Workshop on common causes of complaint in sales transactions

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Workshop on common causes of complaint in sales transactions"

Transcription

1 Workshop on common causes of complaint in sales transactions What are the agent s obligations? What is a fair and reasonable outcome in the circumstances?

2 Do I have the right to park? Consider this scenario Mr and Mrs Baker instruct an Agent to market their Property. The Property has a driveway which the couple currently park on but the kerb outside the driveway is not dropped. The Agent notices this. The Agent creates the Sales Particulars and describes the Property as benefitting from off-road parking. Mr and Mrs Baker approve the Sales Particulars and the Property goes on the market. Mr and Mrs Park-a-Lot view the Property and make an offer which is accepted. After purchasing and moving into the Property they realise that members of the public often park at the end of the driveway preventing their access to and from it. Mr and Mrs Park-a-Lot make the relevant enquiries and realise that they do not have a legal right to cross the pavement with a vehicle in order to access their driveway. They contact the Agent and complain that they have been misled by the Sales Particulars.

3 What has the Agent done correctly/incorrectly? Has the Agent acted in accordance with the TPO Code of Practice? Do the Complainants have a supportable complaint? If so, what level of award would you make?

4 What does the TPO Code of Practice for Residential Estate Agents say? Paragraph 7i: You must by law comply with the Consumer Protection from Unfair Trading Regulations These Regulations require you to disclose any information of which you are aware or should be aware of in relation to the property in a clear, intelligible and timely fashion and to take all reasonable steps that all statements that you make about a property, whether oral, pictorial or written, are accurate and are not misleading. All material information must be disclosed and there must be no material omissions which may impact on the average consumer s transactional decision and where information is given to potential buyers or their representatives, it must be accurate and not misleading. See the TPO Code (August 2014 version) for definitions of material information, average consumer and transactional decision.

5 What does the TPO Code of Practice for Residential Estate Agents say? Paragraph 7j: The written details of a property (sales particulars) must be agreed with the seller to confirm that the details are accurate. Paragraph 7k: You will be liable if you include anything in the sales particulars which you have reason to doubt is correct.

6 Conclusions The Agent should not have described the property as having off road parking as they were aware that there was no dropped kerb. The lack of a dropped kerb ought to have put the Agent on notice that there could be potential problems with parking on the drive. This was a potential breach of the CPRs. The Agent was not entitled to solely rely upon the fact that the seller had approved the Sales Particulars as a defence. The CPRs place an obligation on agents to fully and accurately disclose information about a property. This is a wider obligation than that which existed under the Property Misdescription Act (which was repealed on 1 October 2013).

7 Award An approximate award would be around 500 depending on the circumstances. For example was parking a key selling point for the Complainants? Did they ask the Agent about the dropped kerb and were given incorrect information? Had the Agent marketed the property before and this problem arisen should they have known better? However, the Agent is unlikely to be liable for the cost of installing a dropped kerb.

8 What if The agent had verbally explained to the Complainants during the viewing that there was no dropped kerb and the implications of this? The Complainants had viewed the property several times and parked on the drive? How else could the agent have explained the parking situation at the property on the Sales Particulars?

9 I can t do what with my property? Consider this scenario Mr Jones instructs the Agent to market his Property. The Property is a flat in a block that has a Residential Leasehold Management Company. The Agent views the Property, accepts the instruction and produces Sales Particulars which describe it as being ideal for investment. Mr Jones signs these. Mr Big Bucks, a wealthy landlord, makes an offer for the Property which is accepted and the conveyancing process gets underway. It is subsequently discovered by Mr Big Bucks solicitor that there is a restriction in the lease which prevents the Property from being rented out. It is, therefore, no longer suitable for Mr Big Bucks. He complains to the Agent that the Sales Particulars were misleading.

10 What has the Agent done correctly/incorrectly? Has the Agent acted in accordance with the TPO Code of Practice? Do the Complainants have a supportable complaint? If so, what level of award would you make?

11 Paragraph 7i: What does the TPO Code of Practice for Residential Estate Agents say? The Consumer Protection from Unfair Trading Regulations 2008 require you to disclose any information of which you are aware or should be aware of in relation to the property in a clear, intelligible and timely fashion and to take all reasonable steps that all statements that you make about a property, whether oral, pictorial or written, are accurate and are not misleading. Paragraph 7j: The written details of a property (sales particulars) must be agreed with the seller to confirm that the details are accurate. Paragraph 7k: You will be liable if you include anything in the sales particulars which you have reason to doubt is correct.

12 Conclusions Agents are not expected to obtain and review title documents prior to putting a property on the market. However, if an Agent describes a Property in a certain way then they should take steps to verify that this description is accurate. In this case, the Agent could have telephoned the Management Company or have asked the Seller if he was permitted to rent out the Property. Describing the Property in this way without verification was misleading and a potential breach of the CPRs. The Agent is not entitled to solely rely upon the fact that the Seller had approved the Sales Particulars as a defence. In this case, the Seller may not have realised the implications of marketing the Property as ideal for investment.

13 Award In these circumstances it is likely that any costs incurred by Mr Big Bucks during the conveyancing process would be returned to him as part of the award. This is because he would not have even viewed the Property or made an offer had the Sales Particulars contained accurate information.

14 What if The Agent is aware that a sale has previously fallen through due to restrictions on the title of the property regarding use or another legal matter that needs resolving but will take time? Should they disclose this? The Agent is informed by a third party that there is an ongoing dispute over one of the boundaries of the Property. The Property has a loft extension which the Seller is using as a 4 th bedroom. Should the Property be described as a four bedroom property?

15 CPRs key points to remember The obligations placed on Agents under the CPRs are wider than those that previously existed. The days of buyer beware are past. Description - Don t describe a Property in a manner that you are unable to verify. If you make a claim about a Property then you should have taken reasonable steps to ensure it is accurate and have evidence to back it up, or at least no evidence to the contrary. Be honest if viewers are misled by being given incorrect information or by information being withheld this may initially secure a quicker sale but could also lead to the chain falling apart later on (this does not benefit the agent or the seller) or an angry new purchaser making a complaint to us or the courts about the agent. Get the Seller to approve the Sales Particulars and don t include anything in them which you have reason to doubt (even it the Seller is persuasive). Disclose all material information, especially if you think it will have an effect on an average consumer s transactional decision. Put yourself in the consumer s shoes would you want to know?

16 Can the Buyer afford it? How available are his assets? Consider this scenario Mr and Mrs Leave-Now instruct an Agent to sell their property. Their daughter is expecting her first child and they are keen to move up North to live close to her as soon as possible. They have already found a property to purchase so want to find a buyer who can proceed to exchange of contracts quickly. Mr Smith views the Property, loves it and makes an offer. The Agent passes this offer to Mr and Mrs Leave-Now and informs them that Mr Smith is a cash buyer with nothing to sell, as this is what he had informed them. After some negotiation, Mr and Mrs Leave-Now accept Mr Smith s offer and solicitors are instructed. The Memorandum of Sale records that Mr Smith is a cash buyer. Mr and Mrs Leave-Now immediately instruct their solicitors to carry out searches, instruct a surveyor, and raise enquiries relating to the property they are purchasing. After they receive the searches and survey results, they ask their solicitor when he expects exchange of contracts to take place. He informs them that Mr Smith has made his mortgage application but has not yet received an offer. Mr Smith is subsequently refused a mortgage offer. Mr and Mrs Leave-Now contact the Agent and complain that they were given incorrect information regarding Mr Smith s ability to proceed. They want the Agent to cover their search costs and their survey and conveyancing fees.

17 What has the Agent done correctly/incorrectly? Has the Agent acted in accordance with the TPO Code of Practice? Do the Complainants have a supportable complaint? If so, what level of award would you make?

18 What does the TPO Code of Practice for Residential Estate Agents say? Paragraph 10a: At the time an offer has been made and is being considered by the seller, you must take reasonable steps to find out from the prospective buyer the source and availability of his funds for buying the property and pass this information to the seller. Such information will include whether the prospective buyer needs to sell a property, requires a mortgage, claims to be a cash buyer, or any combination of these. Such relevant information that is available should be included in the Memorandum of Sale having regard to the Data Protection Act Paragraph 10b: You must put all offers to your seller client even if the prospective buyer has not been financially qualified at that stage. Paragraph 10c: These reasonable steps must continue after acceptance of the offer until exchange of contracts (In Scotland, conclusion of missives) and must include regular monitoring of the prospective buyer s progress in achieving the funds required, and reporting such progress to the seller.

19 Definition of Cash Buyer Paragraph 18d: A cash buyer can only be described as such if he has realisable cash assets, that is; he has sufficient cash in the bank, building society or other investments, which can be realised in a reasonable time, that is, it will be available by the estimated or proposed exchange of contracts and completion dates; or he has actually sold a property, that is he has exchanged contracts (in Scotland, conclusion of missives) and is expected to achieve completion on his sale before exchange on his purchase and he does not require a mortgage to make up any difference in the purchase price of the new property.

20 Conclusions The Agent did not take reasonable steps to find out Mr Smith s source and availability of funds. They simply took his word that he was a cash buyer. Agents need to take steps to verify the information given to them by potential buyers. For example, obtain a copy of a mortgage agreement in principle, or evidence of sufficient cash assets. A Buyer should not be referred to as a cash buyer unless the Agent has verified the same and they meet the definition. If this verification has not been obtained at offer stage then the offer should still be passed to the Seller but they should be informed that, although the potential buyer says they are a cash buyer, it has not yet been verified by the Agent.

21 Award An award for aggravation and inconvenience would be made. Average However, generally awards do not cover the loss of legal fees, search fees and survey costs as the conveyancing process is too unpredictable and when a Seller accepts an offer they take the risk that the sale will fall through for whatever reason.

22 What if The potential buyer produces a bank statement evidencing that he is a cash buyer but subsequently he decides to use his money to travel around the world and take out a mortgage to purchase the property? The potential buyer is unable to produce the required information to verify his status? The potential buyer thought that his investments would release more cash to him then they actually do and he is forced to take out a mortgage to make up the shortfall?

23 Key points to remember Don t simply accept a potential buyer s word that they are a cash buyer. Ask them for evidence of this. Do not refer to a potential buyer as a cash buyer unless you have verified this and they meet the definition in the TPO Code of Practice. Remember you can tell the Seller that the Buyer claims to be a cash buyer and you are verifying the situation. If a potential buyer requires a mortgage then monitor their progress in obtaining this and keep the Seller informed. Effective and regular communication is the key to keeping all parties happy and allows them to make informed decisions. Think Money Laundering and stay alert to fraudsters!

24 When faced with a complaint ask yourself What were my obligations under the TPO Code of Practice? Have I acted accordingly? What is a fair and reasonable outcome in the circumstances? Remember the longer a complaint continues the more significant the aggravation caused. This increases awards in circumstances where the complaint could have been resolved easily at an earlier stage.

25 Causes of Complaints Sales Two agents claiming a fee Fixed fee v percentage related to sale price Lack of clarity about additional charges, e.g. withdrawal fee / EPC Sole Agency / Sole Selling Rights Financial evaluation Complaint handling

26 Causes of Complaints Lettings Referencing Holding Deposits Tenants damage Tenants requests for repairs Pre-contract conditions Complaints Handling NOT Tenancy Deposits

27 Legislation Existing Consumer Protection from Unfair Trading Regulations 2008 Recent ASA Ruling Enterprise and Regulatory Reform Act Consumer Contract Regulations TPO Codes of Practice

28 Consumer Protection from Unfair Trading Regulations 2008

29 Consumer Protection from Unfair Trading Regulations 2008 Bournemouth Echo 26 Dec 13: A submerged van in the overflowing River Stour at Ilford Bridge Home Park, near Bournemouth, where flooding has caused the evacuation of residents. Daily Echo 4 Jan 14: Ilford Bridge after the Christmas deluge. A total of 90 residents were evacuated from Iford Bridge Home Park at 4am on Christmas Day as the River Stour burst its banks and water was entering the site as they left. They were evacuated again on Thursday, January 2.

30 Consumer Protection from Unfair Trading Regulations 2008

31 Consumer Protection from Unfair Trading Regulations 2008 Manchester Blitz Firefighters putting out a blaze at a bomb site in Manchester city centre. The German Luftwaffe mounted consecutive attacks on the Manchester area on the nights of December 22/23 and 23/24, 1940.

32 Thank you The Property Ombudsman Milford House Milford Street Salisbury Wiltshire SP1 2BP Questions?

Code of Practice for Commercial & Business Agents

Code of Practice for Commercial & Business Agents Code of Practice for Commercial & Business Agents Effective from 1 September 2009 Contents: 1. General 2. Instructions 3. For Sale Boards 4. Published Material 5. Offers 6. Access to Premises 7. Clients'

More information

Code of Practice for Residential Estate Agents

Code of Practice for Residential Estate Agents Code of Practice for Residential Estate Agents Effective from 1 August 2014 This Code of Practice is mandatory for all TPO Members who are entitled to display the above logo and who offer estate agency

More information

GUIDE TO MOVING. We can give you a breakdown of the costs involved

GUIDE TO MOVING. We can give you a breakdown of the costs involved GUIDE TO MOVING "I'll never do this again!" So many people say this at some stage when they are buying and selling a house that we have prepared this guide to assist you. It outlines how the transaction

More information

Energy Performance Certificates in Northern Ireland

Energy Performance Certificates in Northern Ireland Selling a home This information applies to England, Wales and Northern Ireland Home Information Packs and Energy Performance Certificates in England and Wales Energy Performance Certificates in Northern

More information

ADVICE NOTE BUYING AND SELLING YOUR FLAT. A summary of the typical events when buying and selling a leasehold flat

ADVICE NOTE BUYING AND SELLING YOUR FLAT. A summary of the typical events when buying and selling a leasehold flat ADVICE NOTE BUYING AND SELLING YOUR FLAT A summary of the typical events when buying and selling a leasehold flat 2 CONTENTS Note: As the leading trade body for residential leasehold management, ARMA is

More information

Conveyancing Jargon Buster

Conveyancing Jargon Buster Conveyancing Jargon Buster Agreement - another word for contract Auction - This is where a property is bought at an auction house. Once the gavel goes down contracts are exchanged (see Exchange of Contracts

More information

The estate agency guide. What you need to know if you are engaged in estate agency work

The estate agency guide. What you need to know if you are engaged in estate agency work The estate agency guide What you need to know if you are engaged in estate agency work This booklet is for people who are engaged in estate agency work. Even if you are not called an estate agent, you

More information

Buying and Selling a Home in Scotland

Buying and Selling a Home in Scotland Buying and Selling a Home in Scotland Contents 1 2 2.1 3 3.1 3.2 3.3 3.4 3.5 3.6 4 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 5 6 Introduction The Home Report When a Home Report isn t necessary Buying a home Using

More information

First Time Buyer Mortgage Information

First Time Buyer Mortgage Information First Time Buyer Mortgage Information If you re thinking about a Mortgage for your first home talk to us today A good time to talk to us? We re here to listen and help you whenever you need to talk to

More information

NSW Retail Tenant s Guide

NSW Retail Tenant s Guide NSW Retail Tenant s Guide This guide will help tenants understand the key aspects of leasing a retail shop. The landlord must give a prospective tenant this guide as soon as they start negotiating a lease.

More information

Countrywide Conveyancing Services. Sale handbook. Your sale questions answered. www.cwpl.com

Countrywide Conveyancing Services. Sale handbook. Your sale questions answered. www.cwpl.com Countrywide Conveyancing Services Sale handbook Your sale questions answered www.cwpl.com Sale handbook Your sale questions answered General information to which we will draw your attention during the

More information

Countrywide Conveyancing Services. Purchase handbook. Your purchase questions answered. www.cwpl.com

Countrywide Conveyancing Services. Purchase handbook. Your purchase questions answered. www.cwpl.com Countrywide Conveyancing Services Purchase handbook Your purchase questions answered www.cwpl.com Purchase handbook Your purchase questions answered General information to which we will draw your attention

More information

Code of Practice for Residential Estate Agents

Code of Practice for Residential Estate Agents Code of Practice for Residential Estate Agents Effective from 1 August 2011 This Code of Practice is mandatory for all TPO Members offering estate agency services. TPO Members must display the above logo;

More information

The buying process a summary

The buying process a summary The buying process a summary 01 - Establish your budget 02 - Mortgage offer in principle 03 - Instruct a solicitor 04 - Register with all the estate agents in the area 05 - Find a property 06 - Mortgage

More information

Your step by step buy-to-let guide

Your step by step buy-to-let guide Your step by step buy-to-let guide by The Frost Partnership First time buy-to-let? Need help choosing a property? Financing your property Legal advice Considering the costs Will I make any money? Choosing

More information

Guide to Buying and Selling a Home

Guide to Buying and Selling a Home Guide to Buying and Selling a Home www.kww.co.uk Moving home is a strange mixture of excitement and apprehension: it can be exhilarating and exasperating in equal measure. Our focus at KWW is to take away

More information

Buying and Selling Properties A Guide to Conveyancing

Buying and Selling Properties A Guide to Conveyancing Buying and Selling Properties A Guide to Conveyancing Introduction This is a short guide to explain the work that my firm will be doing for you. We set out the work undertaken in respect of a sale and

More information

GENERAL GUIDANCE ON SELLING & BUYING RESIDENTIAL PROPERTY

GENERAL GUIDANCE ON SELLING & BUYING RESIDENTIAL PROPERTY GENERAL GUIDANCE ON SELLING & BUYING RESIDENTIAL PROPERTY These notes have been prepared to assist you and explain the buying and selling process TO ARRANGE AN INITIAL CONSULTATION PLEASE CALL conveyancing@grantsaw.co.uk

More information

A brief guide to buying a residential property at auction Stephen Firmin

A brief guide to buying a residential property at auction Stephen Firmin SOLICITORS for IndIvIduaLS and business tsplegal.com A brief guide to buying a residential property at auction Stephen Firmin Colchester T 01206 574431 Stable 6 Stable Road Colchester Essex CO2 7GL info@tsplegal.com

More information

Using an estate agent to buy or sell your home. Covers England, Wales and Northern Ireland

Using an estate agent to buy or sell your home. Covers England, Wales and Northern Ireland Using an estate agent to buy or sell your home Covers England, Wales and Northern Ireland Contents Selling a property 1, 2, 3 The contract 3 Charges 3 Property particulars 4 Other services 4 Receiving

More information

Your guide to a stress-free house purchase

Your guide to a stress-free house purchase Your guide to a stress-free house purchase Welcome 2014 Preliminary Contract Local and other searches Enquiries Fixtures and fittings Moving house can be a stressful experience, so let us guide you through

More information

Thinking of Buying Your Council Flat?

Thinking of Buying Your Council Flat? Thinking of Buying Your Council Flat? Things to consider before you buy a flat where the freeholder is a council, housing association or other social landlord May 2015 Department for Communities and Local

More information

Mr and Mrs Sample and future owners or occupants of the Property and Your/their mortgage lender(s).

Mr and Mrs Sample and future owners or occupants of the Property and Your/their mortgage lender(s). Absentee Landlord Indemnity Insurance Policy This Policy is the contract between You and the Insurer and it includes the Schedule and any endorsement, extension, plan or appendix issued with it. We have

More information

If you need any advice or wish to discuss what type of report you should instruct, please let us know.

If you need any advice or wish to discuss what type of report you should instruct, please let us know. GUIDANCE NOTES ON THE PURCHASE AND SALE OF RESIDENTIAL PROPERTIES Prepared by the Private Client & Residential Conveyancing Department of Miller Samuel LLP We are frequently asked by clients if we could

More information

Consumer Code. for Home Builders

Consumer Code. for Home Builders Consumer Code for Home Builders This document contains the Consumer Code requirements together with non-mandatory good practice guidance for Home Builders Second Edition January 2010 Contents Meaning of

More information

Solicitors for property advice

Solicitors for property advice Solicitors for property advice As specialists in property law, Millbank Solicitors provide expert legal advice whether you are buying or selling your property, remortgaging or involved in a property dispute.

More information

THE SALE OF YOUR PROPERTY. from Sale Agreed to Exchange of Contracts

THE SALE OF YOUR PROPERTY. from Sale Agreed to Exchange of Contracts THE SALE OF YOUR PROPERTY from Sale Agreed to Exchange of Contracts WHAT IS CONVEYANCING? In essence it is the legal process of buying and selling property, or to give it its legal definition, it is the

More information

Banking & Finance - Bulletin 60 December 2008

Banking & Finance - Bulletin 60 December 2008 Banking & Finance - Bulletin 60 December 2008 In this issue: Breaking a Fixed Rate Loan our approach to break costs Direct Debits on Transaction Accounts Maladministration and Secured Lending Dealing with

More information

What will happen to my home?

What will happen to my home? What will happen to my home? Information about your home when bankruptcy occurs. This section covers the questions you are most likely to want answered about your home if you are made bankrupt: Will I

More information

FREE QUICK SALE GUIDE FOR SELLERS

FREE QUICK SALE GUIDE FOR SELLERS FREE QUICK SALE GUIDE FOR SELLERS Whether you decide to use our services or not, this Free Quick Sale Guide is intended to give more information about the selling process, particularly aimed at those needing

More information

Guide to Selling and Buying your Home

Guide to Selling and Buying your Home Guide to Selling and Buying your Home Selling and buying property can be one of the most stressful periods in anyone s life. So, what can you do to ensure that the process goes as smoothly as possible?

More information

A Guide to Selling. Choosing an Estate Agent

A Guide to Selling. Choosing an Estate Agent A Guide to Selling This article deals with issues relating to selling your house including the particular legalities unique to Northern Ireland. As a property seller you probably have some knowledge of

More information

Community Legal Information Association of Prince Edward Island, Inc.

Community Legal Information Association of Prince Edward Island, Inc. Community Legal Information Association of Prince Edward Island, Inc. Buying Property in Prince Edward Island Many people in Prince Edward Island will buy a home or land at some point in their life. This

More information

Buying or Selling your Home a guide for legal consumers

Buying or Selling your Home a guide for legal consumers Buying or Selling your Home a guide for legal consumers Buying or selling a house can be one of the most stressful, not to mention expensive, experiences we will ever have. While the vast majority of these

More information

Leasehold Information Form (2nd edition) Address of the property Full names of the seller Seller's solicitor Definitions SPECIMEN

Leasehold Information Form (2nd edition) Address of the property Full names of the seller Seller's solicitor Definitions SPECIMEN (2nd edition) Address of the property Postcode Full names of Seller's solicitor the seller Name of solicitors firm Address Email Reference number Definitions 'Seller' means all sellers together where the

More information

1. Before signing a commercial or retail lease

1. Before signing a commercial or retail lease Before Signing a Commercial or Retail Lease page 1 SMALL BUSINESS INFO KIT 1. Before signing a commercial or retail lease A lease is a contract that you probably can t end early Entering into a lease is

More information

CONSENT TO LET APPLICATION FORM

CONSENT TO LET APPLICATION FORM CONSENT TO LET APPLICATION FORM To allow us to consider your request please send us the fully completed consent to let application form. IMPORTANT INFORMATION If consent is granted you will be charged

More information

Rent to Own Housing. What is a Rent to Own Housing contract?

Rent to Own Housing. What is a Rent to Own Housing contract? Rent to Own Housing A rent to own housing agreement is not a good idea unless you are in very good financial condition and know that you will be so for the foreseeable future. There are many disadvantages

More information

Common traps people fall into when renting commercial property ( and how to avoid them)

Common traps people fall into when renting commercial property ( and how to avoid them) Common traps people fall into when renting commercial property ( and how to avoid them) For most businesses, the renting of a commercial property represents a major financial decision. Whether you are

More information

A GUIDE TO PROPERTY PURCHASE IN THE UK

A GUIDE TO PROPERTY PURCHASE IN THE UK A GUIDE TO PROPERTY PURCHASE IN THE UK SALES I LETTINGS I PROPERTY MANAGEMENT ARCHITECTURE I DEVELOPMENT I CONSULTATION I INVESTMENT I VALUATIONS COMMERCIAL I PROJECT MANAGEMENT If you live abroad and

More information

Glossary. July

Glossary. July Agreement Acting for the Lender Bankruptcy search Breach of contract Brine search Caveat Emptor Chain Chancel Search Chattels Client Care Letter Completion Date Completion Statement Contract Conveyancing

More information

Saffron Building Society Mortgages Savings Investments Insurance Loans. Residential mortgage conditions. www.saffronbs.co.

Saffron Building Society Mortgages Savings Investments Insurance Loans. Residential mortgage conditions. www.saffronbs.co. Saffron Building Society Mortgages Savings Investments Insurance Loans Residential mortgage conditions www.saffronbs.co.uk 0800 072 1100 Saffron Building Society Residential Mortgage Conditions (England

More information

YOUR GUIDE TO. A checklist for buying a

YOUR GUIDE TO. A checklist for buying a YOUR GUIDE TO A checklist for buying a house or apartment in NSW. Do I really need a solicitor to make an offer on a house? The answer is that buying a home is often the biggest financial decision we ll

More information

BUYING UK PROPERTY A brief guide to buying property in the UK

BUYING UK PROPERTY A brief guide to buying property in the UK BUYING UK PROPERTY A brief guide to buying property in the UK This publication is not meant as a substitute for advice on particular issues and action should not be taken on the basis of the information

More information

Switching your mortgage deal

Switching your mortgage deal Switching guide 1 Switching your mortgage deal We re with you every step of the way Switching guide 2 Why switch? If you re thinking about switching your mortgage, you might not have to shop around. You

More information

Residential Property

Residential Property Residential Property Glossary of terms The conveyancing process is unfortunately full of legal jargon, so we have produced this glossary to help you if you come across something you do not understand.

More information

Your Mortgage Guide. The Exchange. Property Services Mortgage Services Letting & Management Services Conveyancing Services

Your Mortgage Guide. The Exchange. Property Services Mortgage Services Letting & Management Services Conveyancing Services The Exchange Property Services Mortgage Services Letting & Management Services Conveyancing Services Your Mortgage Guide Contents: Introduction... 3 The Financial Services Authority (FCA)... 3 What is

More information

LIFETIME MORTGAGE LUMP SUM

LIFETIME MORTGAGE LUMP SUM LIFETIME MORTGAGE LUMP SUM Terms and Conditions (version 5) This is an important document. Please keep it in a safe place. LV= Lifetime Mortgage lump sum Terms and Conditions Welcome to LV=, and thank

More information

Contents. Again, if we can be of any assistance at anytime, please do not hesitate to contact us. Kind regards,

Contents. Again, if we can be of any assistance at anytime, please do not hesitate to contact us. Kind regards, Contents 1 Introduction 2 The Quote - Sharp Young and Pearce Estate Agency and Conveyancing Offer 3 Initial Paperwork - Property Information Form - Fittings and Contents List 4 Title Deeds, Current Mortgages

More information

Selling your shared ownership home

Selling your shared ownership home Selling your shared ownership home Selling your shared ownership home Thank you for your enquiry about selling your property. This step by step guide will, we hope, provide you with an easy to follow process

More information

SHARED OWNERSHIP LEASES. What is shared ownership leasehold and how does it work?

SHARED OWNERSHIP LEASES. What is shared ownership leasehold and how does it work? SHARED OWNERSHIP LEASES What is shared ownership leasehold and how does it work? Contents Purpose of this leaflet... 3 What is leasehold... 3 What is a shared ownership lease... 3 What are the differences

More information

Lump Sum Lifetime Mortgage Terms and Conditions. Version 1

Lump Sum Lifetime Mortgage Terms and Conditions. Version 1 Lump Sum Lifetime Mortgage Terms and Conditions Version 1 INTRODUCTION Thank you for choosing Hodge Lifetime. We hope that your lifetime mortgage makes a positive difference during your retirement. This

More information

What will happen to my Home. Information about your home when bankruptcy occurs.

What will happen to my Home. Information about your home when bankruptcy occurs. What will happen to my Home Information about your home when bankruptcy occurs. This leaflet covers the questions you are most likely to want answered about your home if you are made bankrupt. 1. Will

More information

A clear, impartial guide to. Property auctions. Buying Selling Observing. www.rics.org/usefulguides

A clear, impartial guide to. Property auctions. Buying Selling Observing. www.rics.org/usefulguides A clear, impartial guide to Property auctions Buying Selling Observing Contents Introduction 03 Introduction 03 What is RICS? 04 Buying at auction 07 Selling at auction 09 Useful links 10 Free RICS guides

More information

Foort Tayler Terms of business for probate and wills

Foort Tayler Terms of business for probate and wills Foort Tayler Terms of business for probate and wills We have prepared this document to make our terms and conditions of business as clear and understandable as possible, and to anticipate, as best we can,

More information

CONVEYANCING Frequently Asked Questions

CONVEYANCING Frequently Asked Questions 57 Buckingham Gate, St James s Park, London, SW1E 6AJ 26 Ives Street, Knightsbridge, London SW3 2ND Email: mail@ashleywilson.co.uk CONVEYANCING Frequently Asked Questions 1. How long does it take to buy

More information

The Residential Buying Process

The Residential Buying Process This Guide was made possible thanks to a generous donation from the Alberta Real Estate Foundation The Residential Buying Process This brochure will help you understand the process of buying residential

More information

Guide to Buying a New Build Home

Guide to Buying a New Build Home Guide to Buying a New Build Home Buying a home is perhaps the most important purchase you will ever make and the Jackson-Stops & Staff Residential Development team will offer you all the support you need

More information

Encouraging new business models: proposal to amend the Estate Agents Act 1979

Encouraging new business models: proposal to amend the Estate Agents Act 1979 Marcelle Janssis Assistant Director Department for Business Innovation & Skills By email: marcelle.janssis@bis.gsi.gov.uk 10 August 2012 Dear Ms Janssis Introduction The National Federation of Property

More information

Your Right. to Buy Your Home. A guide for Scottish Secure Tenants

Your Right. to Buy Your Home. A guide for Scottish Secure Tenants Your Right to Buy Your Home A guide for Scottish Secure Tenants Your Right to Buy Your Home About this booklet This booklet is for Scottish secure tenants. If you are not a Scottish secure tenant, you

More information

Very Smart People. www.mms.co.uk. August 2013. Evaluating Flood Risk: Buyers and Lenders. www.mms.co.uk

Very Smart People. www.mms.co.uk. August 2013. Evaluating Flood Risk: Buyers and Lenders. www.mms.co.uk Very Smart People www.mms.co.uk August 2013 Evaluating Flood Risk: Buyers and Lenders www.mms.co.uk Index What is the concern? 1 Availability of Flood Insurance 1 Types of flooding 2 Flood risk assessment

More information

Are you in danger of losing your home?

Are you in danger of losing your home? Are you in danger of losing your home? Help is at hand. Mortgage to Rent scheme Mortgage to Shared Equity scheme The Scottish Government Home Owners Support Fund What are the Mortgage to Rent and Mortgage

More information

Guidance. For use in the United Kingdom. Letter regarding mortgage debt or arrears

Guidance. For use in the United Kingdom. Letter regarding mortgage debt or arrears Guidance For use in the United Kingdom Letter regarding mortgage debt or arrears Contents Purpose of this document What can you do about mortgage arrears? Mortgage rescue schemes Selling your property

More information

Quick House Sales. Market Study Annexe B: Business good practice. August 2013 OFT1499B

Quick House Sales. Market Study Annexe B: Business good practice. August 2013 OFT1499B Quick House Sales Market Study Annexe B: Business good practice August 2013 OFT1499B Crown copyright 2013 You may reuse this information (not including logos) free of charge in any format or medium, under

More information

PLEASE CONTACT US IF YOU REQUIRE THESE TERMS OF BUSINESS IN LARGER PRINT. Painters. Version 3: January 2014

PLEASE CONTACT US IF YOU REQUIRE THESE TERMS OF BUSINESS IN LARGER PRINT. Painters. Version 3: January 2014 PLEASE CONTACT US IF YOU REQUIRE THESE TERMS OF BUSINESS IN LARGER PRINT Painters Terms of Business Version 3: January 2014 Introduction We aim to offer our clients quality legal advice with a personal

More information

Your Right. to Buy. A guide for Scottish Secure Tenants

Your Right. to Buy. A guide for Scottish Secure Tenants Your Right to Buy Your Home A guide for Scottish Secure Tenants Your Right to Buy Your Home About this booklet This booklet is for Scottish secure tenants. If you are not a Scottish secure tenant, you

More information

PROPERTY AGENTS AND MOTOR DEALERS (REAL ESTATE AGENCY PRACTICE CODE OF CONDUCT) REGULATION 2001

PROPERTY AGENTS AND MOTOR DEALERS (REAL ESTATE AGENCY PRACTICE CODE OF CONDUCT) REGULATION 2001 Queensland Subordinate Legislation 2001 No. 122 Property Agents and Motor Dealers Act 2000 PROPERTY AGENTS AND MOTOR DEALERS (REAL ESTATE AGENCY PRACTICE CODE OF CONDUCT) REGULATION 2001 TABLE OF PROVISIONS

More information

Additional borrowing guide 1. Additional borrowing. We re with you every step of the way

Additional borrowing guide 1. Additional borrowing. We re with you every step of the way Additional borrowing guide 1 Additional borrowing We re with you every step of the way Additional borrowing guide 2 What is additional borrowing? Sometimes you may be able to borrow extra money from your

More information

GUIDE TO INVESTING IN LONDON PROPERTY

GUIDE TO INVESTING IN LONDON PROPERTY LAWS AND REGULATIONS Nature of Ownership There are two types of land ownership in London; freehold and leasehold. The freeholder owns the land (in some cases including the sub-soil below the land, the

More information

A GUIDE TO CONVEYANCING

A GUIDE TO CONVEYANCING Studio 50 Soho Wharf 1 Clink Street London SE1 9DG DX 132079 LONDON BRIDGE 4 Telephone: 020 7089 7300 Fax: 020 7357 6698 Email: ted@oakleyshee.com Website: www.oakleyshee.com Partners: Edward Oakley Frazer

More information

Real estate agency and brokerage standards

Real estate agency and brokerage standards RICS Practice Standards, Global Real estate agency and brokerage standards 1st edition, guidance note rics.org/standards RICS Real estate agency and brokerage standards RICS guidance note 1st edition Surveyor

More information

Distance selling: sale of consumer goods over the internet or telephone etc

Distance selling: sale of consumer goods over the internet or telephone etc Distance selling: sale of consumer goods over the internet or telephone etc Standard Note: SN/HA/5761 Last updated: 23 February 2012 Author: Section Lorraine Conway Home Affairs Section Many people shop

More information

LIFETIME MORTGAGE LUMP SUM

LIFETIME MORTGAGE LUMP SUM LIFETIME MORTGAGE LUMP SUM Terms and Conditions (version 4) This is an important document. Please keep it in a safe place. LV= Lifetime Mortgage lump sum Terms and Conditions Welcome to LV=, and thank

More information

General Mortgage Conditions

General Mortgage Conditions General Mortgage Conditions 2015 (England and Wales) 0800 298 5714 precisemortgages-customers.co.uk Contents Condition Number Page Number Part 1: Understanding These Conditions 4 1 Definitions 4 Part 2:

More information

Selling RIGHTMOVE S GUIDE TO. PREPARING TO SELL Things you need to consider. HOW MUCH IS YOUR HOUSE WORTH? Making sure the price is right

Selling RIGHTMOVE S GUIDE TO. PREPARING TO SELL Things you need to consider. HOW MUCH IS YOUR HOUSE WORTH? Making sure the price is right RIGHTMOVE S GUIDE TO Selling PREPARING TO SELL Things you need to consider HOW MUCH IS YOUR HOUSE WORTH? Making sure the price is right GETTING THE MOST OUT OF VIEWINGS Creating the right impression PREPARING

More information

BUYING YOUR HOME TENANTS GUIDANCE

BUYING YOUR HOME TENANTS GUIDANCE BUYING YOUR HOME TENANTS GUIDANCE CONTENTS Introduction Page 1 The Right to Buy / Right to Acquire Process Page 2 Can you afford it? Page 2 Buying a flat or leasehold house Page 3 Rent arrears and buying

More information

Right to Buy your home

Right to Buy your home Right to Buy your home Plymouth Community Homes tenant s may have the right to buy the home they rent at a discounted price through the Right to Buy scheme. The Right to Buy scheme is a Government back

More information

The AOS-365 Program. Overview:

The AOS-365 Program. Overview: The AOS-365 Program Overview: Our Patented AOS-365 Program is the Buying and Selling of property through the auction process using our AOS-365 contract. This Agreement of Sale gives the buyer a fully assignable

More information

Right to Buy - information for Westminster Council tenants

Right to Buy - information for Westminster Council tenants Right to Buy - information for Westminster Council tenants Please read this information booklet carefully. It contains information on the following items: 1. Who has the Right to Buy 2. Under what circumstances

More information

Learn how to sell your home today, the efficient way No estate agent or solicitor fees and no delay.

Learn how to sell your home today, the efficient way No estate agent or solicitor fees and no delay. Learn how to sell your home today, the efficient way No estate agent or solicitor fees and no delay. Today's housing market finds many sellers in a changing situation that demands they sell their home

More information

Consumer Code for Home Builders

Consumer Code for Home Builders Consumer Code for Home Builders This document contains the mandatory Consumer Code requirements that Home Builders are required to follow Clear Print Edition Third Edition April 2013 Contents Meaning of

More information

Buying a Property. The steps to buying a property. Finding a Property

Buying a Property. The steps to buying a property. Finding a Property Buying a Property For most of us, buying a house or a flat is the most important financial transaction that we will ever get involved with. It can be a complicated business but your solicitor can help

More information

T G Baynes Solicitors Client Care Guide for Residential Conveyancing

T G Baynes Solicitors Client Care Guide for Residential Conveyancing T G Baynes Solicitors Client Care Guide for Residential Conveyancing The terms and conditions of business set out in the this Client Care Guide comprise the terms upon which T G Baynes Solicitors will

More information

Financial Services Ombudsman Scheme Report at 31 st March 2009

Financial Services Ombudsman Scheme Report at 31 st March 2009 Financial Services Ombudsman Scheme Report at 31 st March 2009 Welcome to the annual review of the Financial Services Ombudsman Scheme which covers the period from 1 st April 2008 to 31 st March 2009.

More information

Mortgage Conditions and Explanations

Mortgage Conditions and Explanations Mortgage Conditions and Explanations 1 Mortgage Conditions and Explanations Bath Building Society ( the Society ) The paragraphs headed Introduction and Membership Rights below are included purely for

More information

Your guide to conveyancing. The journey starts here. Minimise delays with our top tips. navigat r. a nudge in the right direction

Your guide to conveyancing. The journey starts here. Minimise delays with our top tips. navigat r. a nudge in the right direction Minimise delays with our top tips The journey starts here navigat r a nudge in the right direction Things you can do to help We know you want to move quickly. This guide highlights things you can do along

More information

General Mortgage Conditions for England and Wales

General Mortgage Conditions for England and Wales You can order all our publications in large print, Braille, audio cassette or CD. Your local branch will arrange this for you or you can contact us on 08457 30 20 10. If you have hearing or speech difficulties

More information

NSW Retail Tenant s Guide Knowing the facts up front Setting up the lease The costs of leasing Ups and downs At the end of the lease

NSW Retail Tenant s Guide Knowing the facts up front Setting up the lease The costs of leasing Ups and downs At the end of the lease NSW Retail Tenant s Guide Knowing the facts up front Setting up the lease The costs of leasing Ups and downs At the end of the lease This Guide will help tenants understand the key aspects of leasing a

More information

Consumer Code. for Home Builders. This document contains the mandatory Consumer Code requirements that Home Builders are required to follow

Consumer Code. for Home Builders. This document contains the mandatory Consumer Code requirements that Home Builders are required to follow Consumer Code for Home Builders This document contains the mandatory Consumer Code requirements that Home Builders are required to follow Third Edition April 2013 Contents Meaning of words... 3 Introduction...

More information

Can you share any evidence related to undesirable practices and most common complaints on this issue?

Can you share any evidence related to undesirable practices and most common complaints on this issue? ANNEX A. Declaration of insurance remuneration and commissions When considering this issue for lettings and sales agents it is important to remember that they may use very different charging models dependent

More information

Leaseholders your lease

Leaseholders your lease Leaseholders your lease Customer focused, quality driven Introduction In this booklet, we aim to give a broad overview and offer general information to all our Leaseholders about how your lease operates.

More information

3.4 Standard terms and conditions of business for conveyancing

3.4 Standard terms and conditions of business for conveyancing 3.4 Standard terms and conditions of business for conveyancing clients PLEASE SIGN AND RETURN Deibel & Allen Terms and Conditions of business - property transactions We set out in this statement the basis

More information

Your Guide to Shared Ownership

Your Guide to Shared Ownership Your Guide to Shared Ownership 1 Shared ownership is designed for first-time buyers, who are able to raise a mortgage but are unable to afford the full cost of homeownership. Why buy a shared ownership

More information

2.2 It is important for the Purchaser to be sure of the identity of the Purchaser and to convey this to the Estate Agent.

2.2 It is important for the Purchaser to be sure of the identity of the Purchaser and to convey this to the Estate Agent. 1. INTRODUCTION 1.1 Buying a home is probably one of the biggest financial decisions a person can make during their lifetime and unfortunately this big decision is made with very little formal guidance

More information

I Want To Sell My Home! What Are My Options?

I Want To Sell My Home! What Are My Options? I Want To Sell My Home! What Are My Options? Today over 25% of the homes in America have loan balances that exceed the home value. If you re one of them it s not your fault and you do have choices which

More information

Hopefully everything you need to know about buying or selling your house. (but were afraid to ask)

Hopefully everything you need to know about buying or selling your house. (but were afraid to ask) Hopefully everything you need to know about buying or selling your house. (but were afraid to ask) Contents Page The stages involved with Buying and/or selling a property. 3-4 Things you need to do once

More information

Leasing Business Premises: Occupier Guide

Leasing Business Premises: Occupier Guide Leasing Business Premises: Occupier Guide This document is one of three component parts of the Code for Leasing Business Premises Copyright The Joint Working Group on Commercial Leases, 2007. Any of the

More information

Code of Practice for Residential Property Buying Companies

Code of Practice for Residential Property Buying Companies Code of Practice for Residential Property Buying Companies Effective from 1 July 2014 This Code of Practice is mandatory for all TPO members who must display the above logo and who purchase property directly

More information

GUIDANCE ON PROPERTY SALES

GUIDANCE ON PROPERTY SALES GUIDANCE ON PROPERTY SALES Compliance with the Consumer Protection from Unfair Trading Regulations 2008 and the Business Protection from Misleading Marketing Regulations 2008 September 2015 You may reuse

More information

Guide to buying a house

Guide to buying a house Guide to buying a house This guide has advice on how to approach the process of purchasing a house. It goes through recommended steps for deciding what you want, and also has information about what to

More information