Buying and selling a home is one of the most important financial steps you will take in your life.
If you will be involved in a residential conveyancing transaction, it is important to work with an experienced and knowledgeable residential conveyancing solicitor. At Hubbard Pegman & Whitney LLP, we understand that the conveyancing procedure can be quite daunting. We pride ourselves in being patient, understanding and informative from start to finish.
General Representation in Purchasing and Selling
Our property team offers professional, personal and friendly service, allowing you to leave everything in our capable hands. We have in-depth knowledge and expertise, and we use cutting-edge technology systems. We represent individuals in a range of residential matters, including:
Your purchase or sale will be handled carefully and efficiently. We explain the legal jargon in plain English to ensure that you understand the entire process. The tailored service you receive from our firm is second to none.
Members of our team are able to offer residential property services in a number of other languages.
Buying and selling a home can be a very stressful, emotional and traumatic time, in particular for first-time buyers. We can make the process move as efficiently as possible. Whether you are buying, selling or leasing, we can provide the legal support you need. Arrange a short initial telephone assessment to learn more about the representation we provide. Peter Augustine works closely with Gurpal Soni to help clients work through the process of residential conveyancing.
For further advice, please contact Peter Augustine on pa@hpwsolicitors.co.uk or get in touch using our simple contact form.
For more information on our fees please see our pricing pages:
At Hubbard, Pegman and Whitney, we understand that selling or purchasing a property can be a very stressful time for our clients. There might be many different reasons for your property matter e.g. you are getting a divorce and wish to sell the marital home. Or your relative has passed away and you need to sell the property on their behalf (as a personal representative). Or it could be your first home together with your future spouse.
If you are unsure about your property matter, one of our conveyancing solicitors would be happy to advise you.
This is a difficult question to answer as it depends on various factors and all the parties involved in the transaction. Average time could be about two months, but matters can be finished much quicker or it could take much longer.
We provide a fixed fee service for conveyancing, based on the known factors of a transaction, which covers all the usual fees and costs. If the nature of the transaction changes or requires documents that is not normal part of a regular conveyancing transaction, there would be additional fees. If there are no changes to the original extent of instruction, there will be no changes to fees. We also provide a list of additional fees applicable in some circumstances so you get an idea of what fees and costs you may be liable for.
On a freehold property, normally the seller’s insurance ends and buyer puts the property on insurance cover from exchange of contracts. So any past claim is not carried forward to the buyer. In a leasehold property the freeholder usually insures the property and provides details of any recent or pending claims that affect the flat or the building.
Most lenders lend up to 90% of the value of the property for a residential mortgage, provided the buyer meets the affordability and other criteria of the lender. Some may lend even more. If a person does not have the funds to provide the difference between mortgage loan and actual cost of acquisition, there are various schemes aimed to help first time buyers. Help to Buy Scheme supported by the Government or Shared Ownership schemes provided by Housing Associations are two most common options. Various developers also provide assistance and incentives and it is best look around for options. However, one needs to study the scheme and its pros and cons and decide if that is the best option in their particular circumstances.
Shared Ownership Scheme by approved Housing Associations are reliable schemes. One has the options to buy equity shares starting from a minimum of 25% of the total and can continue to increase the share of equity as one is able to. If one is considering this option, it is advisable to speak to the developers or housing associations regarding the details. We can also provide guidance based on individual circumstances.
If you are a personal representative your remit is the administer the estate of the deceased person in accordance with their will or known wishes. Your duty is to act in the best interest of the estate and to ensure the interests of the beneficiaries of the will are met so far as is possible out of the estate. If the property sale is required, you will need to engage a local estate agent and a solicitor to act for you. It is always advisable to have a probate solicitor deal with the estate matters to ensure the estate is administered appropriately.
The term joint tenants is used when two or more people own the legal and beneficial interest in property as one unit without any division of ownership of shares. The most obvious consequence of this is that at the death of one of the registered proprietors, the others will own the property absolutely and the property can be transferred to the names of the survivors by merely producing evidence of the death. The term tenants in common indicate that although the legal interest in the property is owned by two or more persons as one legal unit, the beneficial ownership is in distinct shares between all the registered proprietors. This permits the legal owners to own the property either in equal shares or is specific percentage of shares. At the death one of the proprietors the beneficial interest in the property does not pass to surviving proprietors, but to the legal heirs of the deceased proprietor.
Yes. Our firm offers a Deed Storage facility for our clients at a very nominal fee. However the deeds are not stored in the office, but at a secured external Deed Storage Service Provider.
HM Revenue and Customs has a Stamp Duty Calculator which enables you to input relevant details of your transaction and calculate the stamp duty payable for the transaction. Generally the purchaser pays stamp duty based on the price and the buyer’s property ownership status. Stamp Duty calculator link – https://www.gov.uk/stamp-duty-land-tax
Rate of stamp duty is decided by the Treasury/Government and can change when rules are changed. It also depends on the circumstances of the purchaser and the price of the property. When a transaction is agreed, we can provide specific fee estimates including the amount of stamp duty payable.
A conveyancing chain means there are more than two parties connected to a conveyancing transaction. Normally a conveyancing transaction has a seller and a buyer. In some cases, one is selling the current property to buy another property instead and will need to move from the current property to the new property on the same date. This involves their sale and their purchase which is more than one transaction and involves more than two parties. Such transactions are called a conveyancing chain. A chain will have minimum two transactions, but could involve more transactions with each person selling and buying leading to a long chain.
Exchange is the short form for the ‘legal exchange of contracts’ in a conveyancing transaction. It derives its name from the old practice of the solicitors for the parties physically exchanging the signed deeds making it binding on the parties. While parties may have agreed the sale and purchase a long time ago, the transaction becomes legally binding on the seller and buyer at the point of exchange of contracts. Once contracts are exchanged parties prepare to complete the transaction on the agreed date. Completion is the stage at which the ownership of the property transfers from the seller to the buyer
The property without a mortgage, you may choose not to have searches carried out, although it is not advisable. Searches provide details of any existing problems relating to the property or high light risks that could affect the property. If you do not carry out searches you would not be aware of any such issues affecting the property, but will be responsible to deal with whatever happens to the property and cannot take any course of action against the seller to mitigate any loss you may have suffered. Therefore this is only advisable if you are fully aware of the property and its surrounding areas and are sure that neither has any adverse issues. Lenders insist on searches being carried out for purchases and so it is not an option not to carry out searches for purchases with mortgage.
If you are purchasing a freehold, you should insure it from the point of exchange of contract, unless it is specifically agreed in the contract that seller will continue to insure the property from exchange. For leasehold properties, unless the lease stipulates insurance is the responsibility of the lessee and that practice has been continued, the freeholder insures the property and a share of the insurance premium is collected from the flat owners, either directly as insurance premium or as part of the service charge. If insurance liability is on the lessee, then you need to insure the leasehold property from exchange of contracts, just like a freehold property.
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