Property Law
Property Sales and Purchases
We understand the stress that can come as part of selling or purchasing a property; we are here to help you from the beginning till the end.
The buyer’s solicitors may ask some further questions in relation to the documentation provided. This is a totally normal part of the transaction, and does not mean that there are any problems or that the buyer is having second thoughts. We will discuss these enquiries with you and provide responses to the buyer’s solicitors.
Should there be any complications in relation to the sale (e.g. any restrictions to comply with, a problem with the title, an amendment required to the lease etc.) we will advise you as to how best to proceed and take all necessary steps to resolve the issue to allow your sale to proceed as smoothly as possible. We will make sure that you are kept informed at all stages.
You may also be purchasing a new property at the same time as selling your existing home. If so, we will then manage the chain to make sure that you can complete both transactions on the same day if this is what you want to do.
Property sales and purchases can take anywhere between 10 and 22 weeks or longer and is dependent on a number of factors such as building surveys and the conveyancing process.
Freehold and Leasehold Properties
When purchasing a property, you will either be doing so on the basis of a ‘freehold’ or a ‘leasehold’ and it is important to know the difference. You will either be doing so on the basis of a ‘freehold’, meaning you own the property outright, or a ‘leasehold’ in which you own the property for a specific amount of time but are officially a ‘tenant’ and a ‘landlord’ owns the freehold.
Buy to Let
Increasingly, Buy-to-Let properties are becoming a popular choice for first time investors as well as experienced landlords due to the steady stream of income they can provide.
Help to Buy
There are a number of different ‘Help to Buy’ schemes available, and we will make sure you get the most out of yours.
Shared Ownership
For those struggling to afford their own home shared ownership schemes can provide a more realistic way to get on the property ladder.
Right to buy
The ‘right to buy’ scheme, entitles longstanding local authority tenants to purchase their homes at considerably discounted prices.
Re-mortgages
Re-mortaging your property means changing the mortgage by moving to a new lender if you want to get a better deal, borrow more money, switch to a buy to let mortgage, or because of a change in circumstances (e.g. divorce). If you don’t have an existing mortgage on your property, re-mortgage can also refer to taking out a mortgage for the first time.
Purchasing a repossessed property
Purchasing a repossessed property can be an attractive option to home-buyers looking for a good deal, but the process is not as straightforward as a traditional purchase
Joint Ownership
If you decide to jointly own a property, you will choose one of two options: beneficial joint tenants, or tenants in common.
Joint tenants are the most common form of joint ownership and means that all parties own the property in equal shares. If one co-owner dies, their share will pass automatically to the other co-owner(s) and when the final co-owner dies their share will be passed to any named beneficiaries in their will or to their next of kin.
As Tenants in Common, you will have totally separate shares in the property. You may choose to have equal shares, but you can choose to own in unequal proportions
Surveys and Searches
If you are looking to buy a property it is important that you seek professional guidance through the process to ensure that all aspects of the transaction are handled effectively.
Equity Release
Equity release refers to a number of products and schemes that allow homeowners over 55 to extract a tax-free lump sum amount by releasing equity tied up in their property.
Transfer of Equity
Transfer of equity refers to the legal process of adding or removing someone from the title deeds of a property (as an owner), we can guide you through the process.
There are many reasons for doing this, including removing an ex-spouse or partner, adding a new spouse or partner, adding a child or sibling, changing the share percentage of co-owners or buying out a co-owner’s share or for tax purposes. It can also be used to assist with estate planning to reduce inheritance tax.
A transfer of equity may include ‘consideration’, which can either be a cash payment or taking on a share of the mortgage, or both.
Transfers of equity need an experienced solicitor to guide you through the process as it is not necessarily as straightforward as it appears. If there is an existing mortgage, you will need to obtain the lender’s consent to the transaction. For this reason, a transfer of equity is commonly linked to a remortgage.
We will also need to deal with any restrictions or consent required depending on what it says on the register of title. Depending on the circumstances of the trustor, stamp duty may also need to be paid.
Voluntary Registration of Ownership
For those who have purchased or inherited land or property a number of years ago, the original title deeds may not be registered with the Land Registry, meaning that there is no official or secure record of them or your ownership
To Find out more please contact us on 01539 565885 or 0800 0223 501 or email to graeme@gdasolicitors.co.uk