Buying and selling your property
Moving home can be a daunting prospect.
It does not matter whether you are a first time buyer or experienced homeowner, with every move there are often fresh challenges to face. Britton and Co have seen it all and are here to tackle these challenges for you-head on.
We appreciate that for most people, time is of the essence. This is why as soon as you instruct us we will get the ball rolling. We will provide you with all your legal documents for signature in a timely manner so that when we are in a position to exchange contracts we are holding everything on file ready to proceed as soon as possible.
With regards to your sale
Contract packs will be accurately prepared in order to minimise the amount of unnecessary questions raised by the buyer’s Solicitors. When queries are raised, Cathryn and the team will work through these for you.
With regards to your purchase
We will commence searches as soon as a contract pack has been received from the seller’s solicitors. Once all results have been returned to us we will be in position to provide you with a full report on your new home.
We take great pride in our attention to detail and we will not commit you to an exchange of contracts until we are satisfied that all issues have been dealt with.
What is a re-mortgage?
You can instruct us to arrange the repayment of your existing mortgage. We can then organise the draw-down of a new product with another lender if this is required.
We have a standard fee of £350.00 plus VAT for a straightforward replacement of your mortgage.
Please note that there will also be a number of additional costs that you might need to budget for. These costs will vary depending upon the circumstances of your transaction but an idea of what might be required is listed below for your information:
Official copies of your Deeds - £6.00
Official OS1 Search and Bankruptcy Search -£5.00
Land Registry Fee- This is to register the new charge against your property. This charge is dependent upon the loan amount. For example, if you were re-mortgaging to the value of between £100,000.01 and £200,000.00 your Land Registry fee would be £30.00.
No Search-Mortgagee Indemnity Policy- In order to protect their interest in the property, most lenders will require this Indemnity Policy to be taken out on completion of your re-mortgage. The premium is usually an inexpensive, one-off fee which will allow you to proceed without conducting more formal searches against your property.
We re-iterate that the information provided above is for a standard re-mortgage with a high street lender. There are a number of different factors to consider which will affect the complexity of your re-mortgage and therefore your estimate. For example, any re-mortgages which involve Help to Buy or Equity Release loans often involve a greater amount of time spent on the file as we will need to liaise with the lender’s own legal teams on a regular basis.
For a more accurate idea of fees we always advise you to call us to discuss your requirements.
Transfers of Equity and Declaration of Trusts
What is a transfer of equity?
A transfer of equity relates to the legal work involved in adjusting how people hold their shares in their property. This differs from a property sale or purchase because it relates to adding or removing someone from the Deeds, whilst others remain.
A Transfer of Equity is usually required by individuals who have experienced a change in circumstances. For example, you might be separating from your partner. Alternatively, you might have re-married and you would like to add your new partner to the Deeds.
Legal fees and disbursements will depend very much on the complexity of the transaction. For example, in some circumstances Stamp Duty might be payable. If you have a mortgage secured against your property you will also need to be obtain the lender’s consent to the transfer. Some lenders might require you to redeem your old mortgage and take out a new one. If this is required, the transaction will also become linked to a re-mortgage.
Please do not hesitate to contact us if you have any further questions concerning the information above or if you would like an estimate for our legal services.
Declaration of Trusts
When two of more individuals own a property together you have a choice as to how you hold your shares. You can both own the ‘whole’ of the property as ‘Joint Tenants’, or alternatively, you can have the opportunity to hold separate shares as ‘Tenants in Common.’
If you choose the second option, we advise that you consider having a Declaration of Trust prepared. This document will provide the small print as to exactly how the shares are to be divided in the event of you going your separate ways. Our legal fees in connection with the preparation of a Declaration of Trust start at £125.00 plus VAT.
Registering your property for the first time
Properties that were purchased prior to 1995 may not be registered at H M Land Registry.
Who is H M Land Registry?
H M Land Registry was set up by the Government many years ago as a way of recording the ownership of land across England and Wales. You will find most properties today are registered, as The Land Registration Act 2002 made the sale of land a trigger for compulsory first registration.
What does it mean if my house is registered?
This means that your Deeds are stored electronically by H M Land Registry and they can be downloaded upon request (for a small fee).
Is it a problem if my house is still unregistered?
No, this is not technically a problem. It does not mean that there is anything wrong with your Title or Deeds. The issue is that it will make the transaction more complicated should you come to sell. This could cause your legal fees to be more than anticipated and it might take longer to reach completion.
Do I have to wait until I sell to register my property?
The answer is no - you can register your land at any time; the Land Registry encourages it.
Please arrange to contact us if you would like to find out more about how you can voluntarily register your property.
Due to the unique nature of unregistered Deeds, we ask that you contact us directly for an accurate quote and for an idea of any costs involved.