Common delays when buying apartments
Buying an apartment is a stressful process. You find the place of your dreams, make an offer and then wait. But getting your offer accepted is just as big! It often calls for celebration, but you need to know that it’s not all done! Now, you will need to call affordable movers Chicago, start planning your relocation and so much more! However, finding out that there is some delay that’s out of your hand can shake you up! This is why you need to know the most common delays when buying apartments. You can do exactly this in our article!
The management company can create delays when buying apartments
One of the most common problems that you might encounter is caused by a management company. This is usually the case with a leasehold property, which many apartments have. Since it is not a freehold property, there is a lot that goes into a transaction process. Why? Well, basically, you are effectively leasing the property from the freeholder instead of actually owning it. And so, the solicitor will need to get the information from the property’s freeholder or the management company.
This process needs to include checking the costs, like the ground rent or monthly service, as well as the insurance of the building and all accounts for the previous years. The company might need to look even further, and this can cause delays when buying apartments. In order to speed this up, make sure you let your solicitor know that the apartment you are getting is a leasehold home. Tell the freeholder or the management company that they need to give their information in advance. Only then can you start looking for moving companies in Northbrook, IL and plan your Northbrook move into the apartment without any problems!
Make sure the seller knows where your deposit is coming from
A big mistake that you can make, which can cause delays when buying apartments, is that you do not state where your deposit comes from to the mortgage lender. No matter how much money they are giving you, whether it is a 10% or a 60% lease, they will want to know this. What many people do wrong is to get money as a gift – for example, from parents – and do not declare it to their solicitor, so that they can inform the bank or building society.
Usually, the source of this money will have to sign a confirmation that you will not need to repay them. What’s more, you will always want to give your solicitor clear, and of course – accurate, information pertaining your deposit. This way, you will make buying an apartment easy and efficient. Of course, communicate with the gifting party as well – they might need to provide their ID!