Advice
How long will it take?
Normally a matter takes 3-6 weeks to exchange Contracts and a further
7-21 days to completion. Timescales can vary considerably depending
upon the circumstances, and in particular if you are involved in a chain
of transactions. We will do everything possible to ensure your sale or
purchase is dealt with quickly and efficiently.
Why does a Buyer need a Local Search?
The Local Council maintains records of certain things which may or
may not affect the property which is being bought. It is vital to check
any adverse entries revealed and ensure they are dealt with prior to
exchange of Contracts. These include road schemes, planning,
compulsory purchase and tree preservation orders. There are limits to
the matters revealed. For example the local search does not cover the
possible development of any nearby land and you should contact the
planning department of the local council for the area of the property
for which you require such information.
Buyer's Mortgage Offer?
When you receive the formal written Mortgage Offer please read
the conditions carefully. Look with particular care at the deductions
e.g. an Indemnity Guarantee Premium (see below) or a retention.
You should check your Mortgage does not have undesirable insurance
conditions or penalties if you repay it earlier than its fixed term.
Mortgage Indemnity Guarantee Premium
This is the sum paid to an insurance company for a compulsory policy
(mortgage or indemnity guarantee policy) required by a lender for a loan
above the normal proportion of the lender's valuation of the property
being purchased (often 70%). The premium will be a 'one off payment'
and will usually be deducted from the mortgage advance. The insurance
is to repay the lender the 'extra' proportion in cases where a borrower
subsequently defaults on the loan and the property is resold at a price
insufficient to cover the amount owing on the mortgage plus all interest
costs and expenses.
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