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Join our Q&A with Graham. If you have a question for Graham, just ask!
This week, Graham answers a question commonly asked by sellers. And the answer is...
A: The basic rule is that you’re free to take anything that you didn’t specifically say would be staying. Make sure your agent doesn’t include anything in the sales particulars that you plan to take with you – that way, your buyer/s won’t expect it to be there when they take ownership.
Secondly and more importantly, at the beginning of the conveyancing process your solicitor will ask you to complete a ‘Fixtures and Fittings’ form, on which you are required to list the specific items which are to stay with the property. This document forms part of the legal contract between you and your buyer, so you can’t just change your mind on a whim - otherwise you are technically breaching the terms of that contract.
The one real exception to the basic rule involves the issue of safety. So, for example, while you are perfectly free to remove any light fittings which aren’t specifically listed, you are not entitled to leave bare wires hanging out of the ceiling or walls.
Things like carpets and curtains probably wouldn’t measure up to the exact sizes and shapes needed to fit your new home in any case, but needless to say, if you do decide that you want to take those after all – despite having originally promised to leave them behind – you must inform your solicitor at the earliest possible opportunity.
It’s worth remembering that the Fixtures and Fittings form also covers the garden so, if you don’t actually specify which plants and shrubs are staying, you are theoretically entitled to take them all with you. However, I suspect most people would regard this as rather extreme! If you want to dig up any specific plants and take them to your new home then make sure that it is mentioned in the forms, your solicitor is informed as soon as possible, or you have the blessing of your buyers.
If you’d like any advice on any aspect of selling a home, we have years of experience within our team. Give us a call on 01392 204800.
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The English Housing Survey 2021-22 reveals the three most common reasons for homeowners to have moved home in the last 3 years.
(For reference: Younger owner occupiers are aged 16 to 54 and older owner occupiers are aged 55 and over).
If you're thinking about buying your first home, upsizing, downsizing or moving to a different area then we can help.
We cover all of Exeter as well as the surrounding South Devon towns and villages.
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Join the Q&A with Graham. Do you have a property-related question? Just ask Graham!
A: You’re right to think about this as there are several costs associated with buying a home and you do need to take them into account.
The first thing is of course your deposit. You’ll need a minimum of 5% but in most cases 10%, or more if you can - interest rates are generally better for lower loan-to-value mortgages.
Stamp Duty (SDLT) is the largest cost. At the moment, in England and NI, the rates are 0% on properties under £250,000; 5% on £250,001-£925,000; 10% on £925,001-£1,500,000, and 12% on £1,500,001+. For first time buyers, it’s 0% to £425,000, then 5% from £425,001 to £625,000. You pay in proportion. So, for example, if you’re buying at £500,000 the first £250,000 is at 0% and you’d pay 5% of the remaining £250,000, so £12,500.
Conveyancing is the legal process carried out by a conveyancer/solicitor. The fee varies, but allow £500 to £1,150, then an additional £500+ for disbursements, including searches, Land Registry, etc. Note that SDLT and conveyancing fees may be more for leasehold properties.
Then there are valuation/survey costs. Your lender will probably charge around £200-£300 to do a valuation, and depending on the property, and you could opt for a more in-depth survey too, which could cost from £300 to £1,000+.
Some mortgages come with a Mortgage Arrangement Fee, which can range massively, depending on the mortgage. Some are paid upfront, others can be added to the loan.
If you buy at auction, there's a buyers’ fee. Other than removals, that’s about it in terms of the costs involved in buying, but it’s best to factor in the likely running costs: gas and electricity, Council Tax, water rates, TV/broadband services, insurances, and, for leasehold properties, ground rent and service charges. You may also want to get life insurance to pay off the loan in the case of your death.
It’s a costly business, but I think you’ll agree, homeownership is indeed a privilege, and the rewards are well worth it, providing you don’t overstretch yourself of course.
If we can help in any way, just give us a call on 01392 204800.
Good luck in your quest!
