MOVING HOUSE - FREQUENTLY ASKED QUESTIONS
WHAT HAPPENS AFTER COMPLETION?
When you move in you should advise the statutory authorities and the Council Tax Officer at the Council. Your lender (if you have one) will contact you as to mortgage payments and if you are purchasing we will deal with the final completion paperwork, arranging for the Transfer to be stamped by the Inland Revenue and registering the Title with HM Land Registry.
Once that is completed the deeds will, if they require, be sent to the Lender or if you have no Lender we can retain them for you.
Dematerialisation
Lenders have learned that they no longer need to incur costs in storing vast numbers of old deeds and most no longer require anything to be lodged with them as security for their loan. They rely on the deed registers held by the Land Registry evidencing their mortgage. This has resulted however in a storage facility for useful old planning consents and sundry legal documents being dispenced within!
Home owners will find they are being offered old papers in case they are needed on re-sale and some home owners are disappointed that the ‘deeds’ are now often nothing more than a few sheets of A4 issued to the Land Registry.
If you are selling we will pay the Estate Agents on your behalf (having agreed the same with you). We discharge any Mortgage and if there is a balance due to you we would expect that you would receive this within 2 or 3 working days of completion. Funds would be paid to the Sellers who are the legal owners on the deeds. If you require anything other than this then we would require the written authority of the Sellers.
WHAT HAPPENS IF THE TRANSACTION FALLS THROUGH? AM I LIABLE FOR ANYTHING?
If you decide not to proceed before exchange of contracts (once exchange takes place you are bound to proceed) you would only lose your survey fee and any arrangement fee you may have paid to your Lender, the local search fee and probably a charge from us to reflect the work carried out on your behalf. If the work carried out is fairly minimal and you proceed with an alternative purchase then this charge may be waived. If however a considerable amount of work has been undertaken before the matter falls through and whether or not it is your decision not to proceed then we must reserve the right to make a charge but will keep that as low as possible.
If you are purchasing a property in course of construction from a Builder then a reservation fee is payable which is not always refunded in full - some Builders deduct administration charges and you should therefore check this point before signing the Reservation Form and making any payment.