Get an Online Conveyancing Quote ..
Jun 16, 2008 Uncategorized
Get your online conveyancing quote here, by filling in the relevant parts of this quick form. We will get back to you with your quote:
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Tags: cheap, Home information pack, onlinwe conveyancing quote
The Stages of UK Conveyancing
Jun 16, 2008 Uncategorized
The stages of UK conveyancing ….
STEP BY STEP GUIDE TO THE LEGAL PROCESS OF BUYING A UK PROPERTY
The legal process of buying your New Home can be broken down into 3 main stages.
Stage 1: BEFORE EXCHANGE OF CONTRACTS
Stage 2: EXCHANGE OF CONTRACTS
Stage 3: COMPLETION
Stage 1: BEFORE EXCHANGE OF CONTRACTS
Seller’s conveyancer
- Asks you to complete information formsSends out the contract to the Buyer’s conveyancer with legal information
- Answers additional enquiries (if any)
- Asks you to sign contract (and usually the Transfer deed) and agree a completion date
Buyer’s conveyancer
Where there is NO Home Information Pack available for the Property:
- Requests your instructions and a sum of money on account of expenses
- Receives the contract, title information, plan and other legal information from Seller’s conveyancer and asks additional enquiries if necessary
- Arranges for local authority and any other relevant searches
- Receives mortgage offer from lender where applicable
- Reports to you on the information gathered and sends contract for signature together with Stamp Duty Land Tax return; requests deposit (or uses deposit from sale, if any), agrees completion date with Seller’s conveyancer and confirms ready to exchange contracts
Where there is a Home information Pack available for the Property:
- Requests your instructions and a sum of money on account of expenses
- Receives the contract and Home Information Pack from Seller’s conveyancer and asks additional enquiries if necessary
- Receives mortgage offer from lender where applicable
- Reports to you on the information gathered and sends contract for signature together with Stamp Duty Land Tax return; requests deposit (or uses deposit from sale, if any), agrees completion date with Seller’s conveyancer and confirms ready to exchange contracts
Stage 2: EXCHANGE OF CONTRACTS
Seller’s conveyancer
- Receives Buyer’s deposit and signed contract from Buyer’s conveyancer
- Obtains redemption (settlement) figure for your mortgage
- Approves Transfer deed and arranges for you to sign it before completion date if not already signed
Buyer’s conveyancer
- Sends signed contract and deposit to seller’s conveyancer
- Prepares transfer deed and mortgage deed and sends them to you to sign
- Carries out final searches
- Prepares final accounts and requests any monies payable by you before the completion date
Stage 3: COMPLETION
Seller’s conveyancer
-Receives balance of sale monies and notifies Seller and estate agent
- Pays off outstanding mortgage if any, and estate agents’ account
- Sends Transfer document to Buyer’s conveyancer
- Sends balance to you or puts towards purchase (if any)
Buyer’s conveyancer
- Sends balance of money to Seller’s conveyancer
- Pays Stamp Duty Land Tax (if applicable)
- Deals with all registration requirements at H.M.Land Registry
- Sends confirmation of registration to you and to your bank or building society (if you have a mortgage)
To request an online conveyancing quote, go here..
Tags: Home information pack, online conveyancing quote, property lawyer, uk conveyancing
UK Conveyancing – Words explained
Jun 16, 2008 Currency News, Uncategorized
Find out what the words mean in UK conveyancing….
Frequently used legal jargon explained in simple terms:
ADDITIONAL ENQUIRIES
These are extra enquiries over and above the standard property information form which a conveyancer deems it absolutely necessary to raise with the seller’s conveyancer.
APPORTIONMENT FOR FIXTURES AND FITTINGS
T his is the allocation of part of the price of a property to the value of contents that are being included in the sale. For example you might agree that of a £200,000 purchase price, £1000 was allocated to carpets and curtains and £199,000 for the house. The purchaser would then only pay Stamp Duty Land Tax on the sum of £199,000. However, please note that it is illegal to apportion more than the correct second-hand value of the goods in this way, and Inland Revenue operate a strict scrutiny over all such arrangements. It is now illegal to make an apportionment for anything classed as a “Fixture” -see below.
BANK TRANSFER FEE
Fee charged for transferring money electronically from one bank to another, usually on completion day.
BUILDMARK WARRANTY
The Buildmark Warranty is a ten year insurance policy which covers you in the event that the property has not been constructed in accordance with NHBC standards
COMPLETION DATE
This is the date when the sale or purchase of a property is finalised and the Buyer obtains the keys and can move in. It is therefore usually the same as the “moving date”.
CONTRACT
The legally binding agreement incorporating all the terms and conditions of the sale of a property made between the Buyer and the Seller.
DISBURSEMENTS
The word used by lawyers for the necessary expenses -such as search fees – to be incurred when buying a property.
EXCHANGE OF CONTRACTS
This is the moment when the contract finally becomes legally binding. The builder will only give a firm completion date at this point if your New Home is already structurally complete. Otherwise see “Completion Date” .
FIXTURES AND FITTINGS
Fixtures are those permanently fixed items that can be regarded as part of the property itself, for example trees and plants, gates, kitchen/bathroom units, built-in cupboards, fireplaces etc. Fittings are essentially portable items that have been attached with a view to easy removal such as curtain rails, carpets, spice racks etc and which do not damage the property if removed. It is important to distinguish between them when making “apportionments” and when deciding what you may or may not remove when selling. A buyer is entitled to assume that no fixtures will be removed unless the contract specifically permits this to be done. Always ask us for advice if you are not sure.
HOME INFORMATION PACK
A Home Information Pack (“HIP”) contains important information that buyers and sellers need to know about a property. The Pack includes an Energy Performance Certificate (EPC), containing advice on how to cut carbon emissions and fuel bills. Also included are documents such as a sale statement, searches and evidence of title. Packs are now required for the sale of four bedroom properties and larger. The seller orders and pays for the HIP at the point where a property is put on the market. It is provided to the Buyer free of charge. Buy your Home Information Pack online here.
LAND CHARGES SEARCH
Search made in Land Charges register to see if any land charge has been registered against a relevant party. Also includes compulsory Bankruptcy search against Borrower on behalf of Lender.
LAND REGISTRY
Central government body which maintains records of the ownership of land.
LAND REGISTRY FEES
Fees payable to Land Registry for registering changes of ownership and other matters affecting land.
LAND REGISTRY SEARCH
This is a final search carried out by the conveyancer at the Land Registry to check that nothing has been altered since the copy deeds were first produced to him e.g. no new mortgages have been registered.
LENDER
Usually Bank or Building Society that grants a loan by way of mortgage for the purpose of buying property.
MORTGAGE
Form of loan that is secured (attached) to your property. This means the property cannot be sold unless the loan is repaid in full. The Lender can also sell the property if the repayments are not made.
NHBC
National House Building Council: the independent regulator and standard setter for the new homes industry
REDEMPTION FIGURE
Final mortgage settlement figure sent to Conveyancer when completion date is known in relation to the SALE of a property.
STAMP DUTY LAND TAX
Tax charged by government when buying a property for £125,001.00 or more. Between £125,001.00 and £250,000.00 you must pay 1% of the whole purchase price. Between £250,001.00 and £500,000.00 you must pay 3% £500,001.00 and above 4%.
SURVEY
Report carried out by qualified surveyor on the physical condition of a property.
TITLE DEEDS
The legal documents that prove the ownership of property or land and contain details of rights and obligations affecting it.
TRANSFER DEED
Document used to transfer property between Seller and Buyer.
Tags: cheap conveyancing, Conveyancing FAQs, Home information pack, solicitor
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