All you need to know
Here at Ashley James Solicitors we understand that moving house can be a very stressful time for you and we will do our best to make it as easy as possible for you.
To help guide you through the process we have put together a list of frequently asked questions which we hope will help answer some of the questions you may have at this stage.
It is a legal requirement that we obtain ID documents from you. As part of the money laundering regulations we must obtain identity from you to safeguard against money laundering and mortgage fraud.
On average, it takes approximately 6-8 weeks for a conveyancing transaction to complete. Having said that, in cases where there is no chain and there are no difficulties with the title to the property, that timescale can be greatly reduced. When there is a long chain of transactions, or there are complications, the transaction can take longer than 6-8 weeks. If you need different timescales then let us know and we’ll always do our best to help you.
Exchange of contracts takes place once all parties in the chain are ready to exchange and the completion date has been agreed by all parties. When contracts are exchanged there is then a binding agreement for you to buy/sell the property and the completion date is fixed. Following exchange of contracts no-one can pull out of the transaction and the completion date is fixed. Completion is when the money is paid for the property and the ownership of the property changes. On the day of completion the buyer will get the keys to the property and be able to move in.
The following searches will be done on your behalf The Local search, the drainage search, Environmental search. If you require any extra searches please let us know.
You have to pay Stamp Duty Land Tax (SDLT) if you buy a property in the UK over a certain price. This is charged on all purchases of houses, flats and other land and buildings.
The SDLT rate depends on:
- the purchase price of the property
- whether the property is residential
SDLT may also be due if you lease a property.