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Buying your first property is exciting and daunting in equal measure, but never fear, we’re here to make the process as smooth and stress-free as possible. As such, we’ve put together a list of frequently asked questions…
Stamp Duty Land Tax (SDLT) and legal fees will make up the bulk of the cost for a purchaser. Regarding the latter, we can recommend good solicitors who specialise in conveyancing and who can give you an idea on price. Stamp duty, meanwhile, operates on a progressive system. This means that instead of paying a single rate on the entire property price, depending on the cost of the property you're buying you might end up paying one rate on a certain portion of the property and a different rate on another. Current stamp duty can be found here
We recommend that you speak to one of our recommended mortgage brokers before you even begin your search to find out how much you could borrow and get an Agreement in Principle (AIP). This document states what they should be able to lend you, based on the information provided. It will also enable you to start searching with a budget in mind.
First off, we will need to know your position, whether you’re a first time buyer, if you have a related sale, if the property will be a buy-to-let etc. If you require a mortgage, we will need to see proof of deposit and an Agreement in Principle (AIP). If you don’t have this, we can refer you to one of our in-house financial advisors. For cash buyers, we will ask to see proof of funds or confirmation from your solicitor to that effect.
Your solicitor’s details will be required as soon as your offer is accepted. If you don’t have a solicitor or know of one who comes recommended, we can put you in touch with one of our preferred solicitors who specialise in conveyancing.
We usually advise the owner that the property should be withdrawn from the market as a gesture of goodwill, but ultimately it’s up to them. If it is withdrawn, we ask in return that you carry out certain tasks within an agreed timeframe, such as instructing your solicitor and organising the lender valuation
Assuming you are getting a mortgage, then the lender will carry out a valuation, which is a basic report that confirms whether the property you are buying is worth the amount you’ve agreed to pay. You are not obliged to have anything further, but many people do opt for a Homebuyers Report which is a more detailed survey intended to inform you, the buyer, on the soundness or otherwise of the property. More extensive (and expensive) by far is a building survey, which is usually required when a full assessment of the property is needed and is highly advisable for older properties or large or unusual buildings. Should potential issues arise, further surveys may be required, such as a damp survey or an electrical survey. If the survey information does bring problems to light, then you may wish to re-negotiate the agreed price.
Generally, the average sale will take between six to 12 weeks to reach exchange of contracts, but no two sales are the same with many factors having a bearing on exactly how long the process will take. If you need to work to a specific timescale, we recommend you make that clear at the time you make your offer. We also suggest holding off booking the removal van or anything else related to the move until a completion date has been confirmed.
The exchange of contracts makes the purchase of the property legally binding and is also the point when your deposit must be lodged (usually ten per cent of the purchase price) and completion date agreed. Completion is the day when your solicitor transfers the remaining funds to the seller’s solicitor and you become the legal owner. You can now collect keys and take possession of the property.
Once the remaining funds have gone into your seller’s solicitor’s account, we will get a call confirming completion has taken place. We then contact you to arrange collection of the keys – you can either pop into the office or we’ll meet you at the property.
“ The service provided by the entire team at Butler and Stag is fantastic. From purchasing a plot, to the sale of the properties was run fantastically. Very professional outfit and a pleasure to work with. We certainly will be using Butler and Stag again in the near future. ” Matthew Hammond
★★★★★ 4.9 Bow (London Office)
★★★★★ 5.0 Theydon Bois (West Essex Office)
★★★★★ 5.0 Buckhurst Hill Office
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