Buying And Selling Residential Property

Select An Area... What is involved: the Conveyancing Process? Selling A Property Buying A Property ----- Investigation Of Title ----- Why Do All Those Searches? ----- Your Mortgage When Is A Survey Needed? Finally On The Day Of Completion How Long Does It All Take? What Will It Cost? Fraud And Money Laundering Final Reminders

Final Reminders

Following exchange of contracts for the sale or purchase of a property you will need to deal with the following:

Services

Arrange to have the gas and electricity meters read and for the contract for the supply of the services to be transferred. Contact your telephone supply company to arrange for the contract to be transferred and the central meter read.

Water Charges

We will not make apportionments of water rates as between seller and buyer on completion. The Water Company now do this apportionment. For the sale of an existing property they will bill you up to the date of vacating the property and if you have made an overpayment they will let you have a rebate direct. You will receive an account from the date you move into your new property in relation to that property. You should contact the appropriate Water Company requesting the apportionments.

Council Tax

Contact the appropriate District Council to advise them of your change of address. If you are moving between different districts the two councils will make apportionments as for the water charges.

Removals

You should only confirm your booking of a removal firm once contracts are exchanged. If you are undertaking removals yourself you should note that your household contents policy is unlikely to cover goods in transit and you should therefore make special arrangements with your insurance company.

Mortgage Payments

On your sale you should cancel your standing order for your monthly payments once contracts are exchanged. If by chance the building society or bank over calculate the amount which we will have to pay to redeem your mortgage through having not taken into account a subsequent payment this will be refunded. Following completion of any new mortgage the bank or building society will write directly to you advising you of the date on which your mortgage repayments will commence. This is normally two to four weeks after the date of completion.

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The articles on legal topics published in these pages are for interest only and are necessarily general in their terms. You should not act (or refrain from acting) on the basis of the information given without specific advice, as the principles and laws concerned may change, and their application will vary according to the particular circumstances.