, this would consist of your passport, plus two or more documents to confirm your address, such as recent utility bills, council tax statements or bank statements.
How long does the conveyancing process take?
Whilst each case is different, if there is no chain involved, an average time to exchange contracts would be about 4-6 weeks, but this can be significantly reduced if you take advantage of the Curry Popeck Sellers Pack. PLEASE CONTACT US FOR MORE INFORMATION.
Do I need to be in the country to sign the contract?
No. You can instruct your solicitor to sign the contract for you or you can grant a Power of Attorney authorising somebody else to sign on your behalf.
What do I do now?
If you would like us to deal with your conveyancing matter, simply call or email us and we would be happy to discuss your requirements in a friendly and professional manner.