1. Your reservation fee
Your reservation fee, along with your Solicitor details, reserves your new home for the period of 14 days (unless otherwise advised). Thereafter you will be expected to conclude a missive.
On conclusion of missive, a further payment will be required.
During this reservation period, your home will be withdrawn from sale and it will not be subject to any price increases. The reservation fee and the further payment on missive form part of the deposit on your new home and are non-refundable.
2. Finding a solicitor
The solicitor’s role is to ensure a smooth transfer of the property and the fixtures and fittings agreed in the sale.
Often the best way of choosing a solicitor is to ask friends or relatives for recommendations. However, your Sales Advisor may have a list of local solicitors, although please note, we are not able to make specific recommendations.
Before you instruct a solicitor to act on your behalf, we recommend that you ask for a written estimate of all fees (including VAT) and details of all disbursements payable, such as Local Authority searches, Land Registry fees and Stamp Duty, so that you may budget accordingly.
Local Authority Search Fees
This will establish if your new home is likely to be affected by any Planning decisions or other proposals.
Land Registry Fees
This fee is to register ownership of your property with the Land Registry. The fees are fixed by the Government.
Stamp Duty Land Tax
Stamp Duty Land Tax is payable on all homes with a purchase price of over £175,000. The amount you will have to pay will be based upon the purchase price of your home. Currently the scale charges are as follows:
- £0 - £175,000 = No SDLT
- £175,001 - £250,000 = 1%
- £250,001 - £500,000 = 3%
- £500,001 and above = 4%
There are exemptions from this tax in certain areas and the Sales Advisor will be able to advise you if there is an exemption in your development area.
3. Finding a mortgage
There are many different types of mortgages available from a wide variety of lenders, including banks and building societies.
All financial representatives are required to provide best advice in relation to your loan. They operate within the terms of the Financial Services Act (FSA) whether independent or tied.
If you are unsure of how to seek financial advice, our Sales Advisor can assist you in engaging an independent financial advisor or mortgage broker. We may ask to see evidence of your offer of loan prior to concluding a missive on your new purchase.
Valuation Survey
Prior to making a mortgage offer your lender will make arrangements to have the property valued for mortgage purposes. Your lender may charge you for this service and you should check this with the lender.
4. Concluding a missive
Your solicitor will arrange for you to sign the copy of the missive. At this time you may require to pay a second deposit.
Once these missives are concluded the transaction becomes legally binding.
5. Settlement
Settlement is the actual day when you become the legal owner of your new home.
At this time, the purchase price will be transferred to Queensberry Properties’ solicitor and your solicitor will receive the Title Deeds to your new property. After completion of the registration procedure the Title Deeds will be forwarded to the lender with whom you have your mortgage.
6. Insurance
Your new home is insured by Queensberry Properties until the day of settlement. From then on you are responsible for the insurance of both the buildings and its contents. If your new property is a flat, the building insurance will likely be arranged by your factor – please check with the sales advisor for full details. Please note, if you have arranged with us to put any items into your new home prior to legal completion, you will be responsible for insuring them.
Your mortgage lender will insist on building insurance. They may recommend an insurance company but you should also be able to shop around for the best deals. Please check with your lender on the type and amount of cover required.
It is your choice whether to insure your contents or not but you should be aware that there are risks involved in not insuring your contents. In the event that contents are stolen or destroyed you will be unable to obtain compensation from your insurer content cover is not included with a buildings insurance policy.