Estate Agent Cardiff - Buying Cardiff
At Boulton & Griffiths we are mindful that a property purchase is not only exciting, but can be a little daunting. Our aim is to ensure that we are as helpful as possible and are here to guide you through your property transaction. We will work closely with your Solicitor and Mortgage Broker, if appropriate, to ensure that your purchase is as stress free as possible. Please ask for any assistance in relation to the progress of your transaction at any time.
Transaction times vary from case to case. An average transaction takes approximately 6 to 12 weeks, with the national average currently being 11 weeks. You should discuss specific times frames with your solicitor.
In the event that you have any questions for us, please do not hesitate to Contact us
You may feel your question is obvious & you may feel that you should know the answer and therefore do not want to ask. We would encourage you to ask, as we are more than happy to help. We appreciate that you may have not purchased a house before or could find the process difficult, so please do not be reluctant to call.
What you need to do
- Ensure that your mortgage application is in hand and ensure that you let your chosen solicitor know who your mortgage broker is along with their telephone number. This will allow your solicitor to make contact with your broker if there is a delay or if assistance is needed.
- Please ensure you return all documentation that is sent to you from your solicitor as quickly as possible. Your solicitor will ask for proof of your identity and money on account. Ensure that these are sent to your solicitor, or your transaction may be delayed.
- You must decide whether you wish to have a survey carried out on the property. Your mortgage company will carry out a survey for mortgage purposes, but this does not give you any protection. If you need any more assistance in relation to a survey please do not hesitate to contact us or your solicitor.
What will your Solicitor do for you?
- They will be required to undertake a number of searches on your property.
- They will check the legal title to the property
- They will check the content of your mortgage offer
- Once all their enquiries are completed they will report to you and confirm that you are in position to proceed to exchange of contracts
A mortgage offer is a tangible document and your solicitor will not be in a position to exchange contracts prior to receipt of your Mortgage Offer. The offer will not be issued until the mortgage valuation has been carried out. Your solicitor will be in receipt of the paper copy of your mortgage offer when you are. The Mortgage Company issues copy offers to you and us at the same time, we would therefore suggest that you contact your solicitor when you receive your offer to ensure that they have also received yours.
Exchange of Contracts
Exchange of contracts will take place between your solicitors and the sellers solicitors once they are satisfied that the transaction is ready to proceed. By returning all signed documentation this does not facilitate an exchange of contracts. You should only book time off and or removals once exchange has taken place.
It will also be necessary for you to ensure that you have buildings insurance in place at the point of exchange. Your solicitor will ask you to provide a copy of the insurance to them prior to exchange.
Payment of Deposit - to your Solicitor
You will be provided with the necessary bank details of your solicitor when they require the balance of funds/deposit from you in readiness to exchange/complete.
Completion day- Time to Move in
On the specified completion day your solicitor shall transfer completion funds to your sellers' solicitors. At the time of completion you are able to collect the keys for the property & move into the property at your leisure
All purchases up to a value of £125,000 are exempt from Stamp Duty, however your solicitor will notify you if stamp duty is payable.
The HMRC have a stamp duty calculator HMRC Online Stamp Duty Calculator
The government also have a useful online information pack on the stamp duty reform for residential properties
Stamp duty reforms on residential property