Conveyancing Solicitors Ashton-under-Lyne

Conveyancing Service Ashton-under-Lyne

Conveyancing can be expensive and fees vary greatly between solicitors. We have made the conveyancing process cost effective, simple and streamlined. Due to our extensive knowledge and insight of the property market across Ashton-under-Lyne, you can have a piece of mind that the legal side of your move is in safe hands.

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Best price we find within seconds

‘No Move. No Fee’ guarantee

 

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We provide you with an instant free online conveyancing quote in 30 seconds from our licensed conveyancing solicitors who are all fully vetted, insured and dedicated to providing you with fast, efficient and smooth transaction. We pride ourselves in making the property process simple, transparent and easy to understand. The quote you receive has no hidden fees and there will be no surprises or additional fees throughout the process.

If you instruct My Conveyancing Specialist, we will allocate you a dedicated team member, whom will do all of the work on both of your files from start to finish and your files will not be passed around the office.  This is one of the ways we ensure good continuity of service for our clients, which is one of the reasons why we currently receive lots of referrals and great reviews.

We strive to take the pressure away from you and endeavour to keep the transaction moving as smoothly as possible and save you hundreds of pounds on your next move. Your quote is also protected by our No Move No Fee guarantee, meaning that you only pay our fees if the sale goes through. Our conveyancing solicitors adopt a proactive approach and help drive your purchase forward and ultimately ensure we make your next move stress free within the right time frame. We only practise in property law and specialise in reviewing all the necessary searches and checks to complete the sale effectively.

It only takes a few minutes to complete the online form and receive an instant quote, then you will receive an email confirming all the detail.

If you have any specific questions about your quote or would like to discuss your requirements, then please call or we can arrange a call back from one of your property solicitors.

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Types of Residential Conveyancing quotes we offer in Ashton-under-Lyne

  1. Buying and selling property in Ashton-under-Lyne

If you want to buy and sell a property in Ashton-under-Lyne, then you will need to hire the services of a licensed solicitor to help you handle the sale and purchase of your property. With My Conveyancing Specialist, you not only get a free online conveyance quote but also get the best solicitors across the UK to handle your property issues at a fixed price!

  1. Selling a property in Ashton-under-Lyne

Use the conveyance calculator to obtain immediate and free conveyance quote for the sale of your property. Our network of licensed solicitors input their best prices, and our system will select the best price for the details you have entered and display this to you.

  1. Property buying in Ashton-under-Lyne

Our team of conveyancers will help you handle the purchase of your new property in Ashton-under-Lyne. All you need to do is use our conveyance quote calculator to get a quote.

  1. Property remortgaging in Ashton-under-Lyne

Quickly compare remortgage conveyance fees and remortgage conveyance costs directly from UK regulated solicitors who have vast experiencing in remortgaging.

We will answer all of your questions about Ashton-under-Lyne conveyancing calculation

Homeowners can experience challenges when handling conveyance issues. We can answer any questions you have about property transfer in Ashton-under-Lyne. We have a pool of licensed property lawyers who have vast experience in the field of conveyance ready to answer you any time you have a question.

If you want to know more about disbursements including the bankruptcy searches, office copies, telegraphic transfer fee, and ID checks, then all you need to do is pose the question to our network or give us a call today.

You can always count on us for an in-depth understanding of matters conveyancing and connection to legal professionals that can help you move and complete your property sale or purchase in time.

Why it is better to hire a solicitor from the My Conveyancing Specialist Network instead of a local solicitor

You do not have to settle for a local solicitor within Ashton-under-Lyne to help you handle your property mortgaging or purchase. Even if you are a first-time buyer, you should not go for local conveyancers because they charge higher prices.

  1. We charge low fixed prices

With the My Conveyancing Specialist network, you can forget about getting an average price. With us, you will get a fixed fee conveyance price. This is influenced by whether you are purchasing or remortgaging your property. The fees for buying differ from the one for purchasing or remortgaging.

  1. It is instant

Unlike the local solicitor’s whom you will have to visit or call several times to come up with the final quote finally, our Conveyance Quote Calculator provides the conveyance quote the instant you complete filling the details required.

  1. Access to expert property lawyers across the UK

With the My Conveyancing Specialist network, you get access to a pool of expert solicitors across the country who have vast experience in handling conveyance issues from buying and selling to remortgaging.

  1. You can reach us any day at any time

Our pool of licensed solicitors can help you if you have any questions any time of the week. Local solicitors may not be available throughout the week.

If you have made up your mind to sell, purchase or remortgage your property, then you need to get the best conveyance quote in the market, and that is what we at My Conveyancing Specialist are offering you. Get experienced and qualified property lawyers in Ashton-under-Lyne today at the best value price!

We cover all areas of Ashton-under-Lyne and the rest of England and Wales.

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Does a Valuation Mean Mortgage is Approved?

Nothing beats the feeling of moving to your dream property. However, buying a new house can be an overwhelming financial experience; keeping in mind that this could be one of the most expensive purchases one would ever have to make. It can trigger a lot of anxiety, having to wait for your mortgage to be approved. Different lenders vary in their mortgage approval process, and not every lender will approve a mortgage subject to valuation. So how exactly do you know that your mortgage has been approved? Here is an overview of the basic steps in the mortgage approval process, from rolling out an application to closing.

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1. Pre-application and Application
Before making any mortgage application, it is crucial to ascertain that your financial status is appealing to lenders. Lenders are likely to have issues with your application if you have a bad credit score. Approach the credit referencing agencies responsible for compilation of your credit report and update your credit score where need be. Once you have established the type of mortgage you want, you can identify a potential lender whom we will assist you to approach for an Agreement in Principle (AIP).

An AIP, also known as Decision in Principle, is an agreement by a lender to lend you a mortgage. However, the agreement is ‘in principle’, meaning that it is subject to some assessment and approval of the house you intend to purchase. Once we have secured an AIP with your preferred lender, you can initiate a formal mortgage application. Supporting documents such as bank statements and payslips may be required before placing an application.

Identifying the Right Mortgage Lender
With the increased regulations in mortgage-lending criteria, getting your mortgage approved is likely to bump into a myriad of complexities. Most mortgage lenders are now focused on providing mortgage loans to specific customers. To get the right mortgage lender for your situation, you will need to put into account several factors, including;
• Checks on credit scores. If you have an unfavourable credit score, then you will need a lender that is not strict on their checks on credit scores.
• Mortgage rates. An ideal mortgage lender will not charge mortgage rates above the market rates.
• Loan facilities and fees.
• Lender’s reputation.

2. Assessment
Once your mortgage application has been submitted, the lender will assess and underwrite it further. Several factors are evaluated to determine your capacity to repay your mortgage. The assessment process involves scrutiny and checks on documents submitted during the application. Some basic documents required during the application process include proof of identity documents such as an ID or Passport, proof of address documents such as utility bills, and proof of your income and expenses. Some lenders will require more documents to support your financial capacity. These documents hold essential information, such as your work history, financial accounts, previous residences, borrowing history, payslips, and financial statements. Lenders will also carry out affordability assessmentsat this stage. This involves an evaluation of your net monthly income to determine whether you would still afford to repay your mortgage in the event of increased interest rates.

3. Valuation
A mortgage valuation is a survey launched by the lender to establish the validity and value of the property you want to buy. In addition to checking the price of the property, valuation also seeks to verify the value of similar properties within that region, possible defects likely to interfere with the property’s value, and the general condition of the house. If the house is in a condition against which the lender is unwilling to lend you a mortgage, your mortgage application might be rejected. Such circumstances would include;
• Overpriced value compared to the actual property value.
• Property located in a high-risk flood zone.
• Structural defects cited on the property.
• House situated above a commercial property such as restaurants or shops.

What Valuation Entails
Most lenders will appoint their surveyor who will is obliged to carry out a valuation on the property that you intend to buy. Once the surveyor is done with undertaking property valuation, they compile their findings into a 2 to 3-pages report. The valuation process is to the advantage of the lender and not the client applying for a mortgage. Most lenders, therefore, might be discreet in revealing the findings of the report to the client in question. While some lenders will not charge you for the valuation process, most of them will require you to pay a valuation fee when filing a mortgage application. Your mortgage adviser will guide you on possible mortgage fees before making an application to eliminate unnecessary surprises.

Survey Options
When you need a more detailed survey in addition to a mortgage valuation, here are some three more options;

  • Homebuyer Report
    This is a detailed survey outlining structural defects of the property you intend to buy. However, this report does not provide details of the property beyond floorboards and the property walls.
  • Building Survey
    This is a more comprehensive survey compared to the homebuyer report. It outlines the condition of the property, looking into both interior and exterior defects. This survey is ideal for an older property or one with more structural problems.

• Full-building Survey
This is the most comprehensive survey that one can carry out. It provides you with an in-depth analysis of the property’s structural status, including defects, maintenance options, and repairs. The survey is ideal for larger houses, properties in poor conditions, or a house where you intend to make structural alterations.

4. Mortgage Offer
With a mortgage offer from your lender, you are almost done with having a mortgage with you. A mortgage offer implies that your lender is pleased to lend you the amount you requested. The offer is made by the lender based on your loan request, property value, and your mortgage product. At this point, your mortgage adviser or conveyancer will guide you on possible changes before accepting the offer. Most lenders assume that the use of a mortgage offer to complete a purchase of property is an implied acceptance of the offer.
You should keep in mind, however, that your lender cannot send you a mortgage offer if there are concerns with your valuation. The valuation report is the determining factor of whether the lender will be pleased to lend you the money you need.

5. Completion
Once you have accepted the offer, signing contracts and processing payments to your seller are the only activities left. Your solicitor and the seller’s solicitor will make arrangements on contract signing dates. Exchange and signing of contracts imply that you are legally bound to buy the property and make mortgage repayments. Your solicitor receives money and sends it to the seller’s solicitor for property payment. Once the seller has received their full payment, they hand over the property’s keys, and you become the official homeowner of that property.

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A step by step guide to the conveyancing process

You cannot buy your initial home, or any other residence without experiencing conveyancing, which is the legal process entailing the transfer of residential property ownership titles between people.

 

What is conveyancing?

The term conveyancing describes all the legal and management work related to transferring the ownership of land or structures from a one person to another.

The conveyancing process begins after you have had an offer approved on a residential or commercial property. It finishes once the last agreements have actually been authorised and also the money has actually been transferred to finish the acquisition.

 

Who should do my conveyancing?

You can hire a solicitor or an accredited conveyancer to do your conveyancing for you.

You may discover you can save money by going with an online conveyancer, which can cost as low as £600.

All solicitors are certified to carry out jobs of this kind, however not all are knowledgeable in it.

It could therefore prove beneficial to hire a solicitor that specialises in residential property transactions, or a dedicated certified conveyancer that just works with cases of this kind.

You may, however, discover that you need to select from a list of conveyancers accepted by your home loan lending institution, or pay a fee to go in other places.

 

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Just what will a solicitor/conveyancer provide for me?

One of the first things a solicitor or conveyancer will do when instructed is to carry out crucial searches with organisations such as local authorities as well as energy firms to make sure that there are no structure plans afoot as an example.

These searches will certainly also disclose if there are sewage systems running near to the home, if the area is categorised as a flooding risk and also whether it has any kind of monetary obligations hanging over it from previous residents.

They will certainly recommend you of any type of “incurred prices” such as stamp duty, examine the agreements formulated by the vendor’s lawyer or conveyancer, which sets out vital information such as the sale price and the home borders and also communicate with your home loan lending institution to ensure it has all the information it requires to continue.

As soon as the process is at an end, they will likewise pay all the related costs in place (with money you have actually moved to the firm account) and also register you as the new proprietors of the building with the Land Registry.

 

How much will it cost?

The price of conveyancing normally depends on the worth of the home you are purchasing, although there is not always anymore legal work associated with getting a £3 million property than there is with a £100,000 flat acquisition.

Nonetheless, the conveyancing needed for a residential property acquisition normally costs around £800.

This quantity consists of the costs for the conveyancer’s time, calls as well as letters, in addition to the fees for the council searches as well as enrollment with the Land Registry.

You may discover you can conserve cash by going with an online conveyancer, some of which fee as low as £600.

Nevertheless, if you are worried about your buyer dropping out of the sale, for instance, it might be more settling to pay a bit extra for a no-completion, no-fee service that means you owe nothing if the offer falls through.

Some solicitors will also permit you to agree a cost upfront. If areas of the transaction end up being more complex, you may need to pay extra.

 

Can I do my very own conveyancing?

DIY-conveyancing is possible. Nevertheless, it is a difficult as well as lengthy that could end in disaster if you fail to spot things a competent solicitor/conveyancer would. There is also other things that may arise such as a boundary conflict, as an example.

In certain cases, vendors do not also have the lawful right to undergo the legal work for the property they are selling, which could lead to a house-buying problem.

Another valid point, many home mortgage loan providers will demand utilising a solicitor or conveyancer to protect their interests. The huge bulk of home purchasers are far better off with a specialist, especially when they are acquiring a home for the first time.

 

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Can You Put an Offer on a House that is Sold Subject to Contract?

In short Yes you can put offer in, but unless it is significantly more than the current offer they are unlikely to except.

A house being sold subject to a contract has its advantages and disadvantages. It might not be easy to conclude whether it is safe to put an offer on such a property. First, you should understand what a person means when they say a house is being sold subject to contract. The phrase means that while the house is on the market, the seller is still collecting offers from potential buyers.

If you place an offer in such a property, the seller can choose to accept or decline it. Still, since they are looking for the best deals, they might accept your offer now but end up turning it down a few days or weeks later when they get a better proposal. Having said that, if you feel that a property has the qualities that you want, and you need to put an offer, make sure that you do it wisely.

It is advisable to ensure that you talk to the agent or the owner of the home on sale and agree on specific terms. If they are impressed with your offer, you can ask them to remove the house from the market while you work on exchanging contracts. Usually, properties that are sold subject to contract take long on the market until the seller is convinced that they have received the best offer that the real estate industry can provide.

The Meaning of Under Offer

This is a term that is usually used by real estate agents to indicate that there is a buyer that has made an initial offer to the seller. During this stage, the seller is yet to make a decision whether they are still going to accept that particular offer. But they still keep the house in the market just in case they get something better from a different potential buyer. They can collect as many offers as possible before choosing one to go by. Before the seller accepts an offer, the property is said to be subject to contract.

The Meaning of Sold Subject to Contract

When a landed property is said to be sold subject to contract, this means that the buyer has provided an offer, and the seller has accepted it. However, the paperwork is yet to be complete. This could also imply that both the buyer and the seller are working toward the exchange of contracts.

This will, however, be determined by the results of the surveys, satisfactory contract, and mortgage approval. At this level, the final contract that is bound to make the process irreversible has not been arrived at or signed.

Meaning of Exchange of Contracts

The exchange of contracts is the level at which the deposit is made. This is usually around 10% of the total cost of the property, but it could be as low as 5%. In England, if the buyer withdraws after the exchange, they will be in breach of contracts and risk losing their deposit. That is a huge sum of money to lose, regardless of the price of the property being sold.

The process is usually different depending on the location and the law of the land. For instance, the term ‘sold subject to contract’ is unheard of in Scotland.

Is it Safe to Buy Property Being Sold Subject to Contract?

To be precise, the answer to this question is ‘no.’ If a property is being sold subject to contract, this means there is an informal agreement between the buyer and the seller. This means that you are not entirely safe. Though figures might vary, estimates suggest that more than 75% of such sales never go through.

Why a sale might not succeed

Many reasons might make such a sale to fail. For instance:

The seller might change their minds and remove the property from the market

Compared to the accepted offer, the mortgage valuation is a bit lower, hence the lender will be reluctant to offer the funds

The market might change drastically, hence making want to remove your offer

You are a buyer operating from a chain and things suddenly collapse, and you are unable to complete the process successfully

You might as well get gazumped

Meaning of Gazumping

As a buyer, it is important to know that when a property is sold subject to contract, the paperwork has not been completed, and the contracts are yet to be exchanged. This implies that there is nothing to keep other buyers from making inquiries about the same property. This also means that you risk being gazumped. This implies that another buyer comes with a higher offer, and then the seller accepts it despite having accepted your offer.

This is something that has been on the rise according to reports from relevant sources. The gazumping is not seen as illegal, but it is considered immoral. Buyers will not shy away from trying it, especially in situations where demand outstrips supply. Many sellers will always welcome new buyers hoping that they get higher offers compared to what they already have.

If you are the buyer, there is nothing you can do to save such a situation unless you want to submit a higher offer. But that depends on you making a higher offer to a seller who has already let you down once. If you are unwilling to do this, or you are not prepared, then you just count that you have lost the property and start looking again.

What You Stand to Lose

Normally, it can take up to two months to move into a house that is being sold subject to contract. It might even take longer than this. At this time, you need to arrange your mortgage, commission a survey, and instruct a solicitor. If the purchase does not go through, you will lose all the money spent on mortgage advisors, surveyors, and other services.

Now, to answer the question of whether you can put an offer to a house that is sold subject to contract. You can go ahead and do it. But you need to have in mind all the things that are mentioned in this piece. Regardless of the offer that you have placed, it is the buyer who decides whether the house becomes yours. If you place an offer and the seller accepts it, you should ensure that they remove the property from the market so that you are certain about the purchase. If the house is being sold by an organization, then you need to find out its reputation regarding the property being sold subject to contract before placing an offer.

The Final Thought

It is clear that you can put an offer on a house sold subject to contract. It is also clear that there are risks involved. You should understand why you should not rush to place your offer on such properties. If you like the property and you get gazumped, you might consider submitting a higher offer, but that still does not guarantee your success at securing that particular property. Most people trying to buy houses should check if the property is being sold subject to contract first and then learn the terms of sales before choosing to buy the homes. Once you have made an offer that the seller can’t decline, start working on documentation as soon as possible.

Is it a legal requirement to provide an electrical safety certificate?

If you have made any changes to any electrical work in a dwelling in England and Wales since 2005 you must meet Part P of the Building Regulations.

Part P states that any person carrying out electrical work in a dwelling has to ensure that reasonable provision has been made in the design and installation of the electrical installations in order to protect any person who may use, maintain or alter the electrical installation of the dwelling from fire, injury and electric shock.

The electrical safety certificate which can only be issued by a registered electrician is now mandatory for home owners and landlords who have any new electrical work carried out and includes switches, sockets, fuse boxes and any new or altered wiring circuits.

An electrical safety certificate is a declarative document that an installation is safe to have in use from the moment that it was put into service. It can only be issued by a registered electrician. The law made it mandatory for home owners to acquire safety certificates due to reports of a series of cases of fires that were found to have started due to irresponsible electrical installations. The safety of tenants in a residential building became the responsibility of the landlord.

The certificate recognises the inspection on the switches, fuse boxes and sockets. It also outlines the amount of work that ought to be put in when installing an electrical system in a residential area or even a private home.

Types of Electrical Safety Certificates

Electrical safety certificates come in two forms. Electrical Installation Certificates (EICs) and Minor Electrical Installation Works Certificates (MEIWCs), which provide you, the person responsible for the safety of an electrical installation, with a written declaration that the new electoral installation or alteration is safe to use at the time it was installed and put into service.

An Electrical Safety Certificate must be issued for all new electrical Installations. If no new circuit has been used then a Minor Electrical Installation Works Certificate (MEIWC) may be issued.

Electrical Safety in Rental Properties

If you are a landlord, unlike gas, there is no statutory requirement to have an annual safety check on electrical equipment, however it is advisable to do so to ensure safety, as you can still be held liable if things go wrong.

As a minimum you should carry out visual checks of all electrical appliances before a new tenant takes residence to ensure all cable and plugs are safe.

You should also ensure power circuits have a circuit breaker (RCD) fitted.

How to Acquire the Electrical Safety Certificate

The certificate is a requirement regardless of the size of an installation work; this means that even though the installation is for an oven, the law requires that there is an inspection on the condition of the oven and even the switches in which it is plugged. If the installation is up to code, then the registered electrician who carries out the installation recommends that an Electrical Safety Certificate is issued.

The Electrical Safety Certificate is issued to landlords or private home owners only after a certified electrical carries out he inspection on the electrical wiring of a building. Ensuring that the electrician who is taking care of your installation is licenced as per the UK law is also one of the requirements to meet in order to receive a certificate.

Contents of the Document

The registered electrician should also include a signature and date of completion of the installation job. In the new law, the Electrical Safety Council gave its input and recommended that the electrical safety inspections be conducted once in very ten years. However, since it revision, the new law will recommend that a thorough inspection be conducted twice within that time.

Cost of the Electrical Safety Certificate

Electrical Safety Certificates come at a price. The price is actually a fee for the inspection fee. It all depends on the type of home where the wiring is to be done. The cost goes from about £100 to £150 for a one bed room flat, a two bed room flat will cost you about £120 to £170 and a three bedroom flat will cost you about £180-£230. For a one or two bed room house the cost of inspection is about £150-£200 and for 3 or 4 bedroom house it will cost you £200-£250.A 5 bedroom house may cost you £300 or more. Issuance of the certificate is after a number of days and is often delivered by email. If you want it in document form, it will cost you an extra fee. All these charges are inclusive of tax.

Conclusion

Failure to comply with the law that requires one to ensure that their home is safe from electricity hazards leave them liable to a fine of £5000 or at risk of serving a six month sentence in prison. When accidents related to electricity occur, a landlord or home owner may be charged as a criminal.

What does a mortgage surveyor look for

What is a Mortgage Valuation?

A mortgage survey is a real estate survey that reveals a wealth of information about potential problems. It is the valuation of the property you would like to purchase. Other real estate surveys reveal different levels of information.

What a Mortgage Surveyor look for?

When applying for a mortgage loan, your lender will commission for a property valuation. The valuation is done to determine whether the property being purchased will be adequate security for the loan requested. The report also advises the lender of any significant defects that could affect the value of the property in the coming years.

Mortgage valuations take approximately 15 to 30 minutes. They are brief and give non-comprehensive information about the condition of your property. The valuation is primarily for the benefit of the lender. Therefore, they make sure the value of the property is worth the risk of investing.

Mortgage lenders send valuation experts to assess the property to determine if it is worth the amount you are negotiating and if the loan needs to be mortgaged. These range from a drive-by assessment to more detailed real estate inspections.

Please note that the evaluators are only interested in matters that may affect the protection of mortgage lenders. Mortgage valuations do not have to reveal structural problems. The lender should know that the loan can be charged.

Although you may pay for the report, it is unlikely that they will give you a copy. Yet the property may have problems, but this will not appear in the appraisal report. We, therefore, urge all users to conduct their own independent investigations and to discuss them further with investigators.

How much does a mortgage valuation cost?

The cost of mortgage valuation depends on the size of the property. The cheapest option charged by a mortgage lender ranges from £120 to £350 depending on the type of property, the number of bedrooms, the purchase price or the specific credit.

Other types of House Surveys and What They Cover

A house survey differs from a mortgage valuation. It is an assessment of a property by identifying any major issues. House surveys are mainly for the benefit of prospective buyers as they tell the condition of the property before acquiring it. Just looking cannot interpret most of the details that make up the state of the property. The method for determining the true condition of a property should be from the actual inspection during an official property survey.

The land surveyor can tell you what kind of real estate survey meets your needs. By choosing the most appropriate type of property survey, you will avoid many problems related to buying a property.

Being conversant with the house problems will enable you to budget for repairs or decide whether to purchase the property. You may also be able to renegotiate the price with the owner or the vendor. Below are other types of house surveys.

Homebuyer’s Report

The HomeBuyer report, also known as the Homebuyer Survey, is a good choice if the property you buy seems to be in a decent state and has not transformed since construction. Surveyors examine only reasonably accessible areas. The subsequent report will help you decide on whether to buy the property or if it is priced correctly.

There are two options in this type of survey: to include the survey with or without a property valuation. A survey will only inform you of any major problems such as rot. A survey with valuation will provide details on major problems, a valuation, and an insurance reinstatement. Prices range from £400 to £1,000, depending on the type of property.

Full Building Survey

A comprehensive construction study is designed to identify all asset deficiencies and provide recommendations for maintenance costs, remediation and capital requirements. The depth of the investigation depends on the identification of fundamental problems and major deficiencies in all types of buildings. However, more specialized investigations point out serious damages and very rare problems.

Whether a sales price is agreed with a supplier, a freeholder or an owner, a comprehensive construction study is often a valuable bargaining tool. The details in the report may support requests to carry out certain repairs or reduce the purchase price before transferring ownership.

Building Survey

Building studies, also known as structural studies, require more comprehensive and detailed inspections and assessments of the interior and exterior of the building structure, both visual and non-visual. Such investigations are strongly recommended if the property is obsolete and made of materials without form work (such as wood), aging or significantly renovated facilities or if major structural changes or work in progress take place.

This includes checking all accessible areas such as the roof, basement, and ground. Also, being aware of issues that affect the structural integrity of the building, such as rot problems, dry rot, woodworm invasion, or potential hazards such as a big tree close to the building.

At the end of the audit, there will be a report detailing all the information the interviewer thinks you should know about your property. The report lists all identified defects, possible causes, significance (if immediate action is necessary or temporarily negligible), and suggest the recommendations to correct them. It also includes technical details on building construction, materials used, etc.

Surveyors conducting this type of house survey have no standard format that they follow. Each investigator has his own way of reporting. The survey also excludes evaluation unless specifically requested by the surveyor.

RICS status report

This is a cheap version of Home Buyer’s report and does not include ratings. The RICS status report is designed to show the status of the property and to supplement the information provided in the mortgage valuation survey.

RICS evaluators and those who have not taken part in the RICS Evaluator Registration Program can conduct the survey.

What are the costs of house surveys?

The key information provided by housing surveys far outweighs the cost of HomeBuyer reports and building surveys in relation to the required repair price.

Construction surveys (or “structural surveys”) are the most comprehensive and therefore the most expensive. Prices in the VAT range from £500 to £ 1,300. It may seem like a lot of money, but if you are investing in problematic real estate, you may realize a lot of savings. Minimize risk, make informed decisions about real estate purchases, and most importantly, give yourself peace of mind.

How to find a surveyor

Residential surveyors range from individual groups to large companies, regardless of your clientele; they are registered with industry associations such as the Royal Society of Chartered Surveyors (RIC) and the Real Estate Surveyors Association (RPSA).

Sometimes, a real estate agent or mortgage lender may recommend an expert, but agents or lenders often receive commissions before they make recommendations.

If you would like a quote for home survey click here for instant quote.

What is the Difference Between Under Offer and Sold Subject to Contract

 

Under offer Sold subject to Contract

 

Under offers is a term used by estate agents and means that an offer has been put to the seller and accepted, but will normally be below the asking price.

Sold Subject to Contract (STC) is really the same thing an offer has been accepted by the seller, but the paperwork has not yet completed.

Under offer refers to a marketing and advertising term commonly applied by estate agents. It simply implies that an offer made earlier has been accepted. So what is the primary variance between sold and under offer when talking about contracts?

There is a need to begin by understanding that Sold subject to Contract simply refers to one thing. Under Offer in this regard means that an interested buyer finds a certain property interesting, and is, therefore, willing to put in a bid for it. Often, the offer made by the buyer will be below the price set by the seller. It is what is implied by the term ‘under offer.’

It means that the person looking to sell that property is yet to make a decision on whether they will accept the offer from the interested buyer or not. In the event that the seller becomes intrigued with that offer and chooses to accept it, then the estate agent refers to the property as Sold STC or Sold subject to contract.

Note that the acceptance does not mean that the paperwork has been processed. At this stage or at this moment in time, the only thing that the buyer has done is to accept an offer. Other interested buyers are, as such, welcome to continue making inquiries about the property. A sale will only be considered complete when all parties involved come together and sign the contracts. The contracts will then need to be exchanged.

What this means

If you are interested in a property that is listed as under offer or Sold Subject to Contract, then you can still purchase this property with a higher offer. It will then be up to the buyer to decide if they wish to go with the higher offer or stick with the current buyer.

The seller needs to weight up the decision which will not only be about price. If they have accepted an offer and the sale is well under way, even if they get a slightly higher offer, they may well wish to stay with the current purchaser. If however the new offer is substantially above the current offer or the new purchaser can move more quickly than the current purchaser they may accept the new offer.

The property is only sold when the contracts have been exchanged, so up until this point the seller is free to take new offers.

Market Statistics

According to current property statistics, close to 15 percent of all properties sold subject to contract will at some point come back to the market. The reason why this happens is that the seller and the buyer are unable to agree on the sale terms. Failure to agree means that a property will eventually get listed once again.

From the explanation given above, it is clear for all to see that the existing difference between under offer and Sold STC is pretty self-explanatory. As such, an interested buyer should not be afraid to make inquiries about a property Sold STC. While a property may already have been indicated sold subject to contract, it may come a time when:

  1. The person who bought the property is not impressed with the information that pops up in local searches.
  2. A mortgage application fails to go through forcing the buyer to cancel the deal

III. A survey conducted by the buyer or their representatives return back data and information that complicates a mortgage application

The Scotland Case

One thing to note is that the system used in Scotland is quite different. Unlike in other locations, any purchase offer made by a prospective buyer immediately becomes legally binding as soon as it is made. In short, Scotland does not have the Subject to Contract stage.

From time to time, the paperwork process in Scotland or missives as they are known may fail to work for a certain transaction. In such an eventuality, there is what is referred to as Sold STCM or Sold Subject to Conclusion of Missives. For estate agents, it means that they have no option but to ensure that they pass on all the offers they receive on a given property.

Here, all offers made on a given property are in many cases the result of a survey process, satisfactory contract, and mortgage approvals. Therefore, the estate agents are legally required to ensure that they pass on all the information and offers they receive from potential buyers. This is regardless of what they may think about the offer that has been made.

The only time this is not applicable is when the estate agent has in their possession a signed letter from the person selling the property. The letter should state that no information or offers below a certain figure should be passed on to them by the estate agents. The signed letter from the seller will mean that an estate agent has been released from passing on all offers.

Estate agents in Scotland are also expected to ensure that the property owners have been informed about all existing offers. This will include making a written confirmation to the seller. The written confirmation has to occur as soon as possible, without any dilly-dallying from the estate agent. Simply put, an agent is legally required to send the written confirmation within the same business day.

Conclusion

Having looked at the case in Scotland and elsewhere, you should now have a better understanding of what Under Offer and Subject to Contract terms mean. They are terms that anyone looking to purchase properties in Scotland and other areas will come into contact with before the close of a transaction.

Another essential thing to note is that Subject to Contract and Subject to Conclusion of Missives are two similar terms. But despite their similarity, they are different in their application due to the presence of legal requirements. Requirements that dictate what an estate agent can and cannot do when representing a seller.

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What a Brexit means for the residential property market in the UK

As the UK prepares for the EU referendum to still take action, uncertainty is still lingering about what a Brexit would mean for the property market

Brexit, should Britain actually leave the EU. The question is if there is going to be any impact on the residential property market.

“If we stay in, it’ll be back to business relatively quickly. If we leave, I don’t think anyone has quite worked out what all that means, other than more uncertainty,” said Richard Donnell, director of research and insight at Hometrack, a property analyst, to IBTimes UK.

There are two sides of the coin when it comes to the property market. You can have a young couple looking to buy their first time home to a Multi millionaire investing in a £30m flat in central London. A Brexit would affect them both differently. We are going to look at the first example.

When it comes to the average person looking to buy a domestic house or flat, Brexit may not have much of an impact. “As far as domestic supply and demand are concerned, I’d say there aren’t that many major risks, other than if interest rates go up faster, or more than currently expected,” said Stephen Williams, an equity analyst at the investment manager Brewin Dolphin, to IBTimes UK. “We’ve still got this demand and supply imbalance and I think the demand is still there, supply is still limited. From a domestic point of view, I don’t think Brexit is going to have a significant impact at all.”

Donnell said he can’t see the long-term fundamentals shifting because of a Brexit. House prices are largely informed by people’s incomes. So, Donnell said, the Brexit question when it comes to housing is whether it will affect the trajectory of incomes growth. “Long-term, I can’t really see the material difference,” he said. “But, if the government wants to build more homes, wants to create a stable housing market environment with more mortgage lending, more investment in housing, attracting external sources of investment into housing… then uncertainty and turmoil mean you might not get as much investment as you necessarily might get with stability.”

In the short-term at least, the uncertainty will likely suppress activity in the housing market. Donnell of Hometrack analysed the Scottish property market in the tumultuous 18 months prior to the independence referendum in September 2014. He found a 10% drop in transactions compared to what could have been expected had there been no referendum. A key difference, however, is that the lead up to Brexit is something that is hard to predict.

“I think it’s a short, sharp campaign,” Donnell said. “If we take the Scottish example, it’s bound to have some impact on levels of market activity. Market activity has plateaued in the last year anyway. Transaction volumes in the last year for housing have flatlined, more or less, and fallen in parts of London and the south east. So this will just add to the view that there’s going to be a slowdown in house price inflation on lower activity. But because we’ve got a shorter, sharper campaign, hopefully the impact is going to be less pronounced.

“I think the level to which the debate really cuts into jobs, the outlook for your income, possibly mortgages — the more the debate becomes about economic consequences of in or out, and the more it resonates with people and their own financial decision-making, then I think the greater the impact will be. It will really be a turnover impact. It’ll just mean people don’t participate in the market until it’s resolved.”

 

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Should we pay off our mortgage in full?

There have been a lot of debates on this over the years, and the main reason for keeping a small amount on your mortgage was that the lender would carry on holding the mortgaged property’s title deeds safe.

The other benefit was so the borrowers would avoid paying an administration fee to the lender for the return of the title deeds when the mortgage was paid off. This fee is called redemption administration fee, deeds fee or and exit fee and cost between £50 to £300.

The truth is that due to a high percentage 80% of properties being registered with the Land Registry it is unnecessary to need the physical title deeds as its held in digital form for properties in England and Wales.

You can check here, if your house is registered with the Land Registry and if so you don’t need to have hard copies of the title deeds to prove you’re the owner of the property. So it’s safe to repay the whole of your mortgage and have your title deeds returned to you (assuming that your lender actually has them).

However, if you owned your house pre 90’s and haven’t mortgaged since you could be unregistered and therefor should keep the title deeds in a safe location. And you’ll need them if you choose to register your house voluntarily.

Registration of property in England and Wales is compulsory when you buy, inherit, are given, or take a mortgage out on a property. Land registration is dealt with by the Registers of Scotland in Scotland and by Land and Property Services in Northern Ireland.

 

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Do I have to use a local conveyancing solicitor?

All to often homeowners are told by estate agents that if they use their conveyancing service the process will be much easier and quicker. This however is hardly ever the case, and in most cases is considerably more expensive.

In Short

You do not need to use a local conveyancing solicitor, as there are solicitors in London that service clients right across the United Kingdom with no problems.

Using the convenience of the internet and many processes involved in conveyancing are now performed over email and via post, there is no need to visit a conveyancer’s office.

Choosing the right Conveyancing Solicitor

Although we are recommending that you don’t need to choose a local solicitor, we are not saying use the first solicitor you find. Below are some of the questions you might want to ask your prospective conveyancing solicitor.

  • How long have they been providing conveyancing?
  • Are their fees fixed?
  • Can they provide an online quote?
  • Do they offer 24/7 support or only during office hours?
  • If you end up not moving, do the solicitors still take a fee?
  • Do they offer other services such as remortgages
  • Do they offer Home Buyers Protection on every purchase covering you for up to £2250 in fees spent if your buyer pulls out through no fault of your own?

If they can answer all the above questions to your satisfaction, they could be worth using. However why not get an online quote from us and see how much you could be saving.