Frequently Asked Questions
Do I have to pay Stamp Duty?
Stamp duty is tax charged by the Government on property transfers. If you are buying any property over £125,000 you will have to pay Stamp Duty, unless you are a first time buyer.
For more information click here: http://www.ashtonmortonslack.co.uk/news/20101/update-good-news-for-first-time-buyers
If I want to buy a property, do I have to pay a deposit to the estate agents?
No. The estate agent is acting for the seller and may ask for a deposit from you as a ‘sign of good faith'. However, it is not necessary and shouldn't be a factor that determines whether or not the agent sells to you.
Should all equipment (such as cookers, gas fires for example) sold with the property be in good working order?
There is no obligation for the seller to ensure that such items are in good working order. However, if you are buying contents with the house, you have a right to check that they are in good working order and you can ask the seller to specify this in writing.
Do I need a survey?
Generally, yes. You need to know that the property is worth the price you have been asked to pay and if you are using a mortgage to buy the property, your lender will want to know that their money is safe and may demand a survey. A survey will reveal whether or not you're likely to need to spend significant amounts of money on repairs in the near future and can be used as a bargaining tool with the seller, so that the condition of the home is reflected in the price.
When can I move?
When both contracts are signed and exchanged and a completion date is agreed. Even though you may have agreed a date with the other party, until exchange of contract nothing is certain. If you are using a mortgage, it is only once the funds have exchanged that you are officially owners of the property.
Who chooses the moving date?
This is generally a matter for agreement between you and the other party once all the practicalities are arranged. When your solicitor has confirmed that all the searches, mortgage, proof of ownership and contract are in order and provided there is sufficient time to obtain monies from the building society, the decision on the completion date is over to you and your buyer/seller.
When do I hand over or receive the keys?
Strictly speaking, on the completion date the keys should be handed over at the same time as the money. Usually the money will be handed over via bank transfer from one solicitor to another. Your solicitor should then contact you to confirm so the keys can be handed over.
What can the seller remove from the property?
Usually a Schedule of Fixtures and Fittings to be included in the sale will be attached to the Contract. You should check this carefully. The seller can remove any ‘fittings' but must leave any ‘fixtures'. A fixture is generally something that is attached to the property such as kitchen units, doors and garden gates. A fitting is something that is not actually attached and is free standing, like a wardrobe or book shelf.
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