The length of time between exchange and completion is whatever the parties who are involved agree to. The gap between exchange and completion is usually anywhere between one to four weeks. This gap allows everyone involved enough time to organise removals, to change utilities and notify friends and others about a change of address. Plus to allow time for the finances to be drawn down. Once contracts have been exchanged it allows both the buyers and the sellers to confirm their removal date and to start packing. But there doesn’t need to be a gap, as the minimum time between exchange and completion can be zero days. Or in other words a same-day exchange and completion.
The normal period between exchange and completion is one to four weeks. But when you’re agreeing your completion date and given that the transaction is legally binding once exchange has taken place, it’s important to get the period right. The one to four week gap between exchange and completion is usually to allow all parties in the chain to make moving arrangements. Normally, your solicitor will have made sure all is in place contractually before exchange takes please. If you are using a mortgage you are advised to have this in place before exchange too. But the period between exchange and completion can be longer, so long as the extended period is agreed to by both parties. Where the contract period is longer than the norm, this is usually referred to as a delayed completion.
With most people it is the equity in your home that will be put towards a deposit to buy a new house. If the equity in your house has increased since you bought your home, you’ll be able to use it as a larger deposit. This will allow you to either secure a lower mortgage amount on your new house or to buy a more expensive home. Having a lower mortgage percentage typically reduces the mortgage rates, as this poses a lower risk to the lender. If you are looking to downsize and your equity is high enough compared to the value of your new house, you may even be able to buy a new home outright. If your equity is significantly large and you downsize in terms of house value and you buy a new house that has a value less than the total equity you release, you’ll have freed up some of your equity into cash.
The cost of becoming an accidental landlord is mounting up. If you’re an accidental landlord, you’ve been attacked on three tax fronts by the Conservative Government changes. The first is the Section 24 Tenant Tax change, which means for the 2020-21 tax year you’ll only receive basic rate tax relief for mortgage interest on your rental property. The second hit to your pocket is the additional 3% Stamp Duty (SDLT) you have to pay on each subsequent property you buy whilst owning your investment property. The final tax-nail in the accidental landlord coffin is the planned changes to Capital Gains Tax (CGT). This final change is to the CGT relief on your principle private residence to Capital Gains Tax when you sell your Principle Private Residence (PPR). If you let a property that was once your PPR, any CGT relief will be lost under these new rules.
Selling a house can be stressful and can take months or much longer to sell if sold in the conventional way. Whereas if you sell to an investor, the process is very quick and you’ll sell your house chain free and estate agent commission free. But there’s a catch, as often times you need to be prepared to accept a below market offer. This is the price to pay for the convenience of a quick sale. But how much will an investor pay for my house you may ask? If you want to sell your house fast and for cash; expect to receive between 25% to 30% below its market value. But there are alternative methods to sell your house where you could achieve market value.
Birddogbot review is for real estate investors looking for a faster way to search out deals and save time. Deal finding in property investing is a real time hungry process. But with Birddogbot software you save time as the software finds the deals for you. This means you spend your time visiting and negotiation the deals instead.