We will always try and make sure that things go as smoothly as possible but there can be traps which you might inadvertently fall into and which are outside our control so please watch out for the following:-
You may be asked about Fixtures & Fittings. This is something you may want but be careful. That offer to sell the fridge at a knock down price may be because it will have cost the Vendor money to get rid of it. Only purchase items you really want. Remember, the Vendor has to give you vacant possession on completion and that means no rubbish. If you spot rubbish when you view the property please make sure that if you buy the house, the Vendor is told he will have to move it. Sometimes fixtures and fittings may not form part of the Contract and we cannot refuse to complete a matter because of an argument over fixtures and fittings.
Please remember, keys are only released when the money is transferred. Money is transferred by the Bank transfer system and once a solicitor has parted with the money through the Bank system, he has no control over it. Banks can take time to transfer money especially at busy periods. If you can avoid a busy period for your move, eg, a Thursday before Good Friday is always popular. If you do choose to move on a busy day, please remember that if a lot of other people are moving, the Bank system can be overburdened and money arrives late which means keys are released late.
Thankfully most people accommodate at moving time but you can get the odd person who seems to have no idea about how long it takes to pack. Contracts contain a deadline and if a person does not move out in time, that is to say, give vacant possession they are in breach of contracts and sanctions will follow so if you are a Vendor, watch out and make sure you start to pack early.
This probably causes more problems than anything else. A Contract is only binding when it is exchanged. When the Contract is formally exchanged, the completion date is written in. Solicitors do not like exchanging a Contract and completing on the same day. The idea of exchanging Contracts and writing a completion date in, is so that you can organise van, final reading of meters, etc, etc. If you exchange and complete on the same day there are obvious pitfalls. What if the other party has a last minute change of mind and the Contract has not been exchanged? What if you have given a cheque to the solicitor and this has not cleared in time? Be warned, exchanging and completing on the same day can cause problems so try and organise your exchange and the completion taking place a week or 10 days later. It is always preferable to have a delay between exchange and completion.
No matter how many times we tell clients, there are always some who get caught out by Mortgage Conditions. You will be glad when your mortgage offer arrives on the doorstep but please note, the offer may be subject to a condition you cannot fulfil. Your solicitor will assume that you can, as mortgage offers are sent out simultaneously to you the client and the solicitor. If you cannot fulfil a condition on your mortgage offer, contact your solicitor straight away.
In you require further information or would like to make an enquiry please contact us.