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Conveyancing |
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| Click on the team page to find our who our Conveyancing specialists are |
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| Q. |
Why do I need to appoint a solicitor when I buy a property? |
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| A. |
If you are borrowing money to buy a property, then the lender will require a qualified lawyer to deal with the conveyancing. A solicitor will check that everything in the documents, which relate to the property, is in order and point out any risks and liabilities to you.
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| Q. |
What is the difference between exchange of contract and completion when you buy a property? |
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| A. |
When contracts are exchanged, you make a binding legal agreement to buy a property and pay a deposit. However, you will not be able to move into the property until you are given the keys to it - this is known as completion. The completion date (the key hand-over) is fixed by contract and is usually 7 -21 days after the exchange of contracts.
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| Q. |
What is Stamp Duty Land Tax? |
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| A. |
Stamp Duty Land Tax is tax based on the price paid for property. Property which costs more than £125,000 (or £150,000 if in a qualifying "disadvantaged" area) but under £250,000, is subject to a tax of 1%. Tax is paid on the whole price and not just the amount that exceeds £125,000. On transactions between £250,000 and £500,000 a 3% tax is due and above this value 4% tax is due. You will have to pay the tax to your solicitor on completion. For business property tax is only payable if the cost is more than £150,000 but otherwise the rates are the same except for disadvantaged areas where all property is exempt.
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| Q. |
What are covenants and can they prevent me from altering my house? |
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| A. |
Covenants are binding promises usually between the original owner of a property and the first owner eg: as to how a property may be used and may go so far as to say that no alterations can be made to the property without the permission of someone who owned the property many years ago! They may also cover many other issues such as fencing, business use, parking of caravans and even the colour of the paint you use on the exterior.
If you breach a covenant then it may prove awkward and costly in the future. If in doubt check with a solicitor and they will advise you what you can and can't do.
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| Q. |
What are Searches? |
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| A. |
Searches are enquiries that your solicitor sends to organisations such as the local council, the water company and the Land Registry to discover relevant information about the property you are buying. They should not be confused with your survey and valuation. They cover issues like planning consents, drainage arrangements and subsidence. It is important that this information is available to you before you buy a property so that you get a full and accurate picture of the property before you exchange contracts.
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| Q. |
Which fences do I own surrounding my property? |
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| A. |
There is no set rule as to which fences you own. With some properties all boundaries belong to the owner, whereas with others there may be none - with the exception of the road boundary usually. A solicitor will be able to advise you best in respect of your particular property.
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GLOSSARY |
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Conveyancing - The branch of law that deals with the transfer of ownership and mortgages.
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If you have any further questions please call us on 0115 878 9000
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