We offer a fully open and transparent service and are here to guide you through the process and answer any questions you might have – but for now here are a few questions and answers commonly asked by our customers. Contact us for a chat to discuss your specific requirements.
Many factors can have an impact upon the length of time it takes to complete a
transaction. If you are a part of a chain factors can be multiplied many times.
They will include the need for Surveys, negotiations on price or problems with
Lenders, which can all lead to things taking longer than they might otherwise
have done.
The average length of time to buy or sell when there is no chain involved is
approximately 6-8 weeks. Where there is a chain it is usually more likely to
take a little bit longer. Here at Jackie Scott Limited we do our best to progress
the matter as quickly as possible and are proactive in chasing the rest of the
chain.
We always recommend that clients provide all paperwork that they have in relation to their property as early as they can. This will include Compliance Certificates for windows, gas, electrics and any Planning Permission or previous history of the property. There will also be standard Protocol Forms for you to complete and return which will give the Buyers a larger overview of the property.
We always like to see our clients in person so that we can put a face to the name!
Anti-Money Laundering Rules are very strict and we will require sight of a Passport or Driving Licence with your picture on it. We also require a utility bill or a bank statement showing your current address. Identity checks are required by Money Laundering Regulations 2017.
As part of the process we also carry out an electronic ID check. The more information you provide the more likely it is that the electronic verification will be successful. Please be aware that progress of your matter may be delayed if your identity cannot be sufficiently verified.
We usually give our Bank details to you when we provide a Pre-Contract Report for your purchase. Our Bank details will not change throughout the transaction and this is the account that you will use for the entire period of time that you are a client of the firm.
The deposit is required a few days before exchange of Contracts so it is cleared in our Client Account and is usually 10% of the purchase price.
It is a requirement of HM Revenue & Customs that any land transactions over £40,000 are reported to them by way of an SDLT filing. This is carried out online and is part of the purchase process and there is a special box that we have to tick to show them that you are seeking relief as a First Time Buyer.
Buying a property at auction can either be a huge success or an epic fail. We would always suggest that you instruct your legal advisers as soon as possible so that they can review the Legal Pack before you bid at the auction house. After your bid has been successful you are obligated to purchase the property and cannot change your mind or withdraw without losing a lot of money. If you do not instruct us early enough or until after you have bought the property then the amount of work we can do for you is limited due to the fact that you are
obligated to purchase.
We aim to be as open and transparent as possible when it comes to our fees. They are a fixed fee and you will be told at the time you request a quote. We do of course reserve the right to increase our fees should the matter become complicated or if there is additional work required that we were not aware of at the beginning of the transaction.
When buying or selling a Leasehold property you should also be aware that there are additional charges for the Management Company or Freeholder. When selling a property you will be required to provide an Information Pack and the fee for this pack can range anywhere between £100-£400.
When buying a Leasehold property Notice of Transfer must be served on the Freeholder or Management Company to confirm the new owners and this comes with a Charge. You may also be expected to pay for a Deed of Covenant and this also comes with additional costs.
We will contact you with regular updates throughout the transaction. However we are always available on the telephone or via email should you wish to contact us. Whilst you may think that things have gone quiet this does not mean that we are not busy working in the background!
So the short answer is yes. Whilst you are able to change your mind there are huge financial penalties and a knock-on effect for anyone else in the chain. We always allow plenty of time for people to process the information that we have sent to them in relation to their purchase and will always check with you before we exchange Contracts that you are comfortable and happy to proceed. Once you have given your authority the Contracts will be exchanged and the completion date set.