Residential Property Law
At Bank Solicitors our highly experienced team of residential conveyancing solicitors are here to ensure that your property transaction runs as quickly and as smoothly as possible.
Buying or selling a property can be a daunting experience for anyone. Our experienced conveyancing solicitors take on the burden for you and lead you through the minefield of requirements and obligations associated with any purchase or sale.
Our residential conveyancing team employs a comprehensive and sophisticated case management system, which ensures your transaction is conducted as quickly and efficiently as possible.
We provide you with a complete quote for the work that we will undertake on your behalf, including standard searches and disbursements that will be incurred on your behalf. The quote that you will be provided is the total cost of your transaction, we believe in complete transparency for the work undertaken on your behalf.
More information can be found on our fees page: Fees — Bank Solicitors
So if you are buying or selling a property, need advice on shared ownership, or require us to draft or negotiate a lease on your behalf, our residential conveyancing solicitors are here to help in all the following popular areas:
Sale of Property
Selling a property can be a complicated business. A variety of legal obligations must be met before ownership of a property can transfer. Our conveyancing solicitors ensure you meet all these obligations and provide the right information in response to any queries from the buyers or the searches they conduct. We are also always happy to help you coordinate a simultaneous sale and purchase.
Purchase of Property
Buying a property involves a number of legal and procedural steps. These can include investigating the property’s title, conducting searches, preparing documents, writing and exchanging contracts, payment of Stamp Duty Land Tax, and registration at the Land Registry. All our residential conveyancing solicitors hold extensive experience at guiding purchasers through the purchase process meaning you can complete the transaction as smoothly and expeditiously as possible.
Re-mortgaging
Changing the mortgage on your property by moving to a new lender is called remortgaging. You may wish to do this as a result of divorce or the death of your co-mortgagee, to find a better financial deal, or to release additional funds. Whatever the reason, our conveyancing solicitors help you through the process and ensure it is conducted quickly and efficiently.
Transfer of Equity
Changing the co-ownership status of your property necessitates completing a Transfer of Equity deed. There are several reasons why someone might want to do this. They include adding a spouse following a marriage, removing an ex-spouse after a divorce, and reducing inheritance tax liability. Before completing the deed on your behalf, our team of expert conveyancing solicitors will advise on your particular situation and, in particular, on the effect any mortgages or other restrictions on the property may have on the process.
In relation to disbursements
Disbursement means paying out money.
On the sale of a property, this is limited to the cost of obtaining copy title documents from the land registry, usually less than £10.
The cost of obtaining copy documents and other documents, for example, copy planning documents are usually less than £20.
Our figures above will either include VAT or in some cases not VAT is applicable. You will be provided with information regarding VAT and if it is payable.
Determining costs and factors to include:
The price and complexity of the property.
The time spent working on the matter.
The no. of titles included within the property
The difference between it being a freehold or leasehold.
The speed and urgency of the matter.
The seniority of the team member allocated to the matter.
Arrange your free consultation to see for yourself why our solicitors are a cut above the rest. Tel: 01527 892949
FAQs - Residential Property:
How long will my sale or purchase transaction take?
Typically, these transactions usually take between 8 and 12 weeks. However, certain things can impact timescales, such as:
Is there a chain?
Is the property a new build?
Is the buyer using the Help to Buy scheme or funds from a Lifetime ISA?
Is the property freehold or leasehold?
Are there any issues with the searches or survey that need further investigation or negotiation?
We will discuss timeframes with you, so you can anticipate how long your transaction is likely to take. If we do encounter any challenges which might delay the transaction, we will keep you informed and take prompt action to ensure things run smoothly.
How much deposit do I need to pay in order to exchange contracts?
Usually 10% of the purchase price. For example, if you are buying for £250,000, then the deposit required will be £25,000.
How does the conveyancing process work?
There are 3 main stages to the conveyancing process:
Offer and acceptance
Exchange of contracts
Completion
Offer and Acceptance
A buyer makes an offer on a property which is then accepted by the seller. The transaction is not legally binding at this point, so either party can back out without incurring any penalties or fees (other than their own costs). At this point, the transaction is referred to as being “subject to contract”, which means the buyer and seller are planning to enter into a legal contract.
Between the offer/acceptance stage and exchange of contracts, the buyer and their solicitor will conduct investigations into the property to make sure it is suitable and the purchase price offered reflects its true value. These investigations include:
Carrying out searches, such as local authority searches, Land Registry searches and water and drainage searches.
Asking the seller about certain aspects of the property, such as access, the fixtures and fittings, and what is included in the purchase price
Conducting a survey (separate to the mortgage lender’s own valuation) to check the structure, condition and quality of the building are all sound
If the buyer needs a mortgage, they will need to start preparing their finances at this point. The seller will complete standard questionnaires about the property and its fixtures and fittings for the buyer to rely on during their investigations.
Exchange
Once the buyer and their solicitor are satified with the outcome of their investigations and searches, they will be ready to exchange contracts with the seller. Once contracts have been exchanged and the deposit paid, the transaction becomes legally binding and neither party can back out without incurring hefty penalties.
The buyer should arrange their buildings insurance around this time.
Completion
Completion is when ownership of the property transfers to the new owners
The buyer’s solicitor will transfer the remainder of the purchase price to the seller, submit the relevant transfer forms to the Land Registry, and arrange for payment of Stamp Duty Land Tax. The seller’s solicitor will ensure the seller’s mortgage is paid off. The seller’s estate agent will be responsible for releasing the keys to the property to the buyer.
When is the payment for Stamp Duty fees etc required?
For purchases, we typically require the deposit monies to be transferred to us prior to exchange of contracts. The remaining costs, including our fees, third party fees and Stamp Duty, is required prior to completion.
In a sale, the fees are taken from the sale proceeds on completion.
