Frequently Asked Questions
When does the property come off the market if I make an offer?
As Leicester estate agents, when we have received an offer on a property we are duty bound to put it forward to our client. However this does not mean that the offer has been accepted and you are now in the process of proceeding with the property, it means that it is in the client’s hands to make a decision. If then the offer is accepted for us to take the property off the market we require solicitor details and personal I.D from the buyers these are usually; photographic identification, proof of funds and proof of mortgage.
How long does it take for a sale to go through?
If a mortgage needs to be approved than it takes on average 4-6 to exchange contracts and then probably another 2-4 between the exchange of contracts and the completion. We do try and get the completion date for as soon as we can because we appreciate some client’s circumstances and the pressured timescale involved. However conveyance is probably one of the most time consuming aspects of a sale/move.
What is the difference between exchange of contracts and completion?
Exchange of contracts is the point at which the sale becomes legally binding and a deposit for the property is sent(normally10%) from the purchasers solicitor to the sellers solicitor whereas competition of the property is the date the move takes place and the property is placed into the buyers name with all the money processed via the sellers solicitors.
Does the property accept Housing Benefits?
It all depends on the landlord of the property, but if you give us a call regarding the property that you are interested in then I’m sure when can advise you if it does or not, and if not we could give you information on the properties we have that accept housing benefits.
How much do I have to pay up front?
Usually with a rented property a bond and the first months’ rent is asked for. The bond is usually the same amount as the rent. This doesn’t have to be given to us until your credit check has been performed and we have let you know the outcome.
What is a bond for?
The bond is placed in a scheme called the Deposit Protection Scheme and this is kept there for the duration of your tenancy. It is put there for the security of the landlord and the property, at the end of the tenancy we as the managing agents come out and inspect the property then report our findings to the landlord and if there happy with everything inside the property then this will be paid back to you in due course. However if the landlord finds something that needs repair they can legally take some of your DPS money and repair their property giving you the remainder.