15 commonly asked questions about Buying a House. Please contact us on 01634 299210 if you have a specific inquiry or to obtain a quote.

1. Do I have to use a Solicitor to buy a House?

A house is likely to be the most expensive purchase you make and any mistakes could be disastrous. For this reason over 99% of house buyers use a solicitor to guide them through the legal process known as conveyancing. In theory you do not have to use a solicitor.

2. Using a solicitor could be expensive. Could I lose money if the purchase falls through?

Martin Tolhurst will give you a competitive fixed fee which we will confirm at the start of the transaction. The estimate we give you, in writing, will confirm all payments including land registry fees, stamp duty payments, VAT and search fees. If the transaction does not proceed, for any reason, we will not charge you our fee or any part of it ‐ no sale, no fee, no question. You merely have to pay for items incurred such as searches and these do not usually exceed £200.

3. I am getting a Mortgage ‐ does that mean additional legal costs?

We will act for the mortgage lender as well as you and our additional charges for acting for the lender which you have to pay as the borrower) are £95 + VAT. We will include this figure in our original estimate to you.

4. Why do I need Searches when buying a House?

Searches provide important information about the house you are buying. The local search will give information about roads, planning, tree preservation orders and suchlike. A drainage search will provide information on drainage connections, water metering, and drainage companies. An environmental search gives information on potential contamination, radon gas, mobile phone masts and other environmental matters. Details of other useful searches will be provided to you.

5. Do I have to pay stamp duty on any property that I buy?

As at the time of publication of this information (March 2007) stamp duty land tax is payable on all properties purchased at more than £125,000. For properties between £125,000 and £250,000 stamp duty is payable at 1%, for properties between £250,000 and £500,000 stamp duty is payable at 3%, and for properties over £500,000 stamp duty is payable at 4%. A detailed Inland Revenue form will be completed by us for you to sign. Check with us for the current rates of stamp duty. Duty is payable on completion and we will pay the duty direct to the Revenue.

6. Do I need to come and see you during the transaction?

“Possibly” is the answer! We like to see all of our clients at least once during the purchase to ensure they are happy with all the documents and to deal face to face with any questions you may have. However for those who live some distance from our offices, or who are too busy to see us, arrangements can usually be made to deal with everything by post. We do open extended hours (9am‐7pm weekdays and 9am‐3pm Saturdays) but please note you must have a prior appointment to see us.

7. After viewing the property I have got some questions ‐ do I raise them with you?

Yes please! We would be happy to take your questions ‐ on major or trivial matters throughout the transaction. We do not actually visit the property so your knowledge of it is important; please tell us if there is anything unusual (a shared driveway, a separate garage or garden, extensions or alterations to name a few things) so that we can include these in the enquiries we will raise with the seller.

8. Do I have to pay a deposit and if so when?

If you are a first time buyer or investment buyer who is obtaining a mortgage of 95% or less of the property value you will need to pay a deposit on exchange of contracts. This will usually be 5% or 10% of the property price depending on your mortgage. If however you have a related sale property it is likely that you will not have to pay a deposit on exchange as we will use the deposit from your own sale (paid by your buyer) although this is subject to terms and conditions. For those first time buyers obtaining a 95%+ mortgage of the property value, special arrangements can be made on deposits.

9. How do I keep up to date with my purchase?

We will provide you with written reports at all key milestones during the purchase. We report to you on search results, copy you in on replies to enquiries, advise you on the contract, and let you have mortgage documents to sign. Our state of the art case management system means that once you have instructed us we will provide you with a password to note progress on your case via a secure on‐line website. We will also forward you text messages at key stages. We can take your telephone calls with any queries that you may have on the transaction.

10. How long will it be before I can complete and move in?

This is a question that depends on a number of variable factors ‐ how quickly the seller can produce papers and reply to enquiries, the timing and results of the searches, the quality of legal title and the promptness of your mortgage offer. The average time to exchange from offer is around 6‐8 weeks ‐ your transaction may take more or less according to those variable factors.

11. Should I have a survey of the property carried out?

We advise all clients to have their own survey carried out when buying a property. Expert advice from a qualified surveyor is invaluable in ensuring that the property you are buying is structurally sound and worth the purchase price you are paying for it. You should not rely on the Lender’s valuation only ‐ this is limited and carried out for the benefit of the Lender.

12. Do I have to sign the contract for buying the property?

Yes is the short answer. To buy a property the contract must be in writing and signed by all parties. Verbal contracts are not binding for purchases of land or property generally. We will send the contract to you to sign with a full report and advice. We can offer an appointment to any client wishing to discuss the matter.

13. If we purchase a property in joint names. What options are available?

Joint ownership creates a trust between two or more owners. The main options available are joint tenancy and tenancy in common. We will give you full advice as to the best option for you. We can draft a trust deed should that prove necessary at a further fixed charge.

14. Do I get the Deeds on Completion?

Once completion takes place we will deal with the stamp duty payment and then land registration. We would expect registration to be completed about 8 weeks after completion. We will write to you with your copy of the Land Registry entries ‐ showing you as the registered owner of the property with any mortgage shown in the Charges Register.

15. I am buying a property abroad ‐ can Martin Tolhurst help?

Martin Tolhurst only acts for clients in buying or selling property in England or Wales. We can recommend solicitors who specialise in foreign property according to the country you are buying in.

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