had contracts in the post, a couple of questions on what happens next

stolt

sorry this has ben answered before, finally got our contracts through from our solicitors and will post them back to them signed tomorrow so they shuld have those by wednesday.

a few questions for everyone so i can get them straight in my head.

We have been approved for our mortgage and had our valuation done but my solicitor has not had the mortgage offer yet, so we have to wait for that to come through to exchange so assuming nothing can move forward now until that has been received.
With regards to the money questions our money has been broken up into several bank accounts to ensure if any went bust we would be covered and without doing a CHAPS transfer from each one i was going to transfer 10k from each account into one current account so i can then finally send my deposit over by chaps in one lot when needed.

deposit- the solicitors have wrote that it s usual for a 10% deposit of the purchase price to be paid to the sellers solicitor, at what stage do i need to send the deposit over i'm assuming before exchange of contracts but do i send it over when i'm posting back the contracts?

stamp duty - similar question, at what stage do i need to send it over to the solicitors?

Do we have to have building insurance from exchange of contracts or completion, if assuming once a completion date has been set i need to get the insurance to commence from that date?

water report says there is a charge of £36.00 per year, i dont remember paying this in the previous property we lived or even this rental property we are in. anyone else pay this house was built in 1998, was that new for that year or something.

oh yeah, million dollar question, we wanted to complete aound in about a months time, is that possible do you think with the above still to be done.

thanks..

Robert_Sterling_3

stolt wrote: »

Do we have to have building insurance from exchange of contracts or completion,thanks..

I just do the easy bit.

You have insurance from the exchange of contracts because even if there is a fire after you have exchanged contracts you still have to buy the property.

stolt

Robert_Sterling wrote: »

I just do the easy bit.

You have insurance from the exchange of contracts because even if there is a fire after you have exchanged contracts you still have to buy the property.

thanks for replying, really, i hope the current vendors dont burn the place down accidently.

Robert_Sterling_3

I sent all the required money by chaps so that the solicitor had it early on the day contracts were to be exchanged.

Wickedkitten

stolt wrote: »

i
deposit- the solicitors have wrote that it s usual for a 10% deposit of the purchase price to be paid to the sellers solicitor, at what stage do i need to send the deposit over i'm assuming before exchange of contracts but do i send it over when i'm posting back the contracts?

Our solicitor asked us for the deposit about 7 days before we exchanged contracts

stamp duty - similar question, at what stage do i need to send it over to the solicitors?

This should be paid after you have completed

Do we have to have building insurance from exchange of contracts or completion, if assuming once a completion date has been set i need to get the insurance to commence from that date?

You have to have it from the time of exchange

water report says there is a charge of £36.00 per year, i dont remember paying this in the previous property we lived or even this rental property we are in. anyone else pay this house was built in 1998, was that new for that year or something.

Is this for drainage or something?

oh yeah, million dollar question, we wanted to complete aound in about a months time, is that possible do you think with the above still to be done.
thanks..

We've only ever been sent out the contracts for signing when its close to exchange personally and that's been after all of the solicitors enquiries have been sorted.

stolt

Wickedkitten wrote: »

Our solicitor asked us for the deposit about 7 days before we exchanged contracts



This should be paid after you have completed



You have to have it from the time of exchange



Is this for drainage or something?



We've only ever been sent out the contracts for signing when its close to exchange personally and that's been after all of the solicitors enquiries have been sorted.

thanks for all the replies so far, i better get a hurry on and transfer that money oer to my current account then:eek: so i can send the final chaps transfer over.

thats good to hear about the early there stage, i read something in a letter that came with the contracts that stated something like dont assume completion is near just because we have asked you to sign the contracts.

Entertainer

Exchange should be near when you have signed your contract and sent it to your solicitor. There is no need for them to have it earlier -not a great idea to have a legal document in which you have committed (by signing) to buying a £300,000 asset knocking around.:eek:

You don't need to do the Chaps from a bank account, you can do it from a building society account, if you want to keep earning interest (not much I know.) And you are only sending the deposit over when you exchange, the rest is sent on completion 28 days later. It is also normal to chaps the deposit on the day of exchange if you want to- depends what your solicitor advises.

Nice timing on the house sale, the absolute peak of the market, trust you're getting a good buy now.:T

marklee

stolt wrote: »

water report says there is a charge of £36.00 per year, i dont remember paying this in the previous property we lived or even this rental property we are in. anyone else pay this house was built in 1998, was that new for that year or something.

Does the home have a water meter? I think all new build homes have had to have water meters for quite a few years now. Metered homes have a fixed charge and a variable charge (based on usage) - the fixed charge for mine is about £26 per year for water and £48 per year for waste mater.

stolt

Entertainer wrote: »

Exchange should be near when you have signed your contract and sent it to your solicitor. There is no need for them to have it earlier -not a great idea to have a legal document in which you have committed (by signing) to buying a £300,000 asset knocking around.:eek:

You don't need to do the Chaps from a bank account, you can do it from a building society account, if you want to keep earning interest (not much I know.) And you are only sending the deposit over when you exchange, the rest is sent on completion 28 days later. It is also normal to chaps the deposit on the day of exchange if you want to- depends what your solicitor advises.

Nice timing on the house sale, the absolute peak of the market, trust you're getting a good buy now.:T

just spent the best part of this evening arranging the daily 10k transfers from my other accounts to my current accounts so it should all be in my abbey current account just after easter.

yes to be honest with the house front we have been really lucky, I didnt have a crystal ball just got lucky. House was on the market and sold a few months later the credit crunch happend. Was only suppose to rent for 6 months but people just werent listing there houses for sale, some came off the market!!! Our youngest daughter has been diagnoised with childs arthritis so has been in and out of great ormand street the last year so house hunting was the last thing on our mind:(:cry:

The house we are buying was on the market back in 2006 for a fortune, we looked at it then just dreaming as there was no way we could afford it. Offered back in 2008 but they refused and then finally went to see again in 2009, nearly bought next door that has just come on the market early 2009. The vendors messed us around so we offered a cheeky offer on the one we had first seen and that started the bidding back and forth.

Originally applied for a mortgage in feb and went for the mansfield at 4.29% with about £1400 fees (thought that was a good deal ), then the chelsea bs released a 4.15% with £1000 fees (thought that was better:D) then abbey brought out the 3.99% with £1000 fees (finally was going to stick with that one ) then A&L released the 3.99% NO FEES (definatley the last mortgage deal :rotfl:ad went with this one) I dont cae now if someone else releases a cheaer mortgage i'm not switching again.

so have been really lucky so far, fingers crossed i dont get any surprises upto completion.

stolt

marklee wrote: »

Does the home have a water meter? I think all new build homes have had to have water meters for quite a few years now. Metered homes have a fixed charge and a variable charge (based on usage) - the fixed charge for mine is about £26 per year for water and £48 per year for waste mater.

the home is on a meter, i thought it had something to do with the surface water and where it drains into to, not sure if its chargable if it drains into the road. Will have to look into it