Time Scale.
If required, your lawyer can draft a pre-sale agreement setting out the terms of purchase, although this is not standard Jersey practice as in most cases such agreements are subject to finance and title research (by which time it is usually possible to pass contract).
It is important at the outset to let your lawyer know of any special requirements you have with the property. There may be restrictions on pets, building, parking, use etc. which may ultimately cause you to walk away from the purchase. Your lawyer will provide you with a questionnaire upon instruction which you should complete as soon as possible.
Pre-Sale Agreement.
We recommend leaving yourself 4 to 6 weeks to allow lending banks to process their paperwork and instruct surveyors etc. As a buyer, it is important that you keep in constant contact with the bank and provide them with all the paperwork as soon as possible so as to avoid any delay.
Title.
Your lawyer will check the title to the property. This involves checking all of the previous owners contracts for a minimum of 40 years from the date you instruct your lawyer. This is recited in your contract to show you have good title to the property. The search also establishes whether the owners of the property have good title to sell to you.
Site Visit.
Once your lawyer has completed their title investigations they attend on site to check the property to make sure the draft contract reflects what is actually there. They check the boundaries by taking measurements or checking physical structures and check the property against the information they receive from their Statutory Searches.
Statutory Searches.
Your lawyer makes enquiries of Jersey Electricity, Jersey Water and Transport and Technical Services, to determine the location of the services and their routes to the property so as to ensure they comply with the contract and the relevant laws that govern them. Your lawyer also writes to Planning to ensure that all works that required submission received it and were signed off.
Ownership.
Property in Jersey may be held two different ways:
- Joint Owners: Meaning you own the property together and cannot sell or mortgage the property without the other owner's consent. Upon death the property automatically passes to the survivor of the two which cannot be amended by any provisions in your Will.
- Owners in Common: Meaning you own the property half and half so can sell or mortgage the property without the other's consent. You can also leave a Will stating who you wish to inherit your share of the property.
Therefore, depending on how you choose to own the property, you may require a Will. Your lawyer can provide a quote for this.
Equity Agreements.
If you and your partner are planning on paying different amounts towards your mortgage or if you are not sharing the deposit equally you may wish to have an equity agreement drawn up which states how the contributions are to be paid and how the proceeds of sale will be split should the property be sold. The agreements are also particularly useful in dealing with cases where one party cannot legally own property due to their qualification status.
Survey, Life Insurance, Building Insurance.
You are responsible for arranging a survey, life insurance policy (if required) and building insurance. The survey must be arranged in good time as the bank's loan documents only get issued upon receipt of the valuation in the survey. Life insurance is usually required by your lending bank as is building insurance which must be in place from 2.30pm on the Friday of completion.
Stamp Duty.
The stamp duty has been provided against each of the properties on the market with Le Rossignol Estates.
Mortgage.
Your lawyer will advise on your borrowing and deal with the loan documentation and provide these to the bank's lawyers. Please note that whilst you may have paid the bank an arrangement fee, the lending bank's lawyer's fees will be deducted from the loan monies as will the stamp duty on the borrowing. To calculate the stamp duty on your borrowing, please ask, we can provide you with this information.
Monies.
Any balance of monies is required in cleared funds on the day of completion. You must ensure your money is transferred to your lawyer in good time and in the correct amount as they cannot complete without it.
Want to Sell or rent your property with Le Rossignol Estates?
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