1. How long will it take?
That is a really difficult question to answer. It depends on many things, such as; how many people are in the chain, whether they need mortgages, whether someone is going on holiday etc… On average it usually takes 6-8 weeks from an offer being accepted on a property to the moving date.
2. Do I need searches?
If you are having a mortgage then the answer to the question is yes. Your mortgage company will insist that you have certain searches. If you are not having a mortgage it is your choice but we always advise you to have a full set of searches to see what matters affect the property you are to purchase.
3. Why can’t you exchange as soon as you receive my mortgage offer?
In most cases the same solicitor will act for the mortgage lender and the buyer. This means that we have to ensure that the mortgage company is protected as well as you. Once we have received your mortgage offer we will report to you to ensure that the mortgage terms are correct. We will also have to report things to your mortgage company and ensure that they are happy. It can take some time for us to deal with these conditions, sometimes several weeks. Once we hear that they are happy we can proceed.
4. Why are you asking to see my bank statement?
If you are putting money into your purchase then we are likely to have to ask for “evidence of source of funds”. This means that we need to check where these monies are coming from – the source. This could be; checking bank statements over a period of time to show that savings have been building up, checking sale statements if you have said shares, asking for a copy of your mortgage offer if you are taking a mortgage on another property.
Please note that we are not simply being nosey. We have to do this to comply with our professional obligations. The quicker you supply the information, the quicker we can proceed.
5. Why do you need to see my identification?
We now have to “know our client”. This means that if we don’t know you personally then we have to check that you are who you say you are. To do this we will ask for a photographic ID, for instance, a passport or a photo driving licence and a recent address ID, for instance, either a bank statement or utility bill which must be no more than 3 months old. If you are local to our offices then you can call in and we will take copies. If not, we will ask you for a certified copy of these.
6. What is a certified copy?
This is simply a copy which someone has said is a true copy – a “certified” copy. The people who can “certify” the documents are limited to; solicitors, estate agents, bank managers and doctors. These are the most usual ones.
7. Why are you asking to see my parents ID?
If your parents (or anyone else) are giving you some money to help you buy your property (for example, paying your deposit) then we will have to make the same checks for them as we do for you. We will be asking for evidence of identity and evidence of source of funds.
8. What is an LSAP?
This is an advance of pay to members of the armed forces to assist them in buying a property. There are tight rules with which the buyer and we as the solicitor must comply. We are also totally dependant on the LSAP provider as to when the money is released and this can affect the timescales.
9. Why do shared ownership purchases take longer?
When you buy a shared ownership property we have to comply:-
a) With your requirements; and
b) The requirements of the person who is going to own the other share of the property.
If you are having a mortgage then there will also be extra things that we need to do for your mortgage company. One of these will be that we have to have your mortgage offer approved by the person who is going to own the other share of the property. This can take a couple of weeks and will affect your timescales.
10. Why do leasehold sales and purchases cost more?
This is simply because there is more work for us to do. We have to deal with the Landlord and sometimes a Landlord and a managing agent to ensure that we have the correct information to give to you. This usually takes a bit more time and could affect your timescales.
11. What happens if my buyer or seller withdraws? Do I have to pay you?
We offer a “no sale no fee” service. This means that if your sale or purchase does not exchange then you do not have to pay us. All you will need to pay are any out of pockets expenses that we have paid out on your benefit.
12. What is a chancel search?
There are properties across the country which has an obligation to pay towards the cost of repair of the chancel of a local church. A “chancel search” will show whether a property has an obligation to pay this. It is also possible to take out insurance to protect you in case the property that you are buying has such an obligation.
13. What is a restrictive covenant?
This is simply a promise not to do something in relation to a property for example, a common one is not to run a trade or business from the property. You may have to comply with these promises.
14. What is an easement?
This is simply a right connected to a property, for example, a right of way or a right for drainage.
15. What is a chattel?
This is a fixture and fitting – an item at the property, i.e. a wardrobe, carpets and curtains. Sometimes you pay extra for these items when buying a property.
16. Can I split the price of the property between the property and the items to minimize the stamp duty I have to pay?
Yes but only if the value of the items that you are buying is a true value. For example, if you are buying an American fridge for £500.00 then you may be O.K with this but if you are simply splitting the price to avoid Stamp Duty e.g. £125,000.00 for the property and £3,000.00 for carpets and curtains then you may be in trouble!
17. What if I don’t want you to report things to my mortgage company?
If you are having a mortgage to assist you with your purchase then it is likely that we will act for your mortgage company as well as you. We will need to ensure that they are happy with things. If there is something that they need to know e.g. your parents are giving you the deposit we will need to tell them. If you say that we can’t tell them then we will not be able to continue acting for you.
18. Can the same firm act for a buyer and a seller?
There are new rules relating to this. In certain, limited, circumstances we may be able to do so but it is no longer normal practice.
19. Why should I use a solicitor?
Buying a house is probably going to be the most expensive purchase that you will ever make. You are usually buying your home for you and your family to live in. It is important to you. It is also a complicated process and you will need help guiding you through all of this.
All solicitors have trained for many years both in college and in firms to become qualified. They know what they are doing and can guide you through the process.
Sometimes things go wrong. All solicitors carry indemnity insurance which can be used to compensate you if mistakes are made. In addition they are regulated by the Solicitors Regulatory Authority who monitors firms closely to ensure that you and your money are protected.
20. Why should I use Ringrose?
Where individuals count – this is our strap line and we care about you and your transaction. We work in small teams so that you can be on first name terms with your team members. We hold the Law Society Quality Lexcel mark which means that our firm and procedures have been checked by external assessors to ensure that we are a well run firm. Try us and see for yourself!