FREQUENTLY ASKED QUESTIONS
SHOULD I GET A PRIVATE SURVEY ?
Unless you are buying a new build, you should definitely look at getting private survey.
WHAT IS A MEMORANDUM OF SALE?
A memorandum of sale is a document that is sent out by the estate agent, to both the buyer and seller and their conveyancers informing them of the details of the sale. It marks the beginning of the legal process.
HOW MANY SEARCHES ARE THERE?
The number of searches you need to pay for will depend on the property you at buying. There are 4 main searches however, water and drainage, local (planning), environmental and land registry. Your solicitor will advise you in what you need to apply for.
HOW CAN I SPEED UP THE PROCESS?
Be contactable and be quick to respond to any communication. A lot of the time, it's poor communication that really slows things down.
WHAT ARE ENQUIRIES?
Enquiries are just questions that need to be answered. Your solicitor will raise enquiries based on the information they are given. The seller's solicitor will need to answer them.
WHAT HAPPENS IF MY PROPERTY GET DOWNVALUED ?
nmIf the property gets down valued, you have a few options; you could try to re-negotiate; you can try to find the extra money to buy it (outside of your mortgage); you can appeal the valuer's decision; you can try and find a new lender.
WHEN IS MY COMPLETION DATE CONFIRMED?
Your completion date is set in stone upon exchange.
CAN I EXCHANGE AND COMPLETE ON THE SAME DAY?
Yes you can!! However most people like to give themselves a week between exchange and completion.