News & Updates
Take the Stress out of Moving
It’s often said that moving house is one of the most stressful things we do in life.
There are so many different aspects to consider, so many different people involved in the process. However, while it may not always be possible to avoid stress altogether when moving, there are steps you can take to minimise it whether you are selling, buying, or both.
• Communication - one of the most important things you can do is instruct a solicitor at the beginning of the process. They can help you understand the process of conveyancing, timescales and ensure that all the paperwork is in order. Early communication allows missives to progress quicker and any issues dealt with promptly.
• Locate your Title Deeds – if you are selling, make sure you know where your Title Deeds are. These may include any guarantees for specialist work (e.g. treatment of rot, woodworm, damp) as well as any Planning Permission for alterations or Completion Certificates. It can be time consuming to obtain replacements of these documents so ensuring they are located early in the process will help avoid any delays later on.
• Get your finances in order – if you are obtaining a mortgage, ensure that you have agreed a mortgage in principle with your lender before you offer, and submit your mortgage application to your lender as soon as your offer has been accepted to prevent any delays with concluding missives and your Date of Entry. A critical phase of modern conveyancing is complying with the current money laundering regulations. This places an obligation on your solicitor to not only verify client’s ID but also to ‘prove source of funds’ in relation to the funds you are personally providing toward your purchase. Discussion with your solicitor early on in the process will ensure delays are avoided.
• Government: Friend or Foe? - There are a number of Government Help to Buy initiatives available, particularly for first time buyers. Consider if you are eligible to take advantage of one of these. On the other side of the coin, if you are purchasing a second home or buy-to-let property you will usually have to pay an additional 4% on the purchase price due to Additional Dwelling Supplement Tax (ADS). This is on top of LBTT (formerly known as Stamp Duty). Taking account of what taxes may be due when you are preparing your budget will help avoid nasty surprises later on.
• Planning – Having an awareness of the various stages and timeframes of your transaction will help you plan. It isn’t uncommon nowadays for Missives (the contract of sale and purchase) to conclude shortly before the Date of Entry. Take time to declutter before the move and ensure you book your removal company early.
We are so used to managing and being in control of our lives that suddenly being in a situation where we are less familiar, involving large sums of money on top of having to think about everything else that moving involves can be very stressful. Engaging a solicitor early in the process and keeping an open dialogue with them throughout will allow you to rely on their experience and expertise to ensure that the process runs as smoothly as possible and keep those stress levels down!
The information contained in this newsletter is for general guidance only and represents our understanding of relevant law and practice as at December 2021. Wright, Johnston & Mackenzie LLP cannot be held responsible for any action taken or not taken in reliance upon the contents. Specific advice should be taken on any individual matter. Transmissions to or from our email system and calls to or from our offices may be monitored and/or recorded for regulatory purposes. Authorised and regulated by the Financial Conduct Authority. Registered office: 302 St Vincent Street, Glasgow, G2 5RZ. A limited liability partnership registered in Scotland, number SO 300336.