Here are some of our most frequently asked questions.
This is the legal process which transfers the ownership of a property from one person to another.
Homefast have agreed fixed fees with their panel of law firms which means that the legal fee is guaranteed no matter how many e-mails or phone calls are made or the time taken to deal with the transaction.
Homefast have also agreed the scale of additional charges with the law firms e.g. to deal with a mortgage. There may be fees which are specific to your property and which only become apparent during the course of the transaction e.g. an indemnity policy may be required because a document is missing. This is outside a standard Conveyancing cost and will be an additional fee. Your law firm will advise you if any such charges are required as soon as possible and prior to the charge being incurred.
On a sale Homefast will collect a fee from you for applying to the Land Registry for an official copy of the title deeds. This document will confirm you own the property and is an important element of the paperwork which will be supplied to your buyer. This is in the region of £15-30 depending on whether or not the property is leasehold or freehold.
On a purchase Homefast will collect a fee from you to cover the cost of the searches which will be carried out against the property you are buying. If you are buying with mortgage finance then your lender will insist on searches being undertaken. If you are a cash buyer then the choice is yours but the searches do reveal important information which could affect your decision to purchase the property and therefore searches are recommended. The cost of searches is likely to be between £290 and £350 depending on whether or not a mining search is recommended. We can help you understand which searches are appropriate in your purchase location.
Freehold means you own the property and the land it stands on. However, there may still be restrictions registered against the property e.g. Restrictive covenants to say the property cannot be used for business purposes.
Leasehold means that you own a property but the land upon which the property is built is owned by the freeholder. Your ownership is subject to the terms of a lease which is granted for a specified period. This gives you the right to occupy the property for as long as the lease is valid.
Exchange is the point at which a contract is entered into and the agreement becomes binding. Both parties are contractually obliged to go through with the sale or purchase at this point.
Completion is the ‘moving day’ when the monies and keys change hands and the seller vacates the property including removing all their possessions. Exchange and Completion can be simultaneous but more commonly exchange occurs with an agreed Completion Date a week or two later. This gives all parties the chance to make arrangements like booking removal companies safe in the knowledge that there is a contract in place. Until exchange you should not make arrangements in relation to your move which incur any costs.
Title deeds are the documents evidencing who owns a property. Most properties are registered at the Land Registry and electronic deeds are held by them. Copies can be obtained for a fee and are known as ‘Official Copy Entries.’
Where a title is not yet registered at the Land Registry there will be a bundle of deeds and documents which comprise the title deeds. If you have a mortgage these will often be held by your lender.
There will be a number of different things for you to do or arrange during the home move process. We have a helpful checklist for you but the process does not always run in a linear format and sometimes you will need to action items in a different order. Homefast are here to help so please just ask if you have any questions.
On average a home move takes between 2 and 3 months depending on the number of properties in the chain and the timescales required by all parties. It can be much sooner where circumstances allow and it is not unusual for a sale to go through in 28 days.