Buying a house - Dale & Co.

Buying a house - Dale & Co.

Traditionally a house purchase takes 6 weeks, we have completed many in less, others take longer.

Buying a home is often one of the largest purchases you will make so ensure that it is as stress-free as possible.

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Conveyancing Solicitors Dale & Co. can help with your house move.

Conveyancing Solicitors Dale & Co. can help with your house move.

Buying a house is the largest financial commitment that most people take on so it makes sense to have the best team to support you.

Dale & Co. Solicitors will make every effort to ensure that your transaction is as stress-free as possible for first-rate expertise and security when moving house.

99% of Conveyancing clients who returned our questionnaire in 2014 said that they would recommend us.

Traditionally a house purchase takes 6-8 weeks. We have completed many in less and are dedicated to completing transactions quickly.

Nothing is too much trouble, from explaining the full meaning of every document you sign to chasing up enquires and all those people involved with the transaction.

You will be offered practical advice that you can understand.

Dale & Co. Solicitors deal with your enquiries personally and promptly and have helped over 10,000 people move home and can handle every situation.

Selling a house FAQ’s

Selling a house FAQ’s

Where are my Title Deeds?

If you have a mortgage, you Bank or Building Society may hold your Title Deeds. The Title Deeds are your proof of ownership of the property and your solicitor will need to send a copy to the buyer’s solicitor during the initial stages of the conveyancing process. At Dale & Co Deeds are stored for free.

Who pays Stamp Duty?

The buyer pays Stamp Duty; the amount is dependant on the purchase price.

When do I have to move out?

On the completion date, which will be agreed mutually by all parties via your solicitor.

Do I have to pay Capital Gains Tax?

If you are selling your main home you do not usually need to pay Capital Gains Tax.  Your solicitor will advise you on this.

Help to Buy Scheme - Dale & Co.

Help to Buy Scheme - Dale & Co.

The new phase of the "Help to Buy Scheme" started on October 7. This allows the Government to guarantee up to 15% of the loan for first-time buyers - for new or older properties.

The first phase, which started in April, allowed new buyers to borrow up to 20% of the cost of a new-build home interest free for five years. Both are available for properties up to £600,000 and require a five per cent deposit.

In the earlier phase, there was confusion about whether house prices could be negotiated. They can - but the lender must know the final agreed price and there are restrictions on 'incentives'. So it must be clear that the price offered is for the property not fittings or other benefits for the buyers. Seven lenders signed up for the first phase; Halifax, Nationwide, Newbury and Teachers Building Societies, Barclays, Natwest and Santander. Some were offering slightly higher rates than their own mortgages, apart from Nationwide who offered the same as its own 75% mortgage. There were some worries that the scheme would contribute to another increase in house prices.

The Government has set £12 Billion as guarantees for up to £130 billion of mortgage lending. So far, the only lenders to sign up are Royal Bank of Scotland, Lloyds Banking Group and Aldermore.

It is predicted that rates will be between 4.5 and 5% for a two-year fix. Lenders who do sign up will be able to access the guarantees after January. The Daily Telegraph points out that West Bromwich Building Society is currently offering 80% two-year fix mortgages at 2.39%.

Property Solicitor Nicola Welbourn at Dale & Co in Lincoln said that the scheme is attracting buyers in the County and the new phase might allow more people to get onto the property ladder. She also pointed out there are many ways for people to move into a place of their own; with shared ownership, secured loans from family members to name two.

Selling: Home tips

Selling: Home tips

Your target market

If you want to sell your home as quickly and painlessly as possible you first need to know who is most likely to buy your house.  Try tailoring the space to match possible buyers without putting off others; if you think a professional couple might be best suited to your house then ensure there is space for an office desk but ensure the second bedroom is a bedroom.

Timing your sale

Traditionally the best time to sell a house is February, March and September.  During these months demand often outstrips supply so selling is quicker and prices are at their highest.

Remove the mess and personal touches

Remember people want to imagine themselves living in the house. Remove anything which you do not need on a daily basis and put it in the attic, so ornaments and photos and clutter has to go. In addition if you can move large pieces of furniture into storage then it may be a good idea as spacious rooms are more appealing. Hallways should have no coats, boots or other clutter and bathrooms should not have personal items on display. Ensure the toilet seat is down and don’t forget to iron the bed sheets!

A quick freshen up never hurts!

A coat of magnolia paint is an effective way of smartening up a home quickly.  New light carpets are also loved by potential buyers, (no big patterns).  Other quick fixes which can make all the difference include:-

• Paint the front door.
• Replace the bathroom fittings with a new set of matching chrome fittings.
• Replace kitchen door handles or even the kitchen doors and drawer fronts.
• Ensure all light bulbs are working and matching.
• Replace old curtains with new light coloured curtains or wood blinds.

No time to redecorate?

If you have not got time or simply prefer not to redecorate, ensure your house is clean.  Especially kitchens and bathrooms.  You may consider using professionals to clean carpets, windows and the oven.

The Garden

The front garden is the first impression and the back garden is often seen as an extra room.  Both should be tidy, with the grass cut and children’s toys hidden away in the garage.  Make the garden look like a great space for relaxing or entertaining.

Before a potential buyer views your home – Checklist

First impressions count.  If more people like a property then it is likely to sell faster.  Here is a checklist of great little things you can do to make the best possible impression.

• Clean the house, if you can. 
• Get pets out of the house and ensure there is no evidence of hair.
• Get some cut flowers for the kitchen and hallway tables.
• Turn lights and heating on.
• Air the house.  Do not smoke or cook any food such as curry.
• If you have parking, make sure there is space for the potential buyer to park.
• Put some coffee on.

Showing the viewer around the house

Leave this to the agent if possible.

If not, let a family member show viewers round.  Do not crowd or clutter!

I have more than one offer, which buyer should I choose?

Your agent will be able to help.  Listen to their advice as the highest offer may not be the best offer.  Press for as much information regarding the buyers circumstances as possible, the key points are as follows:-

• How is the buyer financing the purchase of your property?
• Cash buyers are the best. 
• Most buyers are going to need a mortgage, ask to see the ‘in principal letter’ from the mortgage lender.
• First time buyers tend to need more help and can slow down the conveyancing process – but do not have another property to dispose of.
• If the buyer needs to sell a property, it should be under offer before you take your own property off the market.
• Find out how long the chain of houses which need to be completed first is.  A forward chain can complicate your sale.

Accepting a buyers offer on my house

Your estate agent is the middleman between the buyer and you.  You should not contact the buyer directly.  Ask for the offer to be made in writing and ensure that the agent has all the background information on the buyer’s ability to move quickly.  Compromise on both sides is key to securing a deal.  Market conditions, how much the buyer loves your property and completion all dictate the amount a buyer is prepared to offer.  You need to consider how quickly you need to move, the present market conditions and the size of your moving budget.  Carpets and curtains are unlikely to fit your next home so use them as bargaining tools to maintain the asking price while giving the buyer something extra.  Once a price has been agreed your solicitor will send a draft Contract to the buyer’s solicitor who will conduct the preliminary searches.  You will need to agree on a date for a survey to be done on your property by a surveyor, a date for exchange of contracts and a proposed date for completion.

Exchange of Contracts

The exchange of contracts can only occur when the following criteria have been met:-

• Preliminary enquiries completed following receipt of a draft contract.
• Evidence of a good title is confirmed.
• Any specific issues are highlighted in the Title of the property.
• Local search queries are completed.
• Any fixtures and fittings to be included in the sale are agreed.
• The buyer’s mortgage offer is confirmed.

Once the contracts have been signed by both parties (i.e. the buyer and the seller), a deposit of usually 10% of the purchase price will then be transferred by the buyer’s solicitor to the seller’s solicitor when contracts are exchanged.  [A completion date is then agreed between all parties.]

Getting to Completion

Usually the faster you get to completion the greater your chances of a successful transaction. Many of the factors which determine the speed of the transaction are out of your control, but selecting a good solicitor and estate agent will help, by ensuring the buyer is in a position to purchase your house when they make an offer. On completion the residual monies, usually 90% of the purchase price, will be transferred from the buyer’s solicitor to the seller’s solicitors’ account. Once your solicitor confirms the money has cleared in your account they will inform you to release the keys – congratulations you have sold a house!