It is important to establish the price range that you are able to afford before you start looking for a home.
If you will need a mortgage, it is better to establish how much you can borrow, before you make an offer on a property, to save wasting time and to avoid disappointment. Most lenders work on income multiples in determining how much you can borrow. In the main, this is 3 times one person's salary or 2.5 times the joint salaries if two of you are buying together, however there are schemes available for some circumstances with enhanced multiples.
Speak to an Independent Mortgage Advisor first to obtain a quotation. We recommend Capital Management Group Independent Mortgage Advisors , who take time to find out about you - your income, your circumstances, your tax position and your future plans- before making recommendations. As independent Mortgage Advisers they aim to ensure that their advice is unbiased, objective and right for you as an individual. Contact Ian Nottingham on 01727 8226 50 or ian@iannottingham.co.uk
Solicitors fees - there are a number of tasks which your solicitor may carry out on your behalf and their fees vary - it is usually best to obtain a quotation first. Your solicitor will usually charge more for a Leasehold purchase or sale because there are simply more documents to look through and information to source.
Where a mortgage is involved, it is usual for the same solicitor to act on behalf of the Lender (securing the monies for instance), some Lenders prefer a two or more partner firm, make sure this work is included in your quotation and that your solicitor will be able to act for the Lender where necessary. Solicitors fees are normally plus VAT and can range from £450.00 to £950.00 for a standard transaction. Remember a sale and purchase are two transactions.
Disbursements are a list of expenses your solicitor incurs during your sale or purchase. These expenses are normally made up of the following:
Stamp duty is a government tax levied on the purchase of properties. The tax is calculated as follows:
Property (other than shares)
| Purchase price of residential property | Rate of SDLT (percentage of the total purchase price) |
| £0 - £125,000 | 0% |
| £125,001 - £250,000 | 1% |
| £250,001 - £500,000 | 3% |
| £500,001 or more | 4% |
You can check current rates of SDLT on the HM Revenue ∧ Customs (HMRC) website.
www.hmrc.gov.uk/sdlt/
Land Registry Fees are incurred in obtaining copy documents, carrying out land registry searches and registration of the new owner. The registration scale of charges will be posted shortly.
Local Authority Search Fees are incurred when your solicitor applies to the property's Local Authority for departmental checks on your proposed purchase. The charges vary from one Authority to the next, but expect to pay around £150.00
Bank Transfer Fees occur as a result of your solicitor moving large sums of money from their clients' account, to pass on a deposit or to pay for your property on moving day. These are usually around £50.00
Other Costs and Expenses may be incurred depending on your purchase. your solicitor should be able to advise you of these.
Send a request on-line using the viewing request form or call 020 7793 1999 or email your contact at movingspace.com with a viewing request. Allow as much notice as possible if you want an evening or weekend appointment.
If you are not already registered as a buyer with the agency we will need to take your details. Registration is free and essential if you want to be kept up to date with the hot new instructions!
Generally a representative of the company will accompany all buyers on viewings. For personal security reasons and to allow for unexpected delays on either part, the meeting place will usually be at the offices of movingspace.com not the property.
We are conveniently located next to Vauxhall Bridge, Vauxhall Tube and British Rail stations. Our offices are in Kennington Lane, opposite Spring Park / Vauxhall Tavern. See how to find us page.
Free Parking bays (20mins only no return in 40mins) are located on a red route close to the front of the shop for use between 10am and 4pm subject to availability. Restrictions apply Mon - Sat between 7am - 7pm.
We aim to provide as much relevant information as possible for you to be able to make an informed buying decision. The information you require may not be immediately available however we will do our best to source it for you as quickly as possible. The Property Misdescriptions Act 1991 means that an Estate Agent can be held responsible for any inaccurate or misleading information, so we must be certain of our facts before offering comment.
The following information is requested from sellers for provision to their buyers or legal representatives:
- Council tax bills, statement for the current financial year.
- Evidence of recently completed home improvements.
- Guarantees or insurance policies for NHBC, Foundation 15 or Newbuild, Structural Repairs, Double Glazing, Electrical Work, Roofing, Rot or Infestation, Central Heating, Cavity Wall Insulation etc, and details of any claims under any of these.
- Confirmation of connection to all the main services: Gas, Electric, Water, Drains, Tel, Cable TV, etc...
- Details of any rights of way over your property.
- Is the property a listed building or in a conservation area ?
- Details of permissions to building works where restrictive covenants exist.
- Necessary planning permission, building regulations for alterations.
And in addition for Leasehold (and Share of Freehold) properties:
- Copy of the lease (even if Share of Freehold, the terms of the lease will usually still apply).
- The Name and Address of the Landlord/ Freeholder.
- Receipts for the payments of ground rent.
- The Name and Address of the Managing Agent (where appropriate).
- Copies of bills/ receipts for maintenance charges in each of the last 3 years.
- Details of future proposed works and projected costs by Landlord or Managing Agent.
- Details of alterations to the property since the granting of the original lease.
- Copy of the buildings insurance.
If you are aware of any possible misdescription, carried in any of our literature or on our website we should be pleased if you would notify Michael Curness on 020 7793 1999 or email mcurness@movingspace.com immediately. Thank you.
We request that all verbal offers be confirmed in writing to movingspace.com (forms available)
- Email: vbsales@movingspace.com
- Fax: 020 7820 9494
- Post to: Sales Department, Movingspace.com 377 - 379 Kennington Lane, London SE11 5QY
All offers are made subject to contract and can be withdrawn at any time up to exchange of contracts. In order for your offer to be given proper consideration the following information would be preferred:
- The address of the property in question.
- The amount of the offer.
- The full name of all intended purchasers.
- Their correspondence and telephone details.
- The position of the buyers i.e. First Time Buyers, Property to sell 1st, …Details of the Estate Agent, handling a dependent sale. Details of financial arrangements/ Brokers name and number.
- If it is a cash purchase, proof of cash will be required.
- Proposed target dates for exchange of contracts and completion (e.g. xx/xx/xx = today plus 4 weeks for exchange etc).
- Disclosure of any conflicting interest i.e. Relative of an employee of movingspace.com etc...
- Your solicitors details.
Your offer will be immediately communicated to the seller and instructions sought. In the event of more than one offer occurring on the same property, buyers will usually be asked to submit their best and final offer by a certain time in order that one is selected. (Subject to instructions from Seller)
The sale until exchange of contracts is based upon a mutual trust between all parties. Once your offer is accepted and an intended time schedule has been agreed, we would recommend that the Seller remove the property from the market and no further viewings take place for a period of two weeks. Within this period we would expect to have heard:
- From your surveyor with an inspection date and
- From your solicitor confirming they have applied for a local authority search.
Should you require assistance in appointing a mortgage broker or solicitor, movingspace.com can provide you with information to help in your selection.
A review of the sale progress would take place at the end of the two-week period. Non performance on a purchaser's part could result in the consideration of the property going to the next offer, or back to market.
During the sale your point of contact at movingspace.com will be available at all stages to advise on the progress of the transaction and recommend any action necessary to keep the sale on target.
Normally the following would need to be in place before exchange of contracts:
- You have your formal mortgage offer in writing and are happy with all the terms and conditions (your solicitor can help with any terms you do not understand). You have signed the acceptance where necessary and returned it to your lender so your solicitor can be sent their copy.
- Any necessary insurance and assurances linked to your home ownership have been approved (After exchange of contracts, if anything happens to you or the property, you are still legally committed to the purchase, this is generally why buyer's insurance policies go on risk from exchange of contracts, not completion).
- Your solicitor is satisfied and has approved all the documentation and information about your purchase, has 'reported' to you i.e. has been through all the paperwork with you, pointing out any issues, reminding you of your imminent commitment, has satisfied all of your questions and all joint purchasers have signed the contract.
- Your deposit has cleared into your solicitor's client's account (where necessary).
- Both the seller and the buyer have signed contracts in this and all the related transactions and a mutually convenient date for moving has been agreed.
Exchange of contracts may take place.
Following this event the transaction is legally binding and both parties can make their respective moving arrangements. We provide you with a to do list, to help you with preparation for moving day.
This is the day that you would normally move and the day that the majority of the monies change hands between the solicitors. Once the seller's solicitors have confirmed that all the monies have been received, the keys (which are normally with the Estate Agent) can be released to you. The actual point of legal completion takes place around mid-day and it is usual to move out of your old home in the morning and into the new one in the afternoon.
Congratulations!