Frequently Asked Questions
1) Why use Gilroy Steel ?
We would hope that you have been recommended to us by previously satisfied clients. We aim to offer a professional, efficient and friendly service and are always happy to take the time to explain matters of concert to our clients. We consistently strive to exceed our clients' expectations by delivering excellent levels of service.
2) Who will be responsible for my case ?
A named solicitor or partner will have overall responsibility, with the assistance of experienced support staff.
3) How long will it take?
It can depend on each particular transaction. Straightforward transactions can typically take between six to eight weeks to complete depending on the length of the chain and mortgage offers. Therefore you should not make any financial commitments for moving until contracts have been exchanged and a completion date has been agreed. we will always do our best to identify delaying factors and keep you informed throughout.
4) What is the difference between freehold and leasehold properties ?
- A freehold property is when you own the land which your property is built on.
- A Leasehold is when you rent the land which your property is built on from a landlord. With leaseholds you will normally pay service charges together with a nominal yearly ground rent. Flats maisonettes and apartments are generally leasehold.
5) How much will you charge?
Every transaction varies, however if you contact us for a quotation, we will send you a detailed no obligation quotation which we guarantee to honour. There will be no additional charges.
6) Will I need to visit your office ?
Your choice, we are always happy to see our clients in person but most matters can be dealt with by post, telephone and email.
7) What is a Home Information Pack?
It is a document containing legal information which needs to be ordered when a seller places a residential property on the market. It will contain an Energy Performance rating for your home, local and drainage searches together with details of the legal title. The HIP should be made available to any prospective purchaser and their solicitor.
8) Should I have a survey done?
The phrase "Caveat Emptor" meaning buyer beware applies to all prospective purchasers. Therefore, having a survey is advisable because if anything is found to adversely affect the property after exchange of contracts the seller will not liable and the purchaser will have to pay for any works and repairs required.
9) What is meant by the term "a local search"?
This is a search that is carried with the council to find out any relevant information which might affect the property. The results are specific to the property searched against and can reveal important information such as planning decisions, compulsory purchase orders, financial information affecting the property, tree preservation orders, listed building notices and conservation areas. It may reveal, for example, that an extension on the property is in breach of Building Regulations.
10) Is a written mortgage offer necessary or can I proceed to an exchange without it?
Before we exchange contracts and thereby commit you to purchasing a property, we need written confirmation from your lender that they will provide the funds you require. The mortgage offer may contain certain conditions that need to be satisfied before such funds are released. We need to ensure that you are happy with the product that you are being offered, and to be able to take advice on it prior to you being legally committed.
11) Is a deposit necessary?
When contracts are exchanged, a deposit is paid to the seller's solicitors. The seller's solicitors usually require at least 5% of the purchase price providing the purchaser is obtaining a 95% mortgage. Where your purchase is dependant on a sale, we will use your purchasers deposit on your related purchase.
12) When do I require building insurance?
The majority of properties should be insured by a purchaser from the date of exchange of contracts Properties should be insured for the estimated re-build cost and not the market value. Your mortgage adviser or lender should be able to arrange buildings insurance for you.
13) What is Exchange and Completion?
This is where two identical contracts are prepared, one to be signed by the seller and the other to be signed by the purchaser. When both the seller and purchaser have signed their respective contracts and are ready to proceed to an exchange, both contracts are dated and exchanged between the solicitors (this is usually carried out over the telephone). At this point, the contract then becomes legally binding, which means there is no turning back. A date is then set for completion. Completion is the day when the keys are collected and when all parties can move into their home.
14) When are the estate agents and solicitors paid?
In respect of a sale, the Estate Agents will send their invoice to us after exchange of contracts and it will be settled on the day of completion from your proceeds of the sale. We will need you to provide sufficient funds to settle our fees, disbursements, expenses and Stamp Duty Land Tax liability prior to being in a position to complete.
15) Why does completion have to take place on a working day?
All solicitors transfer money electronically and as the banks only transfer money electronically on a working day, completion cannot take place at the weekend or on a Bank Holiday.
16) What are the arrangements in respect of collecting the keys?
Usually the keys are handed over on the day of completion once the solicitors have confirmed that they are in receipt of completion monies. They can be collected from the estate agents, however, if this is not convenient the seller may hand them direct to the purchaser. It is important that you find out and agree the arrangements for the keys.