BUYERS FREQUENTLY ASKED QUESTIONS

BUYERS FREQUENTLY ASKED QUESTIONS

How do I register with an Estate Agency?

To register with Keylet Sales & Lettings, you can visit us at our Cardiff Bay branch or call to speak to one of our team of estate agents. Alternatively, complete our online registration form. Let us know what you are looking for and we’ll start matching you to your perfect property. We recommend that you download our Keylet app and set up property alerts, so that when a property that matches your criteria comes on the market, you will be the first one to know about it. We list all of our properties for sales on our Keylet Website, Rightmove and On The Market.

What are the costs incurred when purchasing a property, through an Estate Agent?

If you are buying a property through Keylet we do not charge a fee, our cost in providing the service is a fee payable by the seller. Although there will be other costs involved when purchasing a property, such as surveyor fees, stamp duty land tax and solicitors fee etc.

What does it mean when properties are advertised as no chain?

No chain (or no forward) means you will not have to wait for the seller of the property to find another house to buy, as they are not making a forward purchase that would affect you. In these instances you may find that the sale process is a quicker. Furthermore, buying a property like this removes the potential complications of a chain of lots of people trying to move, things can go at your pace rather than being dictated by other movers.

Is there ever an option of buying the furniture with the property?

Although this is not very common it can happen. People climbing the property ladder tend to have built up their own furniture and take this with them from property to property. However, there are instances such as sellers emigrating and therefore not in a position to take the furniture with them. Then for example a first time buyer, could be interested in the property and may not have any furniture would therefore benefit from this. Furniture can be sold separately and the seller would tend to have an inventory of items available, which could be charged per item or there could be negotiations of purchasing the property with all the furniture for a higher purchase price. We will always try to specify this option on our property adverts, although sometimes this can be agreed with the seller at a later date.

Do I ever have contact with the seller?

Sometimes you may have contact with the seller, there is nothing stopping you from having contact and it all depends on the situation and is at the seller’s discretion. For example if we are advertising a property for sale that is not in Cardiff, the sellers will often conduct the viewings themselves. On the other hand some sellers ask for no contact, in which case we work between solicitors and other companies to ensure a smooth process of purchase.

When is the best time to buy a property?

Properties are purchased all year round, and year from year the ‘property season’ can vary. We often find patterns with the season, in particular people like to sell at summer and therefore stock is at its best, moving homes is a lot easier in good weather, however we find buyers are quieter this time of year due to summer holidays. There is always a peak after Christmas, as well as Easter, however you can be assured that we always have a healthy stock of properties for you to view.

I also have a property to sell, should I market this the same time?

Yes, if you need to sell to move on we would advise that you instruct a selling agent at the same time that you start to view. As part of a chain offers may not be accepted until your property is sold (in order for the chain to work). You may have to withdraw your property for sale off the market if you can’t find a property to buy, or alternatively you could sell your property as no chain and let a property until the right one comes along.

I want to buy a property to let, is this process any different?

If you are an investment landlord or looking to get in to the buy to let market it’s worth taking a look at our buy to let guide. Keylet offer a fully experienced Sales team that can help you with the purchase of your buy to let property, and once this is completed and exchanged our resourceful lettings team will be able to advertise your property for rent and manage the property on your behalf. The buy to let process can be quicker if there is no chain.

CLICK HERE FOR OUR BUY TO LET GUIDE

What is the help to buy scheme? Can I benefit from it?

Help to Buy is a scheme that allows eligible purchasers to buy new build homes with assistance from the Welsh Government. There are two options available, which are Mortgage Guarantee or Equity Loan which means you can potentially move home with a deposit as little as 5%. It is worth noting that if you use this scheme to purchase a home, you are not able to sub-let. For more information check out our Help to Buy guide.

CLICK HERE FOR OUR HELP TO BUY GUIDE

What’s the process should I wish to purchase a property off plan?

Keylet Sales & Lettings have plenty of experience when it comes to new developments, you only need to see the ever-changing cityscape of Cardiff and see there are lots of property to be bought ‘off plan’. You can take a look at our development projects in our portfolio, to see we are one of the leasing agents in this field.

CLICK HERE TO VIEW OUR PORTFOLIO .

What is Stamp Duty Land Tax?

You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland. The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.

CLICK HERE FOR MORE INFORMATION ON SDLT CHANGES

 

How long does it take to buy a property?

On average, the length of time it takes to purchase a property can vary and no two transactions are the same. We find that it usually takes around 8-12 weeks before contracts are exchanged, but this can vary depending on several factors and if the property is involved in a chain.

How much deposit should I be expected to pay?

You should expect to pay around 10% of the purchase price, however your mortgage advisor may say it’s less or more depending on the mortgage deal they find you. If your purchase is dependent on a sale, your solicitor will typically use your buyer’s deposit for your related purchase.

Should I arrange my mortgage before I start looking at properties?

If you know that you will need to take out a mortgage in order to buy your property, then it makes sense to seek financial advice at an early stage.  Your mortgage advisor should be able to find you the best deal at the time based on your circumstances, they will then provide you with a ‘Mortgage in Principle’, this can then be used to prove to seller or estate agent that you have the necessary funds in order to finance your purchase.

What happens if someone else wants the same property as I do?

From time to time, there may be an instance whereby we have conducted several viewings on the property and a number of parties are interested in the property. At this stage we would invite everyone to put their offer in, we then forward these offers to the buyer. There may be room for negotiation here but bearing in mind you are essentially bidding for the property against other like-minded buyers. Our usual procedure would be to ask for best and final offers on a sealed bids basis, which we then forward to the seller for a final decision. At this point we would ask that other factors related to the purchase would be made clear to the seller e.g. cash buyer, part of a chain etc.

How should I go about choosing my solicitor?

If you have a solicitor who you know can work quickly and efficiently where conveyancing of properties is concerned, you can continue to use that firm. However, if you have any doubts we can confidently recommend one of our excellent solicitors.

Will I need to get the property I want to buy valued?

If you are arranging a mortgage, then your lender will appoint a Valuer to inspect the property. However, this will often not consider the condition of the property in detail, so you should not rely on this report alone. Depending on the age and condition of the property, it might be best to get a Full Structural Survey, because if problems are found with a property after the exchange of contracts, the seller is not liable and as the buyer, you will have to pay for any necessary repairs. If you are buying a new build property from a developer, then there is greater statutory protection.

The surveyor found a problem with my property, what are my options?

On occasions, buyers will find out that there are problems with a property before they have exchanged contracts. If this happens, you will likely have 3 options:

  1. You can request that the seller corrects the problem at their expense
  2. You can seek a price reduction to cover the cost of resolving the problem
  3.  If the problem is substantial, you may wish to withdraw from the purchase

However, it is important that you refer to the valuation section of the survey as any work needed may have already been taken in to account.

What if I decide I don’t want the property anymore?

Prior to exchange of contracts, either party is able to withdraw from the transactions. However, once contracts have been exchanged, remedies for ‘breach of contract’ would be available for the suffering party. At this point, the seller would be able to keep your deposit.

What does exchange of contracts mean?

A house sale or purchase becomes legally binding at exchange of contracts. The solicitor for both parties will hold signed contracts – if either party fails to honour the obligations, this will constitute breach of contract.

Do I have to come in to the office to sign the contracts?

Exchange of Contracts is the process whereby all the parties in the chain commit themselves. Their Solicitors will telephone other Solicitors in the chain and promise to put their own clients’ contract in the post that day. The parties themselves do not need to be present.

When do I find out what date I can move in?

The date set for you to move into the property, known as ‘completion’, will be agreed with your seller during the sales process. This date is usually confirmed by the Solicitors. We recommend at least one week between exchange and completion, to give all parties time to pack etc. If there is no chain, or if all parties are set to move, the exchange and completion can happen on the same day.