Property ‐ FAQ
- Do I need to visit Fosters' office?
- Do you need my original signature, or will a fax / email suffice?
- How long does a cheque take to clear?
- How long until I move in?
- I am in rented accommodations, when should I give my landlord notice to quit?
- If I am buying and selling with others, do you need to speak to us separately on all matters?
- What are your opening hours?
- What happens on completion?
- What is the Stamp Duty threshold?
- What time do I need to vacate the property on completion?
- When can I collect my keys?
- When do you need my deposit?
- When is the balance due from us payable?
- When should I book my removals?
- Who pays the agent's commission and redeems our existing mortgage?
- Why is my address shown as the property address I am purchasing on the Land Transaction Return?
Do I need to visit Fosters' office?
No, we can deal with everything via post.
Do you need my original signature, or will a fax / email suffice?
There are certain documents where we must hold the original signed copy. We will advise you when this is required.
How long does a cheque take to clear?
7 working days.
How long until I move in?
The usual conveyancing transaction takes approximately 6-8 weeks from when the purchasers solicitors receive contract papers. However all transactions vary depending on the complexity of the legal title, the length of the chain and many more external factors. Therefore, no guarantee can ever be provided.
I am in rented accommodations, when should I give my landlord notice to quit?
If you are in rented accommodation, it is advisable to delay serving notice to quit on your landlord until contracts have been exchanged and a fixed completion date has been agreed. If you are required to serve notice, please let us have details of the period of notice required to enable us to bear this in mind when exchanging contracts and agreeing a completion date suitable for you.
If I am buying and selling with others, do you need to speak to us separately on all matters?
Where a property is being purchased by more than one person, information provided by us to any one of you, either verbally, on the telephone or at meetings, or in correspondence, is deemed to be provided to both or all of you, unless we are specifically instructed to ensure that each party is informed individually.
What are your opening hours?
Our general opening hours at 09:00 to 17:00.
Our Sequence opening hours are:
- Monday - Friday: 09:00 to 19:00
- Saturday: 09:30 to 16:30
- Sunday: 10:00 to 15:30
For Sequence calls, please phone on 01603 723766.
What happens on completion?
Time must be given for the Solicitors to transfer monies. Completion is hoped to be achieved by mid-day but this is dependent on the length of the chain involved and the speed of which the bank transfers funds. Monies must be received by the seller's solicitors before keys are released. If you are selling and purchasing a property simultaneously your sale will complete at least an hour before your purchase.
What is the Stamp Duty threshold?
£0 - £125,000.00 - no Stamp Duty payable
£125,001.00 - £250,000.00 - 2% of purchase price
£250,001.00 - £925,000.00 - 5% of purchase price
£925,001.00 - £1,500,000.00 - 10% of purchase price
£1,500,001.00 and over - 12% of purchase price
The figures shown are correct for transactions that will not attract the higher rate of stamp duty. For instance, a purchase or transfer of equity where one of the parties or a partner/spouse already owns another property would attract a higher rate.
Please speak with our Residential Property team for further guidance.
What time do I need to vacate the property on completion?
Under the Law Society contract conditions this is 2:00pm. However certain contracts vary this and can be from mid-day onwards. We will report the time to you before completion.
When can I collect my keys?
The keys of the property will not be released to you on the day of completion until the purchase money has been received by the sellers' solicitors' bank. In accordance with normal procedures, we will pay for the property on your behalf by bank telegraphic transfer (which is immediate cleared funds) on the day of completion. We will ask our bank to send the funds off as soon as possible on the completion date. However, if we have to wait for funds to come in from either you, your bank or building society or your buyers' solicitors (if you are simultaneously selling a property) then it may be early afternoon on the day of completion before the keys of the property can be released to you. You may like to consider changing locks when you move into the new property as you have no way of knowing who has had access to keys in the past.
When do you need my deposit?
We will request the deposit from you when we are close to being in a position to exchange contracts. This is normally requested at the same time as we send the contract to you for signature. We will not request your deposit from you until your mortgage offer is received.
When is the balance due from us payable?
The whole balance (to include Fosters' fees) must be received and cleared in our account by completion.
When should I book my removals?
If you decide to use a removal company it is a good idea to get estimates from more than one company and make sure their insurance covers them adequately for loss of or damage to your possessions.
If you are moving long distance or over night, it is advisable to speak to your removal company early in the transaction.
It is advisable to delay booking your removals until contracts have been exchanged and a fixed completion date agreed. Some companies will agree a provisional booking which can be confirmed by you on the day that contracts are exchanged.
Who pays the agent's commission and redeems our existing mortgage?
Fosters will deal with this on completion.
Why is my address shown as the property address I am purchasing on the Land Transaction Return?
The form is prepared in advance but only submitted on completion. Unless you are buying the property to let out, we will assume this will be your forwarding address.