FAQ for Buyers with Cross Estates in St Ives

Why look at property through Cross Estate Agents in St Ives?

We are proud to members of the NAEA the ombudsman for Estate Agents, and the OFT which means we have to operate to strict guidelines. We have friendly and experienced staff that have been selling property and working in Estate Agency in the St Ives area for many years. We can help you if you are relocating, or equally moving within the area.

Should I sort my finances out before I start looking for property?

Yes. There is no point in looking at property that you can’t afford. It is always important to establish your budget before committing yourself, bearing in mind it’s not just paying for the property, but there other costs involved

I’m interested in viewing a property for sale through Cross Estates, What do I do?

All you have to do is give us a call or e:mail us. We will arrange to meet you at the property at an agreed time. We will ask you what position you are in, house to sell?, house sold ? first time buyer? cash buyer etc. This information is for our vendor. Please be honest with us

How do I put in an offer if I find a property that I like through Cross Estates?

Everybody likes a deal, but what we do recommend is this. If you see your ideal home, you think it is priced correctly, then offer the asking price. The vendors will obviously look more favourably at this then starting with a very low offer. If you feel that you want to make an offer, we will help you through this process, bearing in mind we work for the vendor. Any offers we receive will be put forward to our vendors unless otherwise stated.

What does gazumping mean?

Gazumping is a term used to describe a situation where a higher offer is placed on the property while a sale in proceeding. As estate agents we do not encourage this practice, although the law does state that we must forward all offers to the vendors unless otherwise stated.

I have heard of Stamp Duty. What is it?

Stamp duty is tax on property. This duty is payable on completion to your solicitor. Many purchasers forget about this important tax and find that they are short of funds. It is worked out on a percentage of the purchase price as follows 0% up to £125,000, 1% - £125,000 to £250,000 – 3% £250,000 to £500,000 – 4% £500,000 to £1,000,000  - 5% over £1,000,000. There is a first time buyer threshold that has been increased to £250,000 until 31st December 2011.

What do I do after we have a agreed a price for the property?

Once your offer has been accepted you will need to instruct a solicitor. If you do not have one we can recommend. We will then write to all parties concerned with what we call a ‘Notification of Sale’ this has information on for the solicitors to start work, address of property, sale price, vendors details, buyers details and solicitors. Other information will be required ie, proof of funds, completion dates, deposits etc.

Do I need a survey?

If you are buying with a mortgage then the mortgage company will require a survey or valuation of the property. There are different levels of survey and your mortgage company or advisor can point you in the right direction. If you are a cash buyer, you do not need a survey although we do recommend that you have one. We can of course recommend surveyors for you.

When do contracts exchange?

Once the solicitors have completed all their paperwork and enquiries, and have copies of your mortgage offer and or proof of funds, they will be in a position to exchange contracts. Once you have exchanged contracts and the completion date is agreed this becomes legally binding. The timescale to exchange contracts can be anywhere between 2 weeks and 3 months. It is better to be patient and work on the 3 month mark, anything else is a bonus.

What is completion?

Completion is the day all monies are transferred between the solicitors and you become the new owners, we will arrange, once notified by the solicitors, to get the keys to your new property to you – Congratulations.

For more information please contact us

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