Guide to selling and buying a residential property

Guide to buying and selling with Angels Solicitors conveyancing


ONCE THE SALE IS AGREED
The Seller
• Ensure that the Estate Agent has keys so that the buyer’s surveyor can gain access.
• Enquire about the availability of removers or van hire but do not yet book anything.


The Buyer
• The Survey – Your lender will arrange for a survey to be carried out. However. They are primarily concerned with ensuring the money being advanced is secure. They are not therefore concerned with what they may consider minor repairs. Any repairs required to the property could be expensive and you will have no claim against your seller for anything discovered after contracts are exchanged. If you wish to be aware of them you should either:
• Instruct your own surveyor, who will prepare ‘structural report’ to
highlight these points for you; or
• Undertake a fuller and closer inspection yourself, looking at areas such
as possible damp, roofing, decoration, the exterior etc.
• Local Search – This search discloses certain matters, which may affect the property, such as planning proposals, tree preservation, smoke control orders, consent for planning (but only on your property). If there has been any obvious extensions or alterations to the property you should inform your Solicitor. The search will not cover everything. It does not, for instance, at present cover possible contamination problems and therefore an environmental report also needs to be obtained at additional cost.
• Neighbouring land – This will not be covered by the local search. You should therefore make your own enquiries to the local authority about matters such as planning proposals.
• Contract Extras – If you agree with the seller any extra purchases of items such as carpets, furniture etc ensure that you advise your Solicitor so that such items are included in the contract.
• Mortgage – You should have a detailed written offer of mortgage before you exchange contracts and should apply for it as soon as you decide on the property you are buying.
• Building Insurance – The property must be insured, usually with effect from completion but sometimes on exchange. Your lender may do this for you. If you are arranging insurance, you should ask the insurer or broker to provide your Solicitor with full details before exchange.
• Life Assurance – In order to protect your dependants, you should consider covering the possibility that you may not survive until the end of the mortgage term. We can recommend a financial adviser.
• Deposit – You will usually have to find 10% of the price, by way of deposit payable on exchange of contracts. 5% may be acceptable if you are obtaining a 95% mortgage. If you are also selling, it may be possible to use the deposit paid by your buyer.


ONCE CONTRACTS ARE EXCHANGED
The Seller
• Completion Date – This is the date upon which you must vacate your property, as the buyer will then own it. You will also receive the balance of the money owed to you, if any.
• Standing Orders – Consider cancelling standing orders for council tax, gas, electricity, water charges, building and other insurance, milk, newspapers and (where appropriate) ask for statements of account.
• Keys – Leave them with the Estate Agents or make arrangements directly with your buyer.

Both Parties
• Removals – Removers should be booked or a van hired.
• Gas Appliances – Connections and/or disconnection should be arranged.
• Telephone – Lines should not be disconnected if the buyer wishes to keep the seller’s telephone number.
• Notifications – You should notify banks, building societies, credit card companies, insurance companies, and your doctor and dentist of your move.


The Buyer
• Completion Date – You are entitled to take possession of the property on this date. The balance of the money owed is paid and your Solicitor receives the title deeds.
• Landlord – If you are in rented accommodation notify your landlord that you are moving (giving the appropriate amount of notice) and arrange to settle all outstanding rent and other payments.
• Keys – Make sure you know how to obtain them on the completion date.


AT COMPLETION
The Seller
• Post Office – They can provide a mailing re-direction service and also a telephone intercept/transfer facility.
• Gas/Electric/Water/Telephone – You should contact these service providers before moving out to obtain final readings and advise of change of ownership.


The Buyer
• Gas/Electric/Water/Telephone – You should contact these service providers before moving in to ensure that they have your details and are aware of your moving in date so that all supplies are available for use.
• Buildings and Contents Insurance – You should ensure that you have buildings insurance on your property and contents cover from the completion date.
• Car Insurance – A factor that is considered in your car insurance is the area where you live. Moving house may affect the premium payable, so you should notify your insurance company.
• Locks – It is advisable to change the locks in your new property. You should also check that there is adequate security at the property and if not you should take measures to improve security.


Contact Angels Solicitors at www.angelssolicitors.co.uk or info@angelssolicitors.co.uk for a quote to get moving as soon as possible

What Costs Should Be in a Conveyancing Quote

What Costs Should Be in a Conveyancing Quote

Conveyancing quote cost breakdown when selling a property:

The Solicitor's Basic Fee (£300 - £1,200) + VAT. If you're selling a leasehold property you can expect to pay an extra £50 - £250 because it makes more work for the conveyancer. A company that provides transparent conveyancing quotes will ask you and adjust the quote accordingly.

Land Registry Office Copies (£4 - £8) These are needed to confirm you as the registered titleholder.

Telegraphic Transfer Fee (£20 - £30) + VAT This charge only applies if you have a mortgage to redeem.

Conveyancing quote cost breakdown when buying a property:

The Solicitor's Basic Fee (£300 - £1,200) + VAT If you are buying a leasehold property you can expect to pay an extra £50-£250 because it makes much more work for the conveyancer.

Land Registry Office Copies (£4 - £8) These form part of the pre-completion searches (sometimes called "Priority Searches"). Just before completion, your conveyancing solicitor needs to check that the vendor is still the registered owner of the property you're buying.

Bankruptcy Search (£2 - £4)These also form part of the pre-completion searches. If you're buying with a mortgage, your lender will want confirmation that you haven't recently gone bankrupt.

Local Authority Searches (£100 - £200)

The costs of these vary from Borough to Borough. A good conveyancing quote will get you specify the Borough and give you an exact figure.

Most conveyancing quotes don't do this. They just give you an approximate figure. Look for conveyancing quotes that ask you to provide the postcode of the property you're buying - these are usually more accurate.

Drainage Search (£30 - £40) + VAT This is to check the property has connection to fresh and foul water sewers. The cost does vary a little between water companies.

Chancel Repair Liability Search (£10) + VAT This is to check whether you are liable to pay a contribution to the upkeep of the local parish church.

Environmental Search (£30 - £35) + VAT Checks for evidence of contamination on (and round) the land you're buying. If contamination is found, you could end-up liable for the clean-up costs, even if you didn't cause the contamination. A lot of conveyancing quotes are vague as to whether this is included so check with your conveyancing solicitor before you commit to using them.

Location Specific Local Searches (£40 - £250) + VAT Checks for coal mining, limestone mining, Cheshire bring, China clay mining and tin mining may be required. It's difficult to anticipate these at the time you get you online conveyancing quote so don't expect them to be included. Do however check with your conveyancing firm as soon as possible. As a rough rule of thumb, each additional search should cost no more than £45 - £70.

Land Registration Fee (£40 - £700)This cost depends on the price of the property you're buying. There is a set fee scale and any good conveyancing quote should work this out for you.

Telegraphic Transfer Fee (£20 - £40) + VAT This is a fee charged by your bank. It's to cover the cost of them sending your money to the vendor's conveyancing solicitor.

Stamp Duty Land Tax (% of the property's value) This is the Inland Revenue's slice of the cake. The current tax rates are based on the property price. Your conveyancing quote should automatically workout how much tax you'll have to pay. Some cheeky quotes don't include the stamp duty (and as such can look phenomenally cheap). You will be paying tax, come what may, so make sure you take it in to account.

Hidden Extras in Your Conveyancing Quote

Hidden extras can pop-up under disbursements or worse, in the small print so read you conveyancing quote carefully to avoid any nasty surprises. Thing to lookout for include:

PI Contribution (£30 - £50) + VAT "PI" stands for "Professional Indemnity" and it's a particularly odious little charge. Basically the firm is trying it on and it should already be included as part of the conveyancing solicitor's basic fee! Don't use a firm that tries this trick with you. It's an overhead of their business and they have no right asking you to make a contribution.

Postage, Photocopying & Phone Calls (£5 - £50) + VAT Again, these are overheads of business and have no place in your conveyancing quote. International phone calls & postage maybe, but only if they are fully itemised!?

Conveyancing Quotes - A Final Word

As we've seen, getting conveyancing quotes can be a slippery business. Always check the small print and always calculate the real total price when comparing one quote against another. Often what at first looks like a cheap conveyancing quote can end-up being much more expensive.

Obtain a conveynacing quote from Angels Solicitors for free here http://www.angelssolicitors.com

All our quotes include a full breakdown of costs

Staycation homes-legal minefields warns Angels Solicitors

“Staycation” second homes can be legal minefields, warns Angels Solicitors, conveyancing solicitors in Huyton and Prescot Liverpool

 Angels Solicitors in Huyton and Prescot Liverpool says the popularity of second homes in the UK, which are often used as holiday homes, could expose owners to a “minefield” of risks.

The popularity of "staycations" - staying in the UK rather than travelling overseas for a holiday - has seen more second homes being used by "staycationers."

Statistics from the English Housing Survey: Household Report 2009-10 shows that there are 279,000 second homes in England, but Angels Solicitors, which holds the Law Society's excellence in home buying accolade - the Conveyancing Quality Scheme (CQS), is warning that owners are not always aware of the potential problems of owning a second home.

 Sarah Humphrey, Principal conveyancing solicitor says: “Second homes are often unoccupied for long periods of time. However, they could become targets for squatters, or there could be legal considerations to take into account when renting them out for short periods to holiday makers, and there are often insurance issues to take into account, not to mention the types of issues that come with buying any home, such as any legal anomalies or liabilities attached to the property.

"There are also tax implications for second home owners that need to be considered.

 “It is essential that anyone buying a second home contacts a CQS accredited solicitor such as Angels Solicitors to look at the potential risks and benefits of buying.

 "Equally, anyone who already owns a second home for their own holiday purposes, but plans to let it be used by family members or others for extended periods could be changing its status as a holiday home without realising.

"During off seasons second home owners might look to rent out the property for long periods of time and suddenly you have a landlord and tenant relationship which carries with it a host of additional obligations and liabilities.”

Angels Solicitors underwent a rigorous application and assessment by the national Law Society to become part of CQS initiative, which recognises high quality in residential conveyancing. CQS has the support of the Council of Mortgage Lenders, the Building Societies Association, Legal Ombudsman and the Association of British Insurers.

Angels Solicitors
17 Tarbock Road
Huyton
Liverpool L36 5XN
www.angelssolicitors.com
 

T: 0151 480 6636

F: 0782 110 5548

Angels Solicitors are specialists in conveyancing law