Property Law – Frequently Asked Questions

 

How long will my transaction take?

The time taken to complete a property transaction depends on a number of factors.

A straightforward sale or purchase, where no major problems occur, can be achieved in around 4 to 6 weeks.  However, some transactions can take longer than this.

The length of the chain is one important factor; the more people in the chain, the longer the transaction is likely to take.

Clients often ask if there is anything they can do to speed things up. If you need a mortgage, it is a good idea to talk to your lender before making an offer on a property.

A lender will confirm your income and credit history and give you a decision, in principle, for a set loan amount. By doing this you can be clear how much you are able to borrow, and therefore spend.

What sort of survey do I need?

When you apply for a mortgage on a property, the lender will usually carry out a basic valuation on the property. This valuation will confirm to the lender that the property is of sufficient value for them to secure their loan against it. Basically it is done to ensure that their investment is safe.

As a buyer you have the option of upgrading to a more detailed survey with your lender, or instructing your own surveyor.

Different types of surveys are available, including homebuyers and full structural surveys. These will undertake more detailed investigations into the structure of the property and should uncover any problems which you need to be aware of, such as damp, subsidence, roof problems, etc.

What is the difference between exchange of contracts and completion?

Exchange of contracts is the point at which a contract for the sale or purchase of a property becomes legally binding, committing the parties to the contract to the sale or purchase of the property, at an agreed price.

On exchange of contracts the buyer pays a deposit, usually 10% of the purchase price and the completion date is agreed.

Completion is the date that you are entitled to take possession of your new property and ownership passes from the seller to yourself. We will arrange the transfer of the remaining balance, after deduction of the deposit, to the seller’s solicitor.

Remember our first consultation is free to all.

Accredited-CQContact Mike Jones.

Tredomen tel: 01443 816400.
Email: mike@michaelleightonjones.com

Contact Hugh Lloyd Thomas.

Tredomen tel: 01443 816400.
Email: hugh.thomas@michaelleightonjones.com

Contact Sarah Hunt.

Tredomen tel: 01443 816400.
Email: sarah@michaelleightonjones.com

Contact Susan Goodland.

Bargoed tel: 01443 830228.
Email: susan@michaelleightonjones.com

Contact Michelle Randall.

Tredomen tel: 01443 816400.
Email: michelle@michaelleightonjones.com