Buying and selling your home is likely to be the largest financial transaction you make. We have a specialist conveyancing team who are able to assist you throughout the transaction. This short guide answers questions which we are frequently asked by clients
It is the legal process of transferring ownership or certain rights in property from one person to another. We ensure that you get what you have agreed to buy.
In 2007 the conveyancing process with regard to residential property underwent a fundamental change. Before the change it fell to the prospective purchaser to take the initiative in finding out important details about the property including establishing proof of present ownership, establishing which fixtures and fittings were included in the transaction, finding out about any development plans for the immediate area from the local authority and certain other matters.
Now it has become the legal responsibility of the seller to establish the facts about such matters. The seller of any residential property now has to provide a Home Information Pack (HIP) before the property is put on the market.
The pack must be produced before the property is put onto the market and must include all of the following information:
In addition, for leasehold properties the packs will include:
The HIP must be produced at the seller's cost.
We carry out a number of investigations with the Local Authority. We are trying to establish if there are any matters which you ought to know about that might affect your decision to purchase. For example the obvious matters which would be disclosed are road schemes which may affect your decision to purchase.
This is a required constituent part of a HIP. The certificate is produced by an accredited Energy Assessor who will visit the home to collect the relevant data and produce the certificate. This data includes the date of construction and location of the home and relevant fittings (heating systems, insulation of walls and lofts, double glazing etc.).
This is the stage where replies to all enquiries and searches are to hand and both Buyer and Seller have signed their Contracts and are ready to be legally bound by the Contract. The signed parts are then literally exchanged between solicitors. After exchange neither Buyer nor Seller can withdraw or alter the terms of the Contract without suffering financial loss.
The Contract will normally provide for 10% of the purchase price to be paid as a deposit when Contracts are exchanged (although this figure is negotiable). The deposit will usually be requested when you sign the purchase Contract. However, if you are buying and selling we will normally exchange contracts on both transactions simultaneously and provision will have been made that your Buyers deposit can be put towards the deposit you will pay on your purchase. It is by co-ordinating both transactions that you can move from your existing property into your new property on the same day.
The keys to the property you are purchasing will not usually be available to you until the purchase monies have been received by the Seller's solicitors. This is the stage at which completion takes place and the keys will be released to you, usually by collection from the Estate Agents.
There are several matters which have to be dealt with after completion such as arranging for the completed Property Tax Return to be sent to the Inland Revenue with the Stamp Duty payable. This form is your responsibility to complete but we shall supply the appropriate form to you. The certificate evidencing the payment of duty will then be submitted to the Land Registry for registration of the title into your name.
As there have been recent changes in Land Registry procedures and because the storage of records in electronic format has become the norm rather than the exception the Land Registry no longer issues formal Land Certificates (or title deeds). Evidence of Title to your property will therefore be stored on the Land Registry computer system, not given to you in hard copy format.
It is impossible to be specific as no two transactions are identical. On average it is likely to take 8 to 10 weeks providing all parties to the transaction organise their finances speedily. One of the stated reasons for the introduction of HIPs was to reduce the time taken to complete the transaction but only time will tell if this actually happens.
We are sensitive to clients needs and do our utmost to meet your time scales providing it does not compromise the quality of work and your requirements can be agreed with all parties in the chain.
There is no set scale of fees and the amount of the fee is linked to the degree of service that you get and the nature and complexity of the transaction. However we shall discuss fees with you before we commence any work and confirm this to you in writing. In addition to our charges all solicitors are obliged to collect "disbursements".
If you would like an estimate of our costs, please use our online Conveyancing Calculator.
Disbursements are those additional expenses for which you will need to budget. These are statutory charges and are the same whichever firm you use. They do not form part of our costs. They include amongst other things Stamp Duty Land Tax (SDLT), Land Registry fees, Local Authority Search fees (which do vary between authorities) and any other Search fees incurred.
In certain parts of the country (Including some parts of north Devon) which are deemed to be 'disadvantaged' the threshold for the payment of SDLT is increased from the standard level of £125,000 to £150,000. This means that a purchase of residential property up to the value of £150,000 will escape SDLT altogether in qualifying areas. We can advise on which are qualifying areas or you can search yourself by following this link.
Please contact Tony Coxon if you are thinking of buying or selling. It saves valuable time to instruct us early and we can arrange for your HIP to be produced.