Below you will find a more detailed breakdown of the
ways in which our Residential Property team is able to
assist when buying or selling a property:
residential property sales and
purchases
We can provide high quality assistance to you
when you are buying and selling your property, whether you are a
first time buyer or an experienced property owner. Our team
of lawyers can guide you through the process and offer you support
every step of the way, irrespective of the type of transaction.
- Freehold and leasehold - our team has
experience with freehold and leasehold properties whether
registered or unregistered. We will advise you on the procedures
and documentation and will give you regular progress reports
through the transaction. When purchasing a property we find it
valuable to meet with our clients to go through the documentation
but we will also supply you with a high quality written report
containing the documentation for future reference.
- Buying property at auction - the process of
buying a property at auction differs from the typical buying
process as if you are successful in your bid at auction you are
legally bound to purchase the property. It is therefore
important that you obtain an auction pack from the auctioneers
before the auction which we will consider for you.
- Shared ownership/shared equity - we have
specialist members of the team with experience in acting for both
individuals and Housing Associations in this area. We will liaise
with the Housing Association or their solicitors to ensure the
correct procedures are followed and advise you on the
requirements.
information sheets
Please see the following information
sheets for some further guidance on some general points arising
from the purchase or sale of a residential property:
- How long does
it take?
Buying a home can be a lengthy process and you should be aware of
potential causes of delay. If a chain of transactions is not
involved (ie your buyer does not have a dependent sale, and your
seller is not linking in the purchase of another property) it
takes, on average, about four to five weeks to get to the exchange
of contracts stage.
- Do I need
a survey?
It is a general rule when you buy a property that any problems with
that property after you buy will be your problems! It is up to you
to satisfy yourself about the structure and condition of the
property before you buy. It is unlikely that you will have a
comeback against the seller if there are problems.
- Deposits
When agreeing to buy a house or other property it is customary to
pay a deposit on exchange of contracts. The deposit is
traditionally 10% of the purchase price, but this is often open to
negotiation and quite often nowadays the deposit is 5% of the
price.
- Release of
keys
Where an empty property is being sold the buyer will often enquire
whether he might be allowed to have a key so as to gain access
prior to completion. This may arise for a variety of reasons,
either because he wishes to carry out repairs, alterations or
painting; to move some of his furniture in or just to clean prior
to moving in.
- Identity
procedures – government regulations mean you must prove who
you are
The UK is a major international financial and legal centre with a
high reputation for honesty and integrity. Unfortunately that is
why professional and financial businesses like banks and solicitors
firms are attractive to money launders – criminals who sometimes
try and hide stolen money by turning it into legitimate
income.
-
Arranging your own buildings insurance cover
Nearly all lenders instruct solicitors
to follow the requirements and provisions of the Council of
Mortgage Lenders (CML) handbook when dealing with the completion of
mortgage advances. These written instructions fall into two
separate parts; part 1 sets out general requirements common to all
lenders, whilst part 2 sets out each individual lender’s own
particular requirements.
Visit our guides and information sheets
webpage to view/download copies of other information sheets that
might be helpful to you when selling or purchasing your
property.
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buying a residential property together
If two or more people buy a property together
they can do so as joint tenants or tenants in common. We can
advise you on the implications of both.
See our
information sheet, Buying together, for further
information.
We would also strongly recommend that you also
think about the tax planning and inheritance implications of buying a
property. For more information or advice, you can contact
our Wills, Probate and Tax team.
If, having taken further advice, you decide
you would like to hold your property as tenants in common, you may
decide to record your interests in a Declaration of Trust. We
can prepare this for you. The Declaration of Trust will set
out the interests of all of the owners to ensure your intensions
are recorded.
If you are going to be moving in with a
partner, there can be serious financial consequences if
the relationship breaks down. Remember, there is no such thing
as "common-law" husband and wife. A cohabitation or living together
agreement is one way which can help protect your position -
our Family team will be able to give you
more information and advice.
See our
information sheet, Living together agreements, for further
information.
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