ASK ROSS: There are so many ifs and buts when you’re buying or selling a house, it’s only natural to worry. This month, Ross puts some of the most common doubts to rest…
Our eminent residential property expert, Ross Ward, answers your questions about moving home. If you have a query about buying or selling, email marketing@tayloremmet.co.uk
I am not sure which fittings are included in the house I am buying. Should I ask the vendor or the estate agent?
Your solicitor will obtain a list of the fixtures and fittings from the owners of the house you are buying, detailing what is included and what they are excluding from the sale. This will cover items such as carpets, curtains, lights, television aerials, bathroom and kitchen fittings.
As the list is normally several pages long, you should ask to see a copy before signing the contract, as there may be things you want to look at again before agreeing to the vendor’s price. Most are happy to negotiate the value of such items, particularly if they do not suit their new house.
Once I have exchanged contracts, what is to stop the buyer delaying completion?
To make sure all buyers adhere to a completion date once it has been set, the penalties for late payment are quite heavy.
After contracts are exchanged, the buyer will incur interest at a rate set out in the contract on the money due if they fail to complete on the set date. You can also serve a Notice to Complete, which means unless the sale is concluded within approximately two weeks, the deposit will be forfeited and you could sue for other losses.
I am purchasing a property with my girlfriend and want to avoid potential disputes over ownership. Can I record the fact I am investing more money than her?
Cohabitees can avoid future arguments over ownership by clarifying in advance who owns what share of the home and what will happen if the relationship ends.
This is often done by way of a trust deed, which states clearly the proportion of the property held by each party. It can also cover matters including the right for one of you to buy the other’s share and set out an agreement as to who pays the household expenses, such as the mortgage, repairs, insurance, etc.
If you want a trust deed preparing, ask your solicitor for more advice.
I intend to buy a flat and understand it is subject to a service charge. What does this mean and what is it likely to cover?
Owners of flats have to pay for services provided by the landlord or management company, in addition to the ground rent.
You should ensure the charge is fair in relation to the value of the flat you will occupy and have rights over. Your solicitor will also check there is a clause in the lease specifying precisely what will be supplied in return.
The service charge will usually cover the building insurance, garden maintenance, cleaning and repair of communal areas and any future improvements to the property. A sinking fund for major expenditure is also often included.
Before buying a flat, ask for a breakdown of what the current service charge includes, whether there is a sinking fund in existence and if there is likely to be any major expense in the near future.
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