Getting advice
Buying or selling a home is always an exciting if not daunting prospect, but without the help of a solicitor it can also be a legal minefield. We are qualified in all areas of property law and are here to help you avoid potential problems and to protect your interests at every step, from making or accepting an offer to getting the keys to the door.
This is a guide to the services you can expect from us when buying or selling your home.
Costs
We will give you a quote for our services. Please use the Quote Calculator part of this website.
For the purposes of the quote we have to make certain assumptions as we are not completely aware of the details of the transaction and of course will not be in such a position until we have received the contract for your purchase and/or your own title deeds if you are selling.
The assumption is that the title is straightforward and there are no matters which need to be rectified in order to deduce good title to the buyer/seller (as appropriate). It also assumes you are dealing with registered property under one title number, that is, property whose title is registered at HM Land Registry. The majority of our transactions are of this type. If the property is not registered then we will advise the cost of completing the work after we receive the deeds/contract as appropriate.
What we will need from you
We will require:
- some personal identification, being a passport or other suitable means of ID for all buyers/sellers and a utility bill or bank statement identifying you at the same address:
- the price of the property:
- any factors that may influence the exact time you want to buy/sell the property (for example: to coincide with school holidays); and
- how you are planning to pay for the property.
We will also need to know if you are buying whether:
- you have applied for a mortgage;
- you plan to carry out work on the property;
- you are buying with someone else;
- the seller is buying another property; and
- you have a property to sell.
Contacting the other part’s solicitor
We will then contact the seller’s solicitor, who will in turn supply us with a draft contract and a copy of the title deeds to the property. With these will be detailed information concerning the seller’s use and occupation of the property together with a form listing all the fittings and contents which will be included when you buy the property. You will need to check these documents carefully and let us know whether there is any difference between what the seller is saying through his solicitor and what you have been told or led to believe through discussions with the seller and the agent.
When selling we prepare the contract on your instructions and send it together with the same information as above to the buyer’s solicitor.
Purchases only
Searches
We will make various searches, including enquiries with the local authority. These can help to reveal any planning issues affecting the property, such as road improvements and details of any planning permission granted on the property but not necessarily on adjoining or nearby properties. We may also carry out flooding, mining and contaminated-land searches if necessary. If any of these searches show matters of concern, we will let you know.
In addition we can carry out a variety of searches concerning matters such as planning or developments within the vicinity, environmental searches giving details of the history of the area and any contamination which may exist in or around the property (very important in areas of development of former “brownfield sites” or inner city areas). The reason for this is that as the property owner you are now liable for all contamination within the property of any kind whether you caused it or not. This can materially affect the value of a property if it exists.
We will advise whether any other searches are necessary when we know where the property is situated, for example, in a mining area, near to a river or near to industrial areas.
Leasehold properties
If the property is leasehold (particularly common when buying a flat), there will be detailed lease terms and conditions. We will need to check these carefully and will also make additional enquiries with the seller’s solicitor or the managing agents of the property about what service charges and management costs you will have to pay. There are usually more parties to deal with and the documentation is more complex on leasehold transactions so the result is we have to spend more time and this is reflected in our charges.
Survey advice
If you are applying for a mortgage, your mortgage lender will need an independent valuation of the property. Usually they will appoint their own surveyor to do this, but you will have to pay for it. Remember that this is a valuation and not a survey. We strongly advise that youobtain your own survey report (usually the same person as the lender’s valuer) to carry out a survey on the property as it is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey reveals that building work is needed, you should tell us as this may allow you to renegotiate the price. If you buy the property and later discover defects that would have been revealed in a survey that may materially affect your right to recover damages from the seller.
Mortgage deed and terms
Your mortgage lender will also need a mortgage deed. You should read the mortgage deed, offer letter and mortgage conditions very carefully. We do not offer any advice on the suitability of the mortgage product for your purposes. You should discuss any queries you have relating to the type of mortgage with your mortgage advisor.
Both Sales and Purchases
Signing the contract
We will report to you on all the investigations made for you so far. We will finalise the terms and you then need to sign the contract and when buying provide the deposit money – usually between 5% and 10% of the purchase price. If you are selling at the same time we will pass the deposit on your sale to your related sellers.
Exchanging contracts
This is the crucial moment of the agreement between you and the seller/buyer.
We exchange contracts so that both parties have identical contracts and there is no doubt about the agreed terms. This legally binds both parties to the transaction. We agree a date for completion which is the date the money changes hands and you obtain the keys to your new home. The idea is to be able to exchange contracts a week or two before completion so that all the parties (and there may be more than two!) have time to arrange removals and get time off work etc.
If you want to withdraw from buying the property after this stage, you will have to pay financial penalties.
Final balance
Between exchanging contracts and completion, we will obtain the mortgage money from your lender and the rest of the money from you. This will include costs, VAT, Land Registry fees and stamp duty (if any). At this stage we will carry out final searches and make arrangements with the seller’s solicitor for paying off any existing mortgages on the property. We will also prepare the transfer deed and send it to the seller’s solicitor for signing.
When selling we will deal with all the financial aspects for you including paying off any existing mortgagee (lender) and your estate agents.
Completion
This is the final stage in the conveyancing process when we hand over the money to the seller and the keys are released to you. We will pay any stamp duty and Land Registry fees on your behalf and register your ownership at the Land Registry. This registers the interest of your mortgage lender and records you as the new legal owner of the property.
The above is only a very brief outline of the main parts of any property transaction whether sale or purchase. In many cases there is a “chain” of related sales and purchases and the co-ordination of all the steps requires expert advice and assistance. We are here to help you deal with the legal and financial steps. We have many years of experience of dealing with property transactions of this type and know that we can help you.
Related legal matters
Buying a property may introduce other related legal matters. For example:
- if you are buying a home with someone you are not married to, you may need to enter into a “deed of trust” to set out what share of the property each person owns;
- if you do not have a will, you should consider making one; and
- if you do have a will, you may need to update it.
In all cases we can offer you legal advice as part of a complete professional service.
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