Frequently asked questions
Buying and selling property
Q: My girlfriend and I are buying a house together. If we buy this in joint names what does it mean?
A: This will depend upon whether you buy as “joint tenants” or as “tenants in common”. It is crucial to agree with your girlfriend before you buy the house what will happen to it if you separate or one of you dies. You may want to own it in equal shares or you may want to own it in unequal shares if you are going to contribute different amounts to the purchase price. You may want your girlfriend to inherit the house if you die or you may want your family to inherit your share.
It is important to agree the terms of ownership of the house with your girlfriend before you buy the house, Otherwise it could lead to litigation, as to what you had agreed or intended, if you and your girlfriend separate.
Q: How long will it take to exchange contracts and when can we move in?
A: This timetable cannot accurately be predicted as it is dependent on whether there are related sales and purchase in a chain. If there is no chain and you are purchasing with no related sale then you could expect to exchange contracts within one to two weeks with completion a similar period after that. Exchange can be sometimes achieved sooner than that especially if mortgage finance is not required. It is essential that you have finance organised as efficiently as possible as mortgage offers can take time to process and exchange cannot take place without it.
Where there is a chain you will be reliant on the other parties who may not wish to move as quickly as you do or be as organised. Beware of sellers who promise to move into temporary accommodation, They often find a property to buy just before exchange of contracts and the whole transaction is delayed until they are also in a position to exchange.
Q: In addition to legal fees what other expenses do I need to budget for in respect of my house purchase?
A: If you are purchasing for more than £125,000 you will be required to pay stamp duty land tax. The rate and the amount will depend on the actual purchase price. Please note that stamp duty land tax rates start at one per cent of the purchase price and increase to four per cent depending on the price paid.
In addition, there will be the cost of a local authority search and water/sewerage enquiries which vary from area to area but a figure of £400 is not unrealistic. HM Land Registry will require a fee for registering the property in your favour and these fees are payable on a scale depending on the purchase price. Currently they range from £40 to £700. There will be other small disbursements which vary with each purchase. A figure of about £100 should more than cover these.
You should consult your lender or your surveyor as to the cost of the various forms of survey available to you.
No list is definitive but this reply details the main expenses.
Q: Is it possible for us to complete our sale and purchase on a Saturday so we can move at the weekend as we are both very busy at work?
A: No, unfortunately it is not. Fund transfers take place during normal banking hours and completion will need to take place on a week day. Most people move on a Friday so that they then have the weekend to sort themselves out. This will still involve your taking the day off on the Friday to supervise the actual physical move.
