buying with jeffrey rossBuying FAQ
For all of those initial questions when buying a new home
There's so much to do! What do I do first?
I've found my dream home. What do I do now?
The best thing to do at this stage is apply for a mortgage in principle from a mortgage lender. You will also want to find a solicitor before you make an offer on the property. We can recommend a solicitor from our preffered suppliers list, just contact your local branch for more information.
How long will it take to complete my purchase?
Timescales will vary from purchase to purchase depending on the seller’s position, your position and the chain. If the property is empty and you have a mortgage in place, exhange of contracts and completion can happen more efficiently.
Alternatively, if you are yet to find a mortgage and the seller is still living in the property, it can take from 4 to 6 weeks to exchange contracts and from 2 to 4 weeks to complete. It should be approximately 10 weeks to complete the purchase of your new home.
If you would like to understand your timescale while selling with us, just contact your local JR branch and we can advise you on a rough timescale.
How much will conveyancing cost?
Conveyancing is an important step to buying your new property. It is vital before you can call the property your own. You will need to appoint a solicitor for this step, we can recommend one should you need us to. Once you have a solicitor you can receieve a quote for this service.
How much will stamp duty cost?
Land Transaction Tax (LTT) has replaced Stamp Duty in Wales.
Stamp Duty has been replaced by Land Transaction Tax (LTT) for properties bought in Wales. LTT will apply to residential properties costing over £180,000. You can use this calculator to find the amount of Land Transaction Tax you’ll have to pay. You can also work out the cost of LTT on any additional properties you purchase over £40,000, like buy to lets or second homes, which will be charged a 3% additional supplement.
Do I need a survey on the property?
When arranging your mortgage, your lender will arrange a mortgage valuation to allow you to secure the correct mortgage amount. This valuation will only confirm how much the property is worth, and will not cover any of the finer details of the property’s condition.
It is important and advised for you to arrange a survey when you purchase a new property. Nobody wants to have any nasty surprises following a purchase! It will also ensure you are aware of the current condition of your home, and if any work will need doing to the property.
Surveys vary in cost, but should you need any surveyors advised we are more than happy to help. Just contact your local branch for our recommendations.
When and how do I pay the deposit?
Your solicitor will pay the full deposit amount to the seller’s solicitor. This usually happens upon exchange of contracts.
Need extra advice?
Contact your local branch to find out more about the buying process and how we can help you to make the process easier.
Tips for moving in
When moving to a new home, there’s a lot to remember and consider. Make sure you don’t forget your kettle for a good cuppa on moving day, and pack a box of the essentials you might need.
Try to ensure you have labelled all of your boxes for ease of unpacking and unloading. If you can move home on a weekday to avoid the weekend traffic and get a better removals rate.
But most of all – try not to stress! Moving should be an enjoyable experience, so take a breath and get started in your lovely new home.