Frequently Asked Questions

How long will it take for my house sale/purchase to go through?
A house sale/purchase will on average take 2-3 months to complete however at OC Sales Progression, we aim to reduce the time this takes.

Is there anything I can do to speed up the process?
It is important that any paperwork you receive from your solicitor is dealt with and sent back promptly. If purchasing with a mortgage, it is also advisable to complete your mortgage application and pay your survey fee as soon as possible.

Will I be kept up-to-date with the progress?
Yes. We will inform you of the latest updates by phone or by e-mail if preferred. In addition, our online update system allows you to log in to your own account and check the progress of your sale at your leisure, 24 hours a day, 7 days a week.

Do I need to arrange a survey?
If you are buying with a mortgage your lender will instruct a valuer on your behalf, to inspect the property. There are also further surveys that can be carried out at an extra cost, your Financial Advisor should discuss these options with you.

Will I need a deposit?
It is normal for a deposit to be paid on exchange of contracts, however there may be exceptions. The deposit is often 10% of the purchase/sale price although this can differ.

What searches will be carried out and why?
There are five main types of search that can be carried out and the buyers solicitor will decide which of these are necessary in any particular case:-
Local Authority Search - This reveals details of the planning history for the property and whether the Council are aware of any breaches of planning, also any proposals for new roads or traffic schemes, tree preservation orders, conservation areas and any other matters within the Council's control that may affect the property.
Drainage Search - This will show whether or not the surface and/or foul water drains run into a public or private sewer.
Environmental Search - It has more recently been recommended that the buyers solicitor should also carry out an environmental search to see if there are any landfill or waste disposal sites in the area, if the property has been built on an old industrial site and whether there are any risks from contaminated land, toxic emissions, flooding, subsidence etc.
Land Registry Search - This is carried out just before completion in order to find out if there are new mortgages registered against the property that have not previously been disclosed. If there are then the buyers solicitor will obviously require confirmation that these will be repaid.
Land Charges Search - If you are obtaining a mortgage the lender will ask your solicitor to carry out a search to make sure that are you are not bankrupt ! Quite often this search will show an entry against someone else with a similar name. If so you will be asked to sign a copy of the result to confirm that it does not relate to you.

Can I exchange contracts before I receive my mortgage offer?
No. If for any reason the mortgage offer is declined or delayed or it contains any conditions that you cannot comply with, the money may not be available when required.

What Stamp Duty will I have to pay?
Stamp Duty is charged at 1% for homes priced between £125k and £250k. The rate is 3% for homes over £250k but not more than £500k. For homes over £500k the rate is 4%. There are exceptions, specifically, regeneration areas are exempt from the Stamp Duty tax.

When do I need to arrange buildings insurance?
Unless the building insurance is being arranged by your lender or it is a leasehold property and the insurance is dealt with by the freeholder you must arrange buildings insurance from exchange of contracts as the property will be at your risk from that time. The amount of cover should be the estimated cost of re-building the property which is not necessarily the same as the current market value. If you had a survey or you are obtaining a mortgage your surveyor or the lenders valuer will usually have suggested a minimum amount of cover in their report.