Moving House
Moving house has become one of life's most stressful and complicated events. You may be selling, buying, leasing or taking out a mortgage - or any combination of these at the same time. We will ensure that the process is managed efficiently and that the legal aspects of the transaction are carried out so that your rights and privileges are protected.
The legal process of buying and selling a property
This is known as conveyancing. Our comprehensive service to you includes:
- advice on the legal implications of any mortgage or loan secured on the property;
- checking on planning and other matters with the Local Authority;
- checking the legal title to the property;
- advice on the terms of any lease;
- guidance on surveys;
- any necessary negotiation with other parties to the transaction;
- drawing up and approving the contracts;
- seeing the legal process through to completion.
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Mortgage matters
A mortgage is a loan secured on a property; this means that should you fail to pay your mortgage repayments the lender (usually a building society or bank) has the right to recover the money you owe them by forcing the sale of your property.
If you are looking to change lenders or to obtain an additional loan to fund the building of an extension or essential property repairs, ask about:
- getting your property surveyed;
- mortgage protection;
- guarantee insurance;
- indemnity insurance;
- arrangement or administration fees;
- interest payments;
- interest penalties for early repayment;
- interest rates and the calculation of the annual rate (APR);
- buildings insurance premiums.
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Our commitment
We can, of course, advise you on all of these matters. We aim to make the process of moving or taking out a new mortgage easier by:
- managing the legal aspects of your transaction as effectively as possible;
- explaining the process clearly;
- giving clear estimates or costs and our charges;
- advising on the implications and risks involved;
- ensuring that matters are dealt with quickly and efficiently.
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Frequently Asked Questions
1. Do I really need a solicitor?
Given the value of the transaction most people want peace of mind knowing that all the legal formalities have been done properly. We are used to dealing with conveyancing matters on a day to day basis are in a much stronger position to identify and overcome any obstacles should they arise.
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2. What is exchanging contracts?
The usual procedure is for the solicitor representing the seller of the property to draft a contract which will be sent to the solicitor representing the buyer. Likewise if you are buying and selling property at the same time the seller's solicitor will also receive a contract from the solicitor representing your seller. The contracts are documents setting down exactly what the people involved have agreed. Clearly from the client's viewpoint the most important parts to check are things such as the price, and any additional fixtures or fitting such as, wardrobes, curtains and carpets etc. From a legal viewpoint the solicitor needs to ensure that the title to the land is guaranteed and that there can be no dispute as to ownership. After both the seller and the buyer have signed their own contracts they will then be literally exchanged between the various solicitors. This is what the exchange of contracts refers to, and it is of particular legal significance as the agreement after exchange becomes totally legally binding and neither party can back out without suffering loss.
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3. Why do you need to carry out enquiries, searches and surveys?
A solicitor needs to check up on almost every conceivable aspect of the property involved. There will be questions about rights of way, disputes with neighbours, problems over boundaries, any extensions that have been built or drainage problems etc. Depending on the replies your solicitor will advise you either to continue with the transaction or hold off until further information has been received. A solicitor will also carry out investigations with the local authority, known as a local search, to find out whether there are any matters (such as a proposed new motorway route) which you ought to know about that might affect your decision to proceed with the transaction.
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4. When do I have to pay the deposit on the property that I am buying?
When contracts are exchanged. If you are selling as well as buying then your solicitor will attempt to exchange on both transactions at the same time so that the deposit taken from your buyer can be put towards the deposit on the property that you are buying. Traditionally 10% of the purchase price of the property is payable, but it can be less.
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5. When do I get the keys?
Once ownership of the property has passed to you. This will normally not take place until you have paid the purchase price. This part of the transaction is known as completion.
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6. How long does the whole process take?
It is impossible to be specific about this as no two transactions are exactly alike. On average however it is likely to take between six to ten weeks.
The factors which may affect the length of time include how quickly the various parties can arrange their finances and the time taken to carry out enquiries, searches and surveys. Obviously if there is a chain involved where there are many buyers and sellers all dependent on each other this too can add to the length of time involved.
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7. How much is it likely to cost?
There is no set scale of fees and the size of fee is obviously linked to the degree of service that you get. We will agree the fee or the basis of calculating it at the outset of the transaction so that you can budget accordingly.
These are additional sums which include stamp duty land tax (a tax levied by the government on property purchases), Land Registry fees and local and other search fees.
For further details, please contact Janice Smith on +44 (0)121 212 7415 or email janice.smith@anthonycollins.com
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