Tuesday 3rd May 2011
Once you have taken the important decision to put your property on the market you will want to ensure that as soon as a buyer appears that you move as soon as possible. Mentally you have already moved, physically you need to catch up!
Make sure that you appoint your lawyer as soon as you start marketing the property, and that you supply all the information that they will need, which will include any guarantees, planning consents, building regulation approval, and completion certificates for any work that may have been carried out, even by a previous owner. These are all questions that will be raised, so if we can supply them with the draft contract package, that saves valuable time. This should ensure that exchange of contracts will not be held up by you.
How are you funding your purchase? Normally most people need a mortgage to assist them, but it is the difference between that and the purchase price that can cause unforeseen difficulties if not dealt with immediately. Sometimes it will be the net sale proceeds of the related sale, in which case no problem. However if savings are being used, then full details including copies of UK bank accounts are required to satisfy the Money Laundering Regulations. If a relative is either gifting or loaning funds, again full details are required, and in those instances your Mortgage lender will need to be informed by us so that we can obtain their authority to proceed. This should ensure that exchange of contracts will not be held up by you. If in doubt, speak to your Conveyancer as soon as possible.
Happy Moving.
Expert view by Barry King, Vice-Chairman PPA and Legal Executive with Glanvilles , Solicitors
