Moving House – Your questions answered
Moving house is not renowned for being a stress-free process. At Fairhurst Menuhin we want our clients to have peace of mind in knowing that a professional firm of solicitors is dealing with their property transaction.
There are many questions you may be asking and believe us when we say we’ve heard them all before. We’ve therefore answered your top questions:
Does moving day have to be a Friday?
Many people believe completion of a property transaction has to take place on a Friday – this is a myth. People may choose to complete on a Friday so that they have the weekend to unpack and settle into their new property. However, you can complete your property transaction at any point during the week.
When can I pick up the keys?
Completion of a property transaction has to take place before 2pm on the agreed completion date. This is a contractual term within every property contract. In some cases time of completion is amended within the contract to ensure completion takes place earlier. Once completion has taken place, your estate agents will be instructed to release the keys.
How long until I can move into my new house?
On average a property transaction can take anywhere between 12 to 16 weeks. The length of a property transaction is dependent on the length of the chain, mortgage requirements and the number of enquiries raised by the purchaser’s solicitors. If enquiries cannot be answered by the seller, negotiations may be required to resolve any issues.
When am I committed to purchasing the property?
Once contracts have been exchanged, you are then committed to purchasing the property. We may ask you to sign the contract before we exchange. However, you are not committing yourself to purchasing the property by signing the contract.
Can I rely on my mortgage provider’s valuation report?
You cannot rely on the valuation provided by your lender. Whilst your lender will insist on preparing their own valuation report, is very basic and does not reveal much about the property itself. A homebuyers survey may reveal anything from small issues to full blown structural problems. It is therefore worth obtaining a survey to ensure you have a full understanding of the property.
Do I need to order searches?
What if, following the purchase of your dream home, you find that there is subsidence, a flood risk, a maintenance charge for the private driveway or that planning permission wasn’t obtained for the conservatory? You need to be aware of any potential issues and the only way you can do this is by obtaining searches. The standard searches we would always advise clients to obtain are an Environmental Search, a Chancel Repair Search, a Water & Drainage Search and a Local Authority Search.
When should I insure the property?
We would always advise clients to make arrangements for building insurance from the date contracts are exchanged. If you are obtaining a mortgage it will actually be a requirement of the lender that insurance is in place from exchange of contracts.
If you would like to obtain a quote for your property sale or purchase, please click on the following link: https://fmc-solicitors.com/what-we-do/property/