Help and Advice
Let’s get to The Basics
What is Conveyancing?
Conveyancing is the legal part of the house buying and selling process. It is required by law that specific parts of the process are undertaken by regulated law firms, like us, and the people that conduct the work are your conveyancers
What is exchange and how does it work?
Exchange, or “exchange of contracts” is the moment the agreement for the sale of the property is made legally binding by the conveyancers for each party, over the phone. It is the point at which the actual completion date, the day you move in/out of the property is fixed. A deposit of 10% of the purchase price is usually paid to the seller’s conveyancer at the time of exchange of contracts
What’s the Process of conveyancing?
Conveyancing involves legal steps to transfer property ownership. It begins with an offer acceptance, followed by searches, inquiries, and contract preparation. Upon exchange, parties are legally bound. Post-exchange, final checks, mortgage arrangements, and settlement occur. The process concludes with the transfer of funds, title deeds, and registration, marking the successful transfer of property ownership.
What is a Search Indemnity?
Search indemnity is an insurance policy to protect against any financial losses a property owner incurs as a result of undisclosed issues that would otherwise have been revealed by search results, if they had been obtained. It provides peace of mind while also ensuring the purchase transaction can progress quickly and smoothly, avoiding delays in awaiting search results.
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Tips for First-Time Buyers
A first-time buyer has never owned a freehold or leasehold property in the UK or abroad and is buying their only residence. With the cost of living crisis, it’s becoming increasingly harder for first-time buyers to get on the property ladder, so we have compiled a list of tips to help first-time buyers as much as possible.
2024-02-14
Understanding The Different Types of Mortgages
Choosing the right mortgage can feel like a lot of pressure, especially when there are so many options on the market. From interest-only to repayment and fixed rate to standard variable rates, it is essential that you choose the right mortgage for you; otherwise, it could cost you thousands.
2023-01-05
Selling Your Home With a Help to Buy Equity Loan
The Help to Buy scheme was first introduced in 2013 to help first-time buyers get onto the property ladder. But what happens when you want to sell your home with a Help to Buy equity loan? Many people are unsure of what’s involved, who they need to contact, and the additional costs associated with selling a home with a Help to Buy equity loan.
2023-01-05
What is Inheritance Tax?
The majority of estates are not large enough to incur Inheritance tax; however, you should still consider it when making your will. For those that do have large estates, inheritance tax can cost loved ones thousands of pounds, but there are ways that this can be reduced.
2023-01-05
Help to Buy Alternatives
As of 31st March 2023, the government’s Help to Buy Scheme will no longer exist. However, it is important to note that applications for the scheme closed on 31st October, so you can no longer apply. Applications closed in October, so there would be enough time to legally complete before the scheme ends.
2023-01-05
What is Staircasing?
Staircasing means increasing your ownership of the Shared Ownership property. So, if you already own a Shared Ownership property, you are entitled to buy additional shares in your property from the Housing Association. This is usually in blocks of 10% or more and is known as “staircasing”.
2023-01-05
What Is a Property Chain?
A property chain involves a connected group of home buyers and sellers where there is more than one buyer involved. A property chain occurs when you want to buy a house but have to wait until the seller buys and moves into their next home.
2022-10-20
What Are Conveyancing Disbursements?
Conveyancing disbursements are payments or taxes that need to be made to a third party by your solicitor on your behalf as part of the home-buying process. The disbursements will be clearly set out in a quote issued by your conveyancing solicitor and will be listed alongside your conveyancer’s legal fees. The disbursements will then later be added to your bill for you to reimburse them.
2022-10-20
Frequently Asked Questions
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