Here are some common questions and answers people have when they’re buying a property.
Will you accompany the viewings?
We will accompany all viewings unless we are instructed not to do so. We will meet you at the property you are wanting to view to ensure any questions you have are answered immediately and provide you with advice when required. Our opening hours are 08:00-18:00 Monday to Friday, 08:00-17:30 on Saturdays and 10:00-16:00 on Sundays, so we are flexible for viewings that suit you.
When do I arrange my mortgage?
An agreement in principle (AIP) will provisionally inform you on how much you are entitled to borrow.
The agreement in principle can be arranged with our mortgage advisor, all of our offices have a financial advisor with plenty of experience, making the process as relaxed as possible for you. Get in touch with your local office to find out more.
You will be in a strong position if you’ve established proof of finance at the earliest stage possible, when you make an offer you will have proof to the both the agent and seller of your AIP.
It is worth knowing that a agreement in principle gives no guarantees as they are subject to survey and your application will still be need to meet the necessary credit and lender requirements.
What information do I need to provide when I make an offer on a property?
You will be asked to provide proof of a deposit and a copy of your agreement in principle, or if you haven’t yet arranged a mortgage you will need to be qualified by one of our mortgage advisors. If you are a cash buyer you will be asked for proof of funds which can be provided by your bank or solicitor.
When do I instruct my solicitor?
At Miles & Barr we recommend you use our chosen firm of local solicitors. They have expert knowledge and experience in our areas of operation. Providing you choose to use our recommended solicitors, we will instruct them when you have an offer agreed. Giving you one less thing to think about.
Will the property remain on the market if my offer has been accepted?
The property is usually taken off the market once your offer has been accepted, allowing time for the solicitor to be instructed. A timeframe is commonly agreed when the offer has been accepted and then put into writing with the sales letters.
We will inform you immediately In the instance of the vendor wanting the property to remain on the market.
How will my chosen surveyor gain access to the property?
If you select our recommended solicitors, we will instruct them when the time is right to survey the property. If you choose another firm you will be required to provide them with our details and from there we will make access arrangements for them and confirm them to you.
What legal proceedings are involved once a sale is agreed?
When a sale has been agreed a conveyancing solicitor will be required to deal with the legal proceedings. It is essential that the chosen solicitor is trustworthy, another reason why we strongly advise you choosing our recommended firm. When the solicitor's details have been received from both parties the sale is confirmed in writing. Miles & Barr will keep you updated throughout the entire process.
How long is the process of exchanging contracts?
Four to 12 weeks is an average timespan for the exchange of contracts but there are factors that make it impossible to say exactly how long it will take. Miles & Barr aim to match your timespan with the prospective seller. Instructing the solicitor and mortgage provider at the earliest time possible can speed up the process.
What is the difference between completion and exchange?
The completion date is the day you take possession of the property and the purchase funds are transferred to the seller.
The exchange of contracts is enabled when you have your mortgage offer or cash funds readily available. Your deposit funds will then be placed with your solicitor and conveyancing will have been completed.
The exchange of contracts legally binds the deal and a completion date is fixed.
What is stamp duty?
It is the tax due when buying property and land in the UK known as ‘Stamp Duty Land Tax’. See our stamp duty page for further details.