Buyer's Guide
Provided below is a short practical guide to buying a property
and the various factors you should take into account.
The Mechanics of Completion
On completion day the buyers solicitors send the balance of the
money to the sellers solicitors. The completion time is generally
2.00 p.m. unless an earlier time has been agreed.
 The
sellers will usually have removed all their belongings and contents
by this time on the completion date, and the buyer will generally
not be able to obtain the keys before this time, so this should
be borne in mind when booking removals.
The sellers should ensure they do not remove any items that they
have indicated they will leave on the on the Fixtures Fittings
& Contents list, as to do so would be a breach of Contracts.
They should also ensure that they do remove any items they have
indicated they will remove on the Fixtures Fittings & Contents
list.
Keys
If you are selling, your keys should be handed over on the day
of completion in one of three ways:- ? To the Estate Agents, who
will only release them to the buyers when they hear from us that
they have received your money ? To us, and we will pass them to
the buyers when we have received your money ? Directly to the
buyers. This should only be done when we have confirmed receipt
of your money Generally the first method is used as this is the
safest and most convenient.
Electricity
Sellers should notify the Electricity and Gas Boards before
completion of the date that you are moving. Meters should be read
on the day of completion.
If you are buying, you must advise the Electricity and Gas Boards
of the date you will be moving in to the property and taking over
the supply. If the Electricity and Gas Boards only hear from the
seller, then they may terminate the supply on the day of completion,
which will involve a reconnection charge. Buyers should read the
meters on the day of completion and keep a written note.
Telephone
Sellers should advise British Telecom or other telecommunications
company of the date of the move. The buyer should make arrangements
for the transfer of the installation.
Council Tax & Water Rates
Generally Council and Water Authorities prefer to deal with
any apportionments themselves. The seller should write to the
relevant Authority giving them the moving date, and also giving
them a forwarding address. The buyer should write to the relevant
Authority advising of the date that they are moving in.
Insurance
If you are selling and have a Building Society or Bank Mortgage
with Buildings Insurance arranged through your Mortgage Company,
then the Insurance will automatically be cancelled, and any refund
will be forwarded to your new address. If you insure the buildings
separately, or have a separate Contents Building Policy, then
you should remember to advise the Insurance Company, or your Broker,
of your change of address.
If you are buying with a Building Society or Bank Mortgage, then
the Buildings Insurance is normally covered through your Mortgage
Offer. If you are buying without a Mortgage, then you should arrange
Building insurance yourself. You should also ensure that your
contents are adequately insured.
Please note that the risk normally passes to the buyer on exchange
of contracts, not completion. Buyers should therefore check that
they are covered from the exchange date. Despite this, sellers
are advised to continue their insurance until the completion date,
in case your buyer is not so well advised. If you have any queries
about insurance, please check with us.
Removals
Removals should be booked as soon as possible after exchange
of contracts has taken place, and the completion date is fixed.
Sellers should ensure that they choose a reputable removals firm,
which has adequate insurance covering breakages
New Properties
When you are buying a new property you should arrange to visit
the property and carry out an inspection between exchange and
completion. If there are any defects, please advise us immediately
so that we can either obtain an Undertaking from the Builder,
or in serious cases negotiate a reduction. If any defects become
apparent after completion, then it is essential that you notify
the NHBC immediately. If you delay, you may lose your claim.
Signature of Documents
Whether you are selling or buying or both, between exchange
and completion we will be contacting you with documents for signature.
Please ensure anything we send is signed and returned to us immediately.
Any delay in returning signed documents may cause a delay in completion.
Sellers should also ensure that we are advised of a correspondence
address to use after the completion date.
People to Notify
Generally, remember to inform the following of your change of
address:-
- Your tax office/accountant
- Your employer
- Your doctor and dentist
- Your bank/credit agencies/credit card companies
- The milkman/paper shop/window cleaner
- Your book club/catalogue company
- Your relatives and friends
If you are in doubt about any of the above matters, please do
not hesitate to contact us.
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