Buyers FAQ

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Buyers FAQ

How much will it cost to purchase a property?

The cost involved for a buyer will be made up your legal fees, Stamp duty and agent fees (only if applicable). Wentworth Estates have our preferred solicitors who have been working with us and have built a professional relationship along the years; we can give you a rough indication on price when required to do so.

Stamp Duty on Residential properties is below this will need be paid to your solicitor.

Residential & Buy To Let Stamp Duty Changes On Or After 1st April 2016

Purchase price of property (£) Existing residential SDLT rates Proposed additional rates for landlords
£0 - £125k 0% 3%
£125,001 - £250k 2% 3%
£125,001 - £250k 2% 3%
£250,001 - £925k 5% 8%
£925,001 - £1.5m 10% 13%
£1.5m + 12% 15%

When should I arrange my mortgage?

We advised that you should speak to your bank or mortgage broker before you begin to search for properties. This will enable you to determine what is affordable for you and any offers you put forward will be taken more seriously by the seller if you have a mortgage agreement in principle. An 'agreement in principle' (AIP), 'decision in principle' or 'mortgage in principle' are all terms that refer to much the same thing. A lender will take some basic information and perform a credit search and credit score before coming up with a figure that 'in principle' it would be able to lend.

What information will we require when a buyer submits an offer?

Once you decide to put forward an offer we will need to know what position you are in for example; are you a first time buyer, is it a buy to let, are you chain free. If you are a cash buyer we will request that you provide us proof of funds or an email from you solicitor to confirm your proof of funds. If you require a mortgage we will ask to see proof of deposit and agreement in principle (AIP). If you do not have this we can refer you to our financial advisor or mortgage brokers.

When do I provide my solicitor details?

As soon as your offer has been accepted we will require your solicitor details, we can recommend our solicitors who we have built working relationships with.

Will we keep the property off the market once my offer is accepted?

This is usually dealt with on a case by case basis, the decision lies with seller to advise. Normally we would advise that the property should be withdrawn from the market to show good will to the buyer. However it is imperative in return that the buyer will be expected to carry out their tasks within a mutually agreed timeframe. This can consist of instructing solicitor, pay funds to solicitor to commence the conveyancing and organising a bank valuation if this applies to you.

What type of survey should I get?

Assuming that you are getting a mortgage to purchase this property, the lender will always carry out a valuation to make sure the property you are purchasing is worth what you have agreed to pay and they will also make sure the property is safe to lend on. ‘Homebuyers’ and more detailed surveys can highlight potential problems with the property suggesting for further report such as timber, damp electrical or structural. Ultimately the decision is down to the buyers on which type of survey they want carried out.

How long will the process take once the once a sales is agreed?

Each and every sale on a property is different so it will be difficult to give an exact timescale on how long a full process can take. Normally a freehold purchase is relatively straight forward to complete and generally a lot quicker than a leasehold property but this is not always this case. From our experience a complete sale can range from as little as one week and can go up to 4 to 6 months. Generally, the average sale will take between 6 -12 weeks to reach exchange of contracts. However if a buyer or seller needs to work on a timescale we would advise to make it clear from the point of offer to avoid any delays and disappointment.

What is the difference between exchange and completion?

Once exchanged, there is a legally binding contract between seller and buyer for the sale and purchase of a property, it is also the point when you pay your deposit via your solicitor which is normally 10% of the purchase price. One of the terms of the contract will be the completion date. This is the date on which title to the property is transferred by the seller to the buyer and the buyer takes possession of the property.

What happens on the day of completions?

We usually get confirmation call or email from the sellers solicitor once the completion funds reached their account, they will also confirm the completion has taken place and we can release the keys to the buyers. At this point we will contact you and arrange a handover for the keys or alternatively meet at the property.

Are you members or accredited of any recognised bodies?

Yes, we are member of the Property redress scheme, My deposits, National Landlord Association, accredited to ISO 9001:2008 Quality management system, ISO 14001:2004 Environmental management standard, Contractor Health and Safety (CHAS).