We believe in transparency and that is why you can get an instant quote for most circumstances itemising the expected and usual costs. The price you are quoted for legal work will be the price you pay unless any non standard legal work is needed during the course of the transaction and for which your authority will be sought prior to any fees being incurred. We would contact you as soon as this became apparent.
The process of forming a binding contract between a seller and a buyer. This is usually performed over the phone between the legal representatives for each party. The legal representatives read the contract together to check they are identical and that the completion date and the terms of the contract are as instructed by the clients prior to agreeing that exchange has taken place. The signed contracts are then sent by post and the deposit for the property is the dealt with as agreed. Both parties are then legally bound to buy or sell the property on the agreed completion date.
No. You do not need to use a local conveyancer. A conveyancer’s local knowledge of the area is always something that could prove to be useful and of a benefit to you in your sale, however, conveyancing is very widely done across the country by solicitors/conveyancers for clients as a personal knowledge of the area is not specifically required. Your local conveyancer may still end up not seeing you either.
Your deposit will be due prior to exchange and will be requested by your representative once the transaction is ready.
Once you have instructed us, either online, via email or over the phone, we will send you a Welcome Pack which includes information relating to your sale, purchase or remortgage of the property. Once you have filled in the information required and returned it to us, you will be asked to make an initial payment towards the disbursements and legal fees which will be deducted from your final bill. Full terms and conditions will be included in the welcome pack. Payments can be made by cheque, BACs transfer or over the phone.
The initial payment will be used to cover money laundering checks and to order searches. Your initial payment will be deducted from your final legal bill on completion. See full terms and conditions in your welcome pack.
You do not need to visit our offices in person. We can send all the documentation you need via email or post and discuss any queries you have by email or on the phone.
You can calculate the Stamp Duty amount that you will need to pay by visiting the official website https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax
There are currently different rules if you’re buying your first home and you may qualify for a discount or exemption depending on the purchase price of the property and its location.
You pay the tax when you:
• buy a freehold property
• buy a new or existing leasehold
• buy a property through a shared ownership scheme
• are transferred land or property in exchange for payment, e.g.. you take on a mortgage or buy a share in a house
The seller is responsible for the Estate Agent fees and will usually have a contract with the Estate Agent that agrees how the Estate Agent’s fees should be settled. Generally most Estate Agent’s terms and conditions will stipulate that the seller’s conveyancer should make payments directly to the estate agent on completion, but that the liability of a seller to pay the Estate Agent’s Fee become due at exchange of contracts
The seller should check the amount invoices to ensure that this has been billed correctly.
As most transactions involve two parties there is a limit to how much influence can be had over the other party. It is important to be realistic about timeframes so you are not disappointed. Completion can take anything from 8-14 weeks from the issue of contracts –much is dependent on the speed of responses from others.
New build purchases often require exchange within 28 days but this is often achieved by the developer providing a full information pack at the start of the process to aid the solicitor.
Whether you are buying or selling a home, you are free to change your mind right up to the point when the contracts are exchanged.
You are not legally bound to an offer you have made or accepted until you and the other party have exchanged contracts.
Please do contact us for a quote for the conveyancing work.
It is worth considering a survey before you purchase a home. The valuation that a mortgage lender will carry out is simply to confirm that the property is worth the amount you are paying and does not give any detail on the condition of the property. A survey will give the reassurance of a detailed view of the condition of the property and identify any areas for concern.
If you are buying a freehold property, the contract is likely to put the risk of damage or destruction of the property to pass to the buyer from the point contracts are exchanged. This is so even if the property is damaged or destroyed between exchange and completion, the buyer must still complete the purchase and therefore buildings insurance must be in place. It is also a term of most mortgages that the details of any insurance policy be produced to us before the mortgage lender’s funds can be used to purchase the property.
These are usually the searches of the Local Authority information. Water and Drainage providers and an Environmental search that are carried out to check for any potential developments or issues relating to roads, drains or natural hazards near to the property that may impact its desirability, value or use Further searches may be required depending on the area, such as coal mining or flood searches.
For a registered property the Land Registry keep a digital record of the relevant Property Registers showing who owns a property and any rights or burdens that come with it. In unregistered land the Title Deeds are the original deeds and documents evidencing the ownership of the property now and previous dealings with the land.
A remortgage is the transfer of a mortgage from one lender to another, or from a pre-existing deal to a new deal, provided by your current mortgage provider.
Help to buy shared ownership is a Government scheme that helps those who would struggle to afford the mortgage on 100% of a home to get on the property ladder.
Known as Shared Ownership, this scheme offers you the chance to buy a share of your home (between 25% and 75% of the home value) and then pay rent on the remaining share.
The government bonus is released following the submission of a request to the HTB ISA scheme by your conveyancer. This requires that the HTB ISA account has been closed with the HTB ISA provider in the correct manner and that the closing statement and a declaration by the saver be produced to the Conveyancer for submission to the scheme. You should check with your HTB ISA provider as to their requirements for closure instructions and timescales.
In part. The government bonus contributes towards your overall deposit (sometimes referred to as the ‘mortgage deposit’) and therefore increases your savings for your first home. When calculating the size of your mortgage, banks, building societies and credit unions will seek evidence of the funds that you have available to put towards your first home. This will include the amount that has been saved into your Help to Buy: ISA account and banks, building societies or credit unions will factor in the amount of the government bonus into their calculation of how much you need to borrow.
Please note that the HTB ISA Bonus itself cannot form part of the deposit payable at exchange (the 5%-10%) under the contract as the bonus must be returned to the scheme if the transaction does not complete.
The answer is different for everyone and can depend on the time you have available, the complexity of the move and the cost.
Moving yourself is likely to be the most cost efficient method of moving in that you can minimise costs by borrowing or hiring a van. But do not underestimate the cost of your time. Would you rather be in there unpacking boxes on your first evening or still driving up and down in a van that you may not be used to driving.
Clients need to provide certified ID at the beginning of the conveyancing process to meet with Money Laundering Regulations. It will also reduce the risk of fraud. To certify a document you need to get a true copy of your original ID signed and dated by a professional person, such as a Conveyancer. For more information, click here.
What is a Certificate of Compliance?
Residential Conveyancing - We appreciate your help throughout the process and hope to deal with you again on our next purchase.
Alexon & Joanna
Sheltons Solicitors is a trading name of Edward Hands & Lewis Limited, a company registered in England & Wales with company number 07001422 having its registered office at City Gate House, 11 St Margaret’s Street, Leicester, LE1 3EA. The directors are Jason Hathaway, Leanne Hathaway, Andrew Robinson, Paul Stubbs and Emma Fuller. We use the word “Partner” to refer to the most senior individuals at Edward Hands & Lewis Limited and its use in connection with the business of Edward Hands & Lewis Limited should not be construed as an indication that any individual carries on business in Partnership with any other individual within the meaning of the Partnership Act 1980, or that they are personally liable to you or any other party for any acts or omissions. Individuals named as Partners owe no personal obligations to you in either contract or tort, nor does the title “Partner” mean that they have any authority to bind the firm. We are authorised and regulated by the Solicitors Regulation Authority and our registered practice number is 533589. Our VAT No. is 114080418.