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Having your offer accepted on a home is an achievement worth celebrating; but the hard work isn’t over yet. In fact, it’s just begun. As soon as a home is sold, it will be listed as ‘SSTC’, so let’s take a look at what this means and what comes next.
What does SSTC stand for?
‘SSTC’ means that the home has been ‘sold subject to contract’. The seller has accepted the offer, but the agreement is not yet legally binding. While a home is listed as SSTC, the buyer and seller are in the conveyancing process and this label will remain unchanged until the deal becomes legally binding. Until the point of exchange of contracts, both the seller and buyer can pull out of the sale without any legal repercussions.
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As you will be aware, the renters right bill was published on Wednesday giving details of a new tenancy regime in England. It covers a wide range of issues that are prevalent to the rental sector with the main headlines being:
The removal of fixed term tenancy agreements – this will entail all new tenancies being a periodic tenancy with tenants able to stay in their home until they decide to end the tenancy by giving 2 months’ notice.
The removal of no-fault evictions (section 21 notice) - this will remove the ability for a landlord to simply evict a tenant without good reason and give tenants more security of being evicted from their home.
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If you have decided that apartment living is your ideal choice then join us this Saturday, 3rd August for an OPEN DAY at Castle Lodge on Castle Road in Sandal.
Visit between 10am - 12.30pm to explore the remaining apartments for sale and experience the high specifications and the spacious design for yourself.
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Mortgage rates are starting to fall as competition among lenders heats up ahead of the Bank of England's upcoming rate decision. According to a survey carried out among economists, they predict that the first interest rate cut in more than four years will take place next week.
The Impact of Intense Competition
The decrease in mortgage rates is primarily driven by intense competition among lenders. As banks and building societies vie for a greater share of the market, they are offering more attractive deals to entice borrowers. This competitive environment is beneficial for potential homebuyers and those looking to remortgage, as it provides a broader range of options and the possibility of securing lower interest rates.
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Since April, some of our team here at Richard Kendall have been hitting the local pavements, lacing up their running trainers whenever possible, rain or shine, to prepare for this year's Great North Run.
Here at Richard Kendall Estate Agent, we have teamed up with MY Hospitals Charity and on September 8th we will be participating in the Great North Run. Claire Kendall and Simon Kendall will be joined by Suzanne Jordan, Shireen Smith, Leah Appleton, Jason Smith, Kati Topliss, Lennie Standley, Kate Thickett, Sarah Kirby, Sarah Kendall, Lukas Asquith, Donna Leeson, Charles Boswell, Andrew Leeson, Alice Duckett, Melissa Lambert, Josh Redshaw, and Jess Marney.
